Everywhere you turn, in nearly every industry, there are labour challenges.
In manufacturing 82% of businesses are looking for help, and for the first time since 2015 there are more jobs available than there are people.
In Ontario the Chamber of Commerce reports that 60% of its members are having trouble filling roles in health care, retail, construction, tourism, and financial services.
And despite recent layoffs with technology companies, a 2021 Information and Communications Technology Council report forecasts 11% of all employment in Canada will be in the digital economy by 2025, requiring 250,000 more people to fill roles.
Labour shortages are being fuelled by a growing number of people retiring, combined with a decline in immigration during the pandemic. The problem is exacerbated by a mismatch between available jobs and skills. Digital transformation — especially the rush to digital-first initiatives during the COVID-19 pandemic — has meant that technology and related jobs are in high-demand. A whopping 80% of businesses surveyed by KPMG say they need more workers with digital skills.
So where does one look to help fix the talent shortage and skills gap?
“Upskilling, reskilling, and teaching students digital and technical skills is going to be a critical step in meeting growing demand in Canada,” says Lila Adamec, Leader of Academic Integration and Innovation at IBM Canada Lab. “Young students have a huge opportunity to help lead a new digital generation, and many skilled people already in the workforce can look to have their skills upgraded to learn more about cloud, or AI, or analytics, for example.”
Adamec has been working on this problem for years.
In 2017 she developed a program at IBM to address this skills gap. The approach her team took was to deliver turnkey curriculum solutions to universities across Canada. Essentially a “complete curriculum solution” as Adamec calls it, IBM provides higher-ed institutions with a complete toolkit, including curriculum material, access to IBM’s enterprise software, tests, and microcredentials. The curriculum is designed to address skills gaps commonly found in the tech sector by delivering and providing learners with “skill security.”
“With the gig economy, skill security is important, so that you can move from one gig to the next,” Adamec says. “Or if you need to upskill in an area or level up your education, and quickly get the skills you need. So much of this is becoming an agile service offering.”
With this solution, everyone wins: students get upskilling potential, and colleges and universities meet academic criteria with a curriculum that’s approved by government ministries and professional associations.
Adamec rolled out the Learn@IBM program in 2018, and since then it’s been adopted by dozens of institutions including York University, Mohawk College, Bow Valley College, SAIT, NAIT, Holland College, and Vanier College, to name a few. Classes are often filled to capacity or over-subscribed, and students credit the courses for helping them land their dream jobs.
Since its rollout, Adamec says IBM Canada has delivered more than 3,000 microcredentials to students who have taken their courses.
Meeting the needs of higher education
The education space has undergone a radical transformation in the last five years. First because of evolving student needs and increased demand for newer tech-focused curriculum, then because the pandemic forced a rethink of how and where people attend post-secondary institutions.
While the hybrid classroom is now more commonplace, colleges and universities still face pressure to deliver curriculum that is in line with what students need in today’s workforce, and that is a real challenge.
This stems from the fact that a university or college course needs to be approved by a government ministry, which can take years. The process typically requires at least one full-time person to prepare a curriculum for ministry approval, and it can cost more than $1 million per course when all is said and done. As a result, some colleges and university programs opt for a standardized approach so students achieve a minimum set of skills that correspond to the industry or sector.
It’s no wonder that many professors will teach the same material, without extensive updates, for 5-7 years.
When Adamec designed the Learn@IBM program, she knew it had to meet ministry approval, it needed to provide students with real-world skills that are current, and it had to be done faster and cheaper than traditional means.
Adamec and her team positioned IBM to be more of a business partner than just a solutions provider. With on-staff personnel who develop course curriculum for higher ed, academic partners don’t need to bear the cost or burden of full-time staff to manage curriculum development. And because IBM has a team of technical experts, the enterprise-level software offering can be paired with curriculum to deliver a cutting-edge, up-to-date learning experience.
These academic solutions are updated frequently, and delivered to universities at a huge cost savings, functioning more like a Software as a Service (SaaS) offering. By flipping the standard, slower model of curriculum development on its head, Adamec and her team deliver subscription-based, digital solutions that’ll help schools and learners better access tech skills to fill a desperate workforce need.
Bringing the classroom to WeaveSphere
With huge success across the Canadian academic landscape, Adamec will bring the Learn@IBM experience to the WeaveSphere technology conference happening in November.
Attracting industry leaders, academics and developers, WeaveSphere is an innovation event taking place Nov 15-17 in Toronto.
As part of the conference’s Education Day, developed by Adamec, high school, undergraduate, and graduate students will have the opportunity to participate in a full day bootcamp on Design Thinking, a problem-solving methodology that first identifies the end result and stakeholders. Even more, students will earn an IBM MyLearning microcredential at the end of the course. The course will be open twice, with 80 spots each session.
“We are excited about giving students and academics the opportunity to weave ideas and research with challenges of the business world,” says Adamec. “With Enterprise Design Thinking, everyone is welcome to the problem-solving table and we find these moments are incredible opportunities for young people to engage with, and learn from people in the workforce.”
The WeaveSphere Education Day and IBM’s Design Thinking course allows students to leverage a valuable learning experience that’ll give them a leg up in both their professional and personal lives.
“It’s the type of course that is open to all learning disciplines,” she elaborates. “Whether you’re in finance, liberal arts, tech, engineering, medicine — whatever you’re studying, you don’t have to be an IT guru to do Design Thinking.”
And it’s these opportunities that make WeaveSphere an impactful experience for students. The opportunity to ‘weave’ with and learn from experts and industry leaders is, simply put, unforgettable.
As student and passionate “weaver” Ali Hamdy explained, “it was cool having a voice among people who are way more experienced than me and way more educated than me. And it was cool for them to actually sit down and listen to me and respond.”
Interested in earning a Design Thinking microcredential? Visit WeaveSphere for more information and to register for Education Day.
DX Journal is an official media partner for WeaveSphere. We will share updates leading up to the event, and we’ll be live on location from November 15-17,2022. Join us and get your tickets at weavesphere.co.
DX Journal covers the impact of digital transformation (DX) initiatives worldwide across multiple industries.
These 5 charts show the ups and downs of the US stock market over 10 years
The U.S. stock market is a complicated beast, and with recent events like the COVID-19 pandemic, we’ve seen some volatility in the last few years. Stocks dipped quite a bit during the pandemic but have recovered since.
To get an idea of how the stock market has fared in the last 10 years, watch trends of major market indices—or certain groups of companies’ stocks that give a sample of how the entire market is performing. Perhaps the most well-known market index is the S&P 500, a group of the 500 largest companies on the U.S. stock market.
While the S&P 500 is widely regarded as the best indicator of how the stock market is faring, other market indices can give you a different view based on the type of companies they track. Dow Jones, for instance, follows 30 of the largest companies in the country from various industries. The NASDAQ includes all stocks on the NASDAQ market, largely comprised of tech companies.
By watching the performance of these and other market indices, investors can get a good idea of how the U.S. stock market as a whole has performed over time. Olive Invest examined historical equities data from S&P Dow Jones, NASDAQ, and other data sources to see how the stock market has fared over the last decade.
How stocks have performed over the last decade
This chart shows a significant increase in stock index values from the last decade, despite a brief drop in 2020 during the pandemic. At the start of the COVID-19 pandemic, there was a steep drop-off in index values. However, they bounced back by the end of 2020 into 2021.
Index values have held relatively steady growth across the last 10 years. The NASDAQ, S&P 500, and Dow Jones Industrial Average have all doubled in value since 2012.
This chart measures the Chicago Board Options Exchange volatility index (VIX index), designed to show how current events and uncertainty affect stock prices. Essentially, the more fluctuation you see here, the more uncertainty investors and the public have about the future, which can significantly impact the market and even help project market crises.
Unsurprisingly, the most significant spike in volatility from the last decade was in March 2020, at the beginning of the COVID-19 pandemic. The last two years have shown a reduction in volatility since this spike, but in general, there is more uncertainty than 10 years prior.
Rates of return since 2000
The S&P 500’s annual return on investment is a critical indicator of the stock market’s performance. The average return since the S&P 500’s establishment is 11%.
There are a few notable data points here—perhaps the most prominent of which is the Great Recession in 2008. That financial crisis resulted in the most significant drop in the S&P 500 return of the last 20 years. Since the recession, however, the rate of return has been above average almost every year.
S&P stocks by sector
The S&P 500 tracks the top 500 U.S. companies on the stock market. Knowing what types of businesses make up the majority of the index is essential to understanding which sectors have the most success.
In 2022, Information Technology made up 26.4% of the S&P 500—an industry high in the last 20 years. Similarly, health care is gaining ground in the previous few years, though it is still short of its historical high.
The financial sector has seen a downturn in the last decade—though this may change with the reclassification of major shares next year.
Number of publicly traded companies declines
In the last 20 years, there has been a significant drop in how many publicly traded domestic companies are on the U.S. stock market as more companies exit the market and there are fewer IPOs.
The last decade, however, has been far more stable. Experts suggest the change is connected to natural fluctuations and changing dynamics in the market’s major industries. McKinsey attributes a significant portion of the drop-off to acquisitions.
Still, there have been fewer IPOs in the last several years, which can be a disappointment for new investors trying to get in on the ground floor.
This story originally appeared on Olive Invest and was produced and
distributed in partnership with Stacker Studio.
2023 brings more demand for cloud, web dev, and IT skills for a slew of lucrative tech jobs
Recruitment company Randstad published 2023 lists for Canada’s most in-demand tech jobs and skills.
Today’s businesses continue embracing digital transformation through automation, cloud systems, and remote work arrangements into 2023.
Still, skill shortages and employee attrition plague the Canadian workforce. One constant that remains is the demand for highly skilled IT and tech professionals — which just increased by 25% in 2022.
Recruitment company Randstad recently released roundups of Canada’s most in-demand tech skills and IT and tech jobs for 2023. The good news is prospective workers have ample fields, industries, and salary ranges to consider as they peruse the job market.
And we’re not just talking about the IT industry. Randstad reminds us that tech professionals are sought after in pretty much every industry, especially banking, administration consulting, employment agencies, and software publishers.
Randstad cites data, security, business system, and quality assurance analysts in their list. These roles require not only technical skills like Microsoft Azure and experience with cloud technology, but also project management skills earned through previous tenures or certifications like the project management professional (PMP) or certified scrummaster (CSM).
Other in-demand jobs listed include cloud architect and network engineer, positions calling for significant expertise in Java, Python, and cloud technology, on top of other technical and soft skills.
We also see an increase in average salaries for 2023, jumping from $51,900 to $154,300 in 2022 to $74,000 to $130,600 in 2023. But tech professionals seeking the highest salaries should gravitate toward developer/programmer roles, a position that also made Randstad’s more general best jobs in 2023 list. Notably, the full-stack developer role topped Randstad’s highest-paid jobs list, fetching as high as $130,000.
Randstad also shares a long list of highly sought-after technical skills, from C# and Java to Linux and API.
While years of professional experience would certainly help today’s prospective candidate, it’s not always a deal breaker. McKinsey reminds us of a curious phenomenon in the tech industry — 44% of tech professionals transitioned from a non-IT role. That’s because companies indeed want qualified candidates with skills, but also seek enthusiastic, hardworking professionals interested in learning and growing with the field’s constant innovations.
Another notable finding was Ranstad’s certification recommendations. These aren’t suitable for beginner tech professionals; rather, they’re a way for an entry-level, associate, or executive professional to easily highlight their prowess on their resumes, like the certified information security manager (CISM) certification.
Peter Bendor-Samuel, CEO of research firm Everest Group, described the tech demand to Forbes as a result of consistent investment in software-driven operating platforms despite reduced discretionary spending.
Companies are cutting out the fluff — but people who can create and improve technology, security, and cloud computing solutions and systems are certainly not fluff.
DX Journal covers the impact of digital transformation (DX) initiatives worldwide across multiple industries.
Americans spend $179 on fuel each month—here’s how to spend less
Owning a vehicle comes with a whole host of costs—from insurance and maintenance to parking and tolls. And if the past year has proven anything, it’s that another cost associated with vehicle use—namely fuel—can fluctuate wildly, putting further strain on your bank account for an already costly necessity.
CoPilot looked into the Bureau of Labor Statistics’ Consumer Expenditure Surveys to see how much Americans spend on fuel for their vehicles and used sources from insurance companies, transportation fleet managers, and government agencies to determine some ways to lower that expenditure.
On average, Americans spent $179 per month (or $2,148 annually) on gasoline, other fuels, and motor oils in 2021, accounting for around 3% of overall annual expenses. In terms of finding decisive ways to cut that cost, one front-of-mind idea might be to consider an electric vehicle. EVs are gaining in popularity, the major automakers are investing heavily in an electric future, and the government incentivizes most EV buyers.
While switching to a car with better fuel economy, such as a hybrid or fully electric vehicle, can lead to big reductions in monthly fuel expenses, hybrids and EVs often cost more than their gasoline-only counterparts, and the fuel savings may not offset that difference for a number of years. What’s more, the infrastructure EVs depend on for charging remains in something of a developmental stage, making them a limited alternative to gas-powered vehicles—at least for now.
There are approximately 250 million cars and trucks on U.S. roadways; less than 1% are electric. So for those either not in the market for a new vehicle or simply content to stick with the reliability of gasoline-powered travel, the following list offers a wide range of suggestions, best practices, and easy lifestyle adjustments that can reduce the monthly costs associated with fueling a personal vehicle.
Wealthy households spend more than twice as much on gasoline
Even as gas prices were at their highest since 2014 (adjusted for inflation), spending on fuel in 2021 increased from 2019 levels by only $54 per year on average. And while the drastic reduction in driving brought on during the height of the COVID-19 pandemic in 2020 had a great impact on fuel spending that year, it does not seem to have extended to significantly changed habits in the following year—driving in 2021 dropped by only 1% when compared with 2019 levels.
Though average spending on fuel in 2021 was high, the lack of an even more dramatic increase due to high gas prices can be attributed mainly to the steady rise in the fuel efficiency of vehicles over the past decade.
Another important consideration raised by this is whether or not the burden of those fuel expenses is felt equally across income levels. Bureau of Labor Statistics data suggests it does not. For those in the lowest income quintile, spending on fuel represented 3.6% of total expenses. The burden decreased for each subsequent income bracket; in the highest quintile, it represented just 2.4% of total costs.
While this disparity might seem minimal when considering the upper limit of the lower quintile’s household earnings is just over $27,000, and the lower limit (or floor) of the highest quintile is $141,000, that 1.2% difference comes starkly into focus.
So while the increase in the fuel economy of newer cars seems to have a relative equalizing force on fuel expenses when taken on average, income disparity implies that those in lower income quintiles do not reap the benefits of those improvements in automotive engineering.
Consider alternative forms of transportation
From their walkability to the accessibility and affordability of public transit, urban areas such as cities offer residents, especially those living in city centers, alternatives to using personal vehicles to get around. This isn’t just beneficial to their health and that of the environment; it also helps people reduce fuel costs.
Overall, those who live in urban areas spent $3,303 less on transportation than those in rural areas in 2021. Fuel expenses accounted for roughly 13% of transportation costs, meaning even those who owned cars in urban areas spent on average $39 less per month on fuel than those in rural settings.
This is not to say, however, that rural or micropolitan areas cannot take advantage of alternative forms of transportation. Small towns across the U.S. have begun to see the value in investing in bike-share programs, using its infrastructure funding to add bike-protected lanes on their streets. This is especially true in smaller college towns, where foot and bike traffic tends to be high.
So whether it’s via bike, scooter, or sneakers, tackling short-distance trips by means other than your vehicle can translate to more cash in your pocket.
Keep a close eye on how you’re using your vehicle’s features
The data is clear: Sensible driving makes a meaningful impact on the efficiency of your car.
Frequent braking and acceleration, fast driving, and A/C overuse are a few habits that can increase the overall cost of travel in your vehicle. Using A/C during hot weather can reduce fuel economy by more than 25%, according to the Department of Energy. Parking your car in shade, rolling down your windows at low speeds, and preemptively letting hot air out of the cabin as you begin your journey are a few ways to decrease the impact of heat and make your car more comfortable A/C-free.
The power of a car’s acceleration is something many, if not most, drivers love, and many car buyers put a particular value on speed capability when making their decision. For most vehicles, however, speeding also comes at a cost. For every 5 mph above 50, the cost per gallon of gas increases, depending on your vehicle’s make, model, and year.
Suppose you are driving a 2020 Ford F-150 4WD (incidentally, the bestselling truck in the U.S. since the late 1970s); the difference between going 65 mph and 80 mph is approximately $1 per gallon of gas—meaning what it costs you per 100 miles to hit the highway at 80 is equivalent to the price of an additional gallon of gas or more. Considering the average person drives 13,476 miles per year, keeping to the lower speed (on average) translates into more than $440 in fuel savings.
Coupled with the 15%-30% decrease in fuel economy brought on by frequent braking and acceleration, maintaining steady speeds, accelerating and braking gently, using cruise control, and leaving ample space between your car and the one in front of you can cut your fuel costs while also keeping you safer on the road.
Properly maintain your vehicle
In addition to benefiting its life span, properly maintaining and organizing your vehicle can lead to a small but mighty decrease in monthly fuel expenses.
Keeping your tires inflated to recommended levels, reducing excess weight, and using the recommended grade of motor oil all benefit fuel economy, according to the DOE.
Moreover, and as per basic physics, your car’s fuel use is greatly impacted by aerodynamics; so, while it might seem handy to keep that cargo pod on your roof, or that bicycle rack on your bumper, it can decrease your car’s efficiency by as much as 8% when you’re just tooling around town and as much as 25% on the interstate.
T. Schneider // Shutterstock
Purchase fuel with purpose
An ongoing myth is that premium fuels will make your car more efficient. While they won’t hurt your vehicle’s performance, premium fuel makes no difference for most cars.
There are ways to get more out of your gas purchases through grocery store, gas station, and credit card reward and money-back programs. If you know your habits well enough, you’ll be able to make such programs worthwhile. As per capita gas consumption has hovered in the 350-450 gallon range over the past 20 years, using such programs can translate to big savings.
One of the more effective ways to minimize the price of gas is by using apps and services that, when combined with a little forward planning, allow you to chart out your gas refuels at stations you know will have favorable prices.
Gas prices can fluctuate wildly within a relatively small area. Apps like GasBuddy are built specifically to help you plan around gas price variance and minimize its impact on long trips or high monthly usage. Most navigation tools like Waze or Google Maps also come with built-in gas price features as well.
Avoid driving altogether
This might seem a rather extreme recommendation, but even if you don’t live near public transit, there are still ways you can reduce the time you spend driving and, therefore, the amount you spend on driving.
Carpooling even a few times a week can lead to many positives, including a decreased carbon footprint and lower fuel expenses. Moreover, carpooling is often supported by corporate incentive programs, so it’s worth looking into at your place of work.
Other options to reduce your reliance on a personal vehicle include riding a bike or e-bike, walking when possible, reducing the number of cars in your household, and coordinating your errands to minimize individual car usage. These alternatives can make a substantive difference not only for your budget but for your health and well-being as well.
Finally, the easiest way to lower your spending on fuel is to spend no money on fuel whatsoever. If you’re able to consider ditching your car entirely, the widespread availability of ride-share and taxi services and car rental agencies can help fill your personal transportation needs when and if they arise.
This story originally appeared on CoPilot and was produced and
distributed in partnership with Stacker Studio.
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