Deloitte Canada's report explores how AI, talent shortages, net-zero race, and geopolitical uncertainty affect Canada's future
New research by Deloitte Canada examines disruptions impacting Canada's productivity.
The adoption of AI technologies and talent shortages present significant challenges for Canadian businesses and workers, affecting their ability to thrive.
Launching on June 3, the new report explores how four major global disruptions are impacting Canada's future: the race to net-zero, AI revolution, talent transformation, and geopolitical uncertainty. The report includes survey data for each disruption.
Findings for the AI revolution reveal that only 19 percent of Canadian businesses plan to adopt AI in the next few years, and only 15 percent are currently using it.
Although 90 percent say adapting to technological change is a moderate to high priority, more than half (56 percent) do not use AI and are not in the process of adopting it.
Furthermore, 48 percent feel their employees are barely or not at all prepared to use AI or GenAI, with only 5 percent saying their workers are “very prepared.”
In Ontario, 55 percent of respondents do not currently make use of AI and are not in the process of adopting it. Moreover, 36 percent of Ontario respondents said their employees are “not at all comfortable” with the skills and know-how to build and utilize AI, higher than the national average of 29 percent.
Canadian organizations lag in AI adoption due to difficulties in hiring the talent needed to deploy and leverage AI. If the talent shortage is not addressed soon, prolonged job vacancies and skills shortages will continue to negatively impact business innovation, growth, and productivity.
Talent transformation data shows that 74 percent of organizations find it challenging to hire employees with the necessary skills.
Additionally, 62 percent face a persistent and long-term shortage of skills among existing employees, while only 31 percent report being “highly effective” at providing professional development opportunities to close this gap.
Competitive wages and benefits are considered “highly important” for attracting and retaining talent by 64 percent of respondents, but only 36 percent say they are “highly effective” at offering these incentives.
Deloitte’s Future of Canada Centre emphasizes the need for Canada to address these disruptions through sophisticated responses. The Centre's team of innovative thinkers and experienced leaders aims to help propel Canada into a new age of growth and competitiveness.
The report highlights the intersections of these global disruptions and calls for systems-level thinking, greater collaboration, and innovative solutions to build a better future for Canada.
The report also notes that the world of work has changed dramatically since 2020, with employers facing growing shortages of both workers and skills. This is driven by an aging population, rapidly changing skills needs, and evolving worker preferences.
Addressing these disruptions is critical for ensuring Canada’s future prosperity and competitiveness on the global stage.
