A recent report from Statistics Canada highlights which industries boast the highest retention rates for temporary foreign workers (TFWs) who become permanent residents. The study reveals significant differences in retention across various sectors, with healthcare and social assistance leading the pack.
The report shows that 81.4% of workers in the healthcare and social assistance sectors remained in the industry one year after receiving permanent residency (PR), with 64.9% staying for five years. Other sectors with notable retention include utilities, finance and insurance, and public administration.
On the other hand, industries such as management of companies and enterprises, real estate, and agriculture reported much lower retention rates, with some dropping to as low as 8.7% after five years.
Industry retention is crucial as it helps meet labor market needs, reducing the impact of skills shortages. It also benefits employers and workers by reducing the need for retraining.
The study found that 68.4% of TFWs remained in their sector a year after obtaining PR, but this dropped to 43% five years later. Retention rates were also influenced by the type of work permit, with higher-skilled TFWs having better retention rates compared to those on programs such as the live-in caregiver program, which saw a retention rate of just 28.6% after five years.
This data underscores the importance of industry satisfaction in retaining workers and addressing labor shortages across Canada.