But still lags the G7
VANCOUVER, British Columbia–(BUSINESS WIRE)–#CPABCCheckUp–According to the BC Check-Up, an annual economic report released by the Chartered Professional Accountants of British Columbia (CPABC), B.C.’s labour productivity is improving but more can be done.
Skills training and investment in machinery and equipment, as well as new technologies, significantly boost labour productivity. Better skilled employees are not only more efficient, they are able to take on new tasks and help companies innovate. Over the past five years, B.C.’s labour productivity grew by 6.4 per cent and the province outperformed the national average. However, B.C., and Canada, still lag other G7 jurisdictions in this important indicator.
“A tell-tale sign that our province is still catching up on its labour productivity is its relatively low wages. While B.C. saw the greatest one-year gain last year, at $57,707, our average labour compensation per worker still sits below the national average of $60,028,” said Lori Mathison, FCPA, FCGA, LLB, president and CEO of CPABC. “Higher business productivity generally means stronger economic growth, as well as improved wages that drive consumer spending. This is important because it grows the tax base and allows the provincial government to provide better services.”
While B.C.’s labour productivity picked up over the past five years, more must be done to improve skills training and encourage business capital investment. At 72.1 per cent, the share of B.C.’s labour force between the ages 18 and 54 with at least some post-secondary education is high relative to other G7 jurisdictions. However, there is a growing concern that the skills of our current labour force do not meet the needs of employers.
“In preparing B.C.’s labour force for the future, we’ve recommended to the provincial government that we need to create more work-integrated learning opportunities for students in academia and vocational training, as well as to provide more social support for workers to upskill and reskill,” noted Mathison. “It is important to invest in our people and focus on productivity growth as we consider the long-term social and economic prosperity of our province.”
Learn more at www.bccheckup.com.
About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 36,000 CPA members and 5,000 CPA students and candidates. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.
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