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BMO Bank of Montreal

BMO Bank of Montreal

December 23, 2010 06:00 ET

Canada's Workforce Predicts Companies Will Boost Their Investing in Employees

- One third (33 per cent) of working Canadians think their employer will invest in employee training next year

- 29 per cent believe their employers will put funds towards hiring more people or purchasing new equipment

- Young Canadians (18-34) are the most optimistic about their company investing to hire new talent

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2010) - A study from BMO Bank of Montreal released today found that 33 per cent of working Canadians think that their employer will invest in employee training and development next year.

In addition to training, Canadians expect their employers will put funds towards hiring more people or purchasing more equipment (29 per cent each). Canadians aged 18 to 34 are most likely to believe their company will invest in hiring.

Other key findings:

  • Those in Atlantic Canada are more likely to expect their employers to put funds towards purchasing more equipment (41 per cent vs. 23 per cent in Ontario). In addition, 24 per cent in B.C., 32 per cent in the Prairies, 33 per cent in Alberta expect their employer will purchase more equipment next year
  • 42 per cent of employees in Manitoba and Saskatchewan foresee their company investing in employee training, compared to 31 per cent in Alberta, 32 per cent in B.C., 33 per cent in Ontario and 34 per cent in Atlantic Canada
  • 37 per cent of employees in Manitoba and Saskatchewan believe their employer will invest in hiring this upcoming year, compared to 23 per cent in Atlantic Canada, 29 per cent in Ontario, 31 per cent in Alberta and 31 per cent in B.C.

"The survey results support what we are hearing from business owners—they are looking to invest in their companies, and they recognize that well-trained, productive, and innovative employees are a catalyst for business growth," said Cathy Pin, Vice-President, BMO Commercial Banking. "Heading into the new year, entrepreneurs are more optimistic, and are looking for clear advice and practical solutions on how to upgrade their infrastructure, retool their business processes, and how they can invest in further developing their talent," added Ms. Pin. 

"The Canadian economy is projected to grow by 2.7 per cent in 2011, and this is expected to increase the demand for labour by just over 1 per cent. The unemployment rate is expected to fall modestly to 7.4 per cent by the end of 2011," said Sal Guatieri, Senior Economist, BMO Capital Markets.

"Employees are the very foundation of a successful business and can be a source of competitive advantage. How a company attracts, develops and retains the individuals executing the business strategy should be a top priority for leaders," said Lynn Roger, Senior Vice President, Talent Strategies and Executive Resourcing, BMO Financial Group. "Investing in employee training and development now, with a longer-term plan, will help business owners ensure they have a supply of talented employees who are prepared to take the company to the next level of performance," added Ms. Roger.

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