Study after study shows that immigrants bring increased levels of innovation and productivity to the Canadian companies that employ them. Yet despite impressive credentials and relevant experience, newcomers to Canada continue to experience significantly higher unemployment rates and wage gaps compared to Canadian-born residents.
This situation persists despite a shrinking population of working-age adults and growing critical labour and skill shortages in the country:
• Statistics Canada estimates by 2056, more than a quarter of the population will be 65 or older.
• Current fertility rates are below replacement levels.
• Canada's economies will increasingly rely on the support of new Canadians to address these skill shortages in key job sectors.
• For the past 20 years, immigration levels have remained constant with about 250,000 permanent residents entering Canada a year. Many argue we need to double this level of immigration to meet current and future labour force needs.
• Significant barriers to employment include the difficulty immigrants face in having foreign credentials and work experience recognized, in addition to their lack of a professional network here.
• Job applicants with English-sounding names and Canadian experience are more than three times more likely to be considered for an interview than those with Chinese, Indian or Pakistani names and foreign education and work experience.
The exception was applicants from Britain.
"The net effect of the hiring bias is a less globally competitive Canada," said Sonya Kunkel, the director of diversity and inclusion at BMO.
"There is a tremendous wealth of talent and experience that is being underutilized in our workforce. Businesses need to combat higher levels of immigrant unemployment and wage gaps with better strategies to increase their integration into the Canadian workforce. One such strategy is speed mentoring," she said.
Speed mentoring provides newcomers with a unique opportunity to build their professional network in a series of rapid-fire interviews and mentoring sessions from prospective employers.
BMO is a national sponsor of ACCES Employment's speed mentoring program, and an enthusiastic participant in the mentoring sessions. BMO employees volunteer as speed mentors and the company has made many successful hires through the program. The bank was also recognized, for the fourth year in a row, as one of Canada's best employers for new Canadians.
"We strongly believe a diverse workforce that reflects the communities where we work and do business is critical to attracting and retaining top talent,” continued Ms. Kunkel.
More information is available in the careers section of www.bmo.com.
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