BMO donates $3m to fund TMU's new lab, aiming to improve how Canadian employers integrate and retain newcomers
The Bank of Montreal has donated $3m to Toronto Metropolitan University's (TMU) Canada Excellence Research Chair (CERC) in Migration and Integration program, significantly boosting its resources.
This contribution will support the establishment of the Newcomer Workforce Integration Lab, a key initiative aimed at enhancing how employers across Canada can better integrate newcomers into the labour market.
Newcomers play a critical role in strengthening Canada's economy and talent pipeline, yet they encounter systemic barriers that hinder their social and economic opportunities.
The financial support from BMO is set to establish a research facility that will provide employers with the necessary tools and insights to effectively attract, hire, integrate, and retain newcomers.
Anna Triandafyllidou, the Canada Excellence Research chair in Migration and Integration at TMU, expressed enthusiasm about the partnership with BMO.
“With BMO as champion of this innovative research – and as our partner in adopting and testing new practices – we will be able to make a difference in the success that immigrants have integrating into the Canadian workforce,” she stated.
The Newcomer Workforce Integration Lab represents the first collaboration of its kind, focusing on developing evidence-based strategies, training, resources, and policy recommendations.
These resources are designed to help employers of various sizes improve their recruitment, hiring, and onboarding practices to better utilize the skills of newcomers.
Marshia Akbar, the research area lead on labour migration at CERC, who will also serve as the director of the lab, highlighted the assumptions about the success of skilled migrants in the Canadian labour market.
“Over 60 percent of migrants in Canada hold a university degree and have work experience from their home countries. However, if there is a mismatch in how Canadian employers and migrants perceive their skills, the assumptions fail,” she explained.
Akbar noted that despite high participation rates in the labour market, migrants' incomes remain significantly lower than those of Canadian-born workers.
Her research delves into the challenges faced by migrants, available resources, and the effectiveness of migration policies and governance at various governmental levels.
She advocates for an employer-engaged approach to labour market integration. “If employers are not involved, we miss out on fully utilizing the skills that migrants bring, which ultimately results in a loss for Canada,” Akbar remarked.
Initially, the lab will focus on integrating immigrant workers into the finance and banking sectors, with plans to expand to other industries in the future.
Akbar emphasizes the importance of retaining the migrant labour force to support the future of Canada's economy, especially as many migrants consider leaving the country due to bleak prospects in the labour market.
