While it may be tempting to chase the traditional professionals with big paycheques when going after the young Canadian market, there’s an untapped area for advisors to consider: skilled trades.
With a large cohort of skilled workers retiring and a smaller population of young workers to replace them, the country is facing a projected shortage of skilled trade workers, says Tanya Blazina of Ontario’s Ministry of Training, Colleges & Universities. As a result, the pay scale for certain trades is climbing, along with job stability.
Many younger Canadians who enter the skilled trades workforce are free of the kind of debt their university-educated peers bear. They may be the ideal target for advisors interested in exploring new markets.
Three trades that are under the most pressure to recruit, according to Blazina, are:
> heavy-duty equipment mechanics;
> refrigeration and air-conditioning mechanics;
> automotive service technicians, truck mechanics and mechanical repairers.
Human Resources and Social Development Canada has published a labour market outlook that indicates the trades that will be most in demand through 2015 are:
> residential home builders and renovators;
> facility operators;
> contractors and supervisors in pipefitting and carpentry;
> supervisors and workers associated with oil and gas drilling.
Wages can vary dramatically, even within the same trade. The B.C. Construction Association, for example, says annual earnings in construction start at $50,000 and climb to $250,000. — WENDY CUTHBERT
It’s not all about lawyers and doctors and dentists
- By: Wendy Cuthbert
- July 31, 2007 July 31, 2007
- 10:58