Our guest blogger this week is Beth Wilson, chair of the Toronto Region Board of Trade and Managing Partner of KPMG’s Toronto office. She also leads the auditing firm’s community leadership strategy and has been active on United Way Toronto’s Campaign Cabinet and with the Women Gaining Ground initiative.
Imagine 520,000 new jobs opening in the Toronto region over the next five years. This is not just an idea but a reality of what we could be seeing based on economic and demographic growth, and the retirement of older workers. At the same time, imagine that despite all this growth, many of our own residents will not be able to tap into these opportunities.
A report released last week by the Toronto Region Board of Trade and United Way Toronto, Closing the Prosperity Gap, reveals the emerging paradox of workers who should benefit from an increase in the number of jobs openings, but could continue to face barriers to accessing these opportunities.This is a prospect that is, quite simply, unacceptable. In a region that prides itself on balancing a high-degree of social cohesion with a high quality of life and economic competitiveness, this potential reality is troubling.
As the report highlights, we are facing a prosperity gap in our region. It is based on geography, job quality and is generational. We are seeing that where you live determines the level of access you have to services, transit and good jobs. There are also more and more people working in temporary and part-time jobs, often with no security or benefits.
For our young people finding jobs is increasingly difficult — youth unemployment is above 18% across the Toronto region and nearly 22% in the City of Toronto. Newcomers are disproportionately affected as well. In fact, we’ve seen that undervaluing newcomer’s qualifications and experience is costing our economy. As the Board revealed in 2010, the estimated cost to the Toronto region’s economy is between $1.5 billion and $2.25 billion every year.
Fortunately, there is a way forward. Closing the prosperity gap is possible, but it requires immediate political leadership and action. During this election, the Board and United Way are calling on all civic leaders to commit to working with business, labour, the community and educational institutions to respond to these big challenges. A better quality of life for residents is not only better for the community as a whole, it’s good for business — it will attract investment, create jobs and spur wealth creation.
We are making an important contribution by providing new labour market forecasts for the region over the next five years. This regional job demand data—a first for Toronto in many years— provides five-year projections based on industry, occupation and geographic locations in the region. The report tells us the fastest job growth is expected to be concentrated in finance, insurance and in professional, scientific and technical services. The second fastest sector will be health and social services.
This information is critical now because it will enable job seekers, career counsellors, and colleges and universities to make informed decisions about career paths and educational programs. By understanding where the region’s labour market is headed, young people, newcomers and others embarking on new career paths can successfully transition into rewarding employment.
The report draws attention to some real solutions that leaders can champion and embrace across the Toronto region. They include ideas like community benefits provisions in major government procurements, intelligent zoning, social enterprise, and nurturing business clusters — all of which will help create local opportunities and strengthen our region.
Overall our report underscores the need for collaboration — having every sector, public, private, labour and non-profit at the table ready to work in new ways.
We can, and must choose to build a strong region with a high quality of life and a growing economy. The time for a more prosperous, productive, and socially inclusive Toronto region is now.