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By Jessica Thakur, June 20, 2023
The recently released Alberta short-term employment forecast for 2022-2024 provides a comprehensive outlook on the demand prospects of 500 occupations in the province over the next three years. This forecast, combined with economic and labor market information, aims to assist stakeholders in making informed decisions.
Employers and industries can leverage the short-term employment forecast to develop strategic workforce plans, align their hiring practices, and anticipate potential skills gaps. Educational institutions and training providers can utilize this forecast to design and develop programs that are more responsive to the evolving needs of the labor market.
For youth and students, the forecast serves as a valuable tool for shaping their education, training, and career choices. By understanding the demand for specific occupations, they can align their skills and qualifications with the job market's requirements.
Career counsellors play a crucial role in utilizing this forecast to provide relevant and up-to-date career and labor market information to help all Albertans make informed job decisions. They can guide individuals in exploring occupations that align with their interests, skills, and the labor market demand.
The short-term employment forecast also extends its benefits to newcomers and prospective immigrants by providing awareness of the employment outlook for different occupations in Alberta. It enables them to make more informed decisions regarding their career paths and helps facilitate their successful integration into the labor market.
In addition to assisting various stakeholders, the short-term employment forecast aids the Government of Alberta in designing effective labor and education programs and policies. By understanding the demand trends and outlook for occupations, the government can make informed decisions and allocate resources accordingly to support the labor market's needs.
It's important to note that the short-term employment forecast focuses solely on employer demand and does not provide information on changes in labor supply. Assessing labor shortages and surpluses requires analyzing both employer demand and labor supply data.
The Alberta short-term employment forecast ranks the 500 analyzed occupations into four demand categories: High Demand, Moderately High Demand, Medium Demand, and Low Demand. The ranking is determined based on a comprehensive analysis of 10 quantitative and qualitative indicators, with each occupation evaluated against specific thresholds. The higher the number of thresholds an occupation meets, the higher its demand forecast.
However, it's essential to understand that an occupation labeled as high demand does not necessarily imply a shortage, nor does an occupation labeled as low demand signify a surplus. The forecast provides valuable insights into the expected demand for various occupations, enabling stakeholders to make more informed decisions.
Due to data collection challenges during the pandemic, the results of the 2020-2022 short-term employment forecast, as well as the 2021-2023 updates, were not released. Nonetheless, the newly unveiled 2022-2024 forecast provides a crucial bridge between current labor market conditions and Alberta's long-term occupational demand and supply outlook for 2030.
By utilizing the Alberta short-term employment forecast, stakeholders can gain valuable insights into the demand prospects of occupations in the province, contributing to informed decision-making, effective workforce planning, and a more dynamic labor market.
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