LEDC Tackles Demographic Time Bomb

August 31, 2004 Media Release For Immediate Release LEDC Tackles Demographic Time Bomb (London, ON) - Today, the London Economic Development Corporation released a strategy report which is designed to tackle the demographic time bomb that is threatening the availability of skilled workers in London and surrounding region. In July, as a result of positive jobs growth, the unemployment rate in London dropped to 4.7% - confirmation that the area could soon face a labour shortage and that the issue of finding, training and retaining skilled workers needs to be addressed. More than 50% of local companies surveyed by the LEDC in late 2003 indicated that they are either currently experiencing a shortage of skilled workers or concerned about the issue and its future implications. The LEDC Workforce Development Strategy for London outlines three key strategies to meet the challenges ahead: Increasing the skills of existing workers; Increasing immigration and developing more effective methods for assessing and training immigrants to get them on the job more quickly, and Developing programs and incentives to keep older, more experienced workers in the workforce. The LEDC’s primary objectives are the attraction of new business investment to London and the growth and retention of existing businesses. The achievements made to date in these areas are at risk if London is unable to meet the skilled workforce requirements of these businesses. The shortage of skilled workers will also negatively impact the LEDC’s ability to attract new businesses to the city. “There is a growing awareness of the issues surrounding access to a suitably qualified and experienced workforce, not just in London but globally. London has a head start on addressing these issues,” says Jeny Wallace, Director Workforce Development at the LEDC. “We have forged partnerships with organizations that can help make a difference in ensuring we are able to match workforce with the needs of business. With those partners we will start to deliver across a range of projects.” The London challenge is greater than other Canadian cities because of the low unemployment rate and the fact that London’s population has grown at a slower rate than other cities in the province. In addition, London has not been able to attract as many immigrants as other cities. The LEDC Workforce Development Strategy for London is being developed with the support of a number of London businesses and organizations with representatives on the Workforce Development Taskforce. Included are: McCormick Canada, Info-Tech Research Group, London Health Sciences Centre, The University of Western Ontario, Fanshawe College, Thames Valley District School Board, Elgin, London, Middlesex Employment Sector Council, London Council for Adult Education, Oxford Local Training Board and Human Resource Professionals of London and District. For more information, please contact: Jeny Wallace Director, Workforce Development London Economic Development Corporation Ph: 519-661-4526 Email: jwallace@ledc.com Patricia Hoffer Director, Marketing and Communications London Economic Development Corporation Ph: 519-661-5009 Email: phoffer@ledc.com