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  • Toronto Workforce Innovation Group works to ensure that Toronto is prepared to meet the demands of a changing economy. Our priority is to match the skills in demand with the supply of workers available and build a resilient, competitive and talented workforce. We do this by:identifying workforce issues that are characteristic of the local community; andproviding collaborative solutions by engaging stakeholders and working with partners.Because we cover all sectors -- not just one or a select few-- our neutral position allows us to quickly connect the appropriate partners for the common good. We envision Toronto prospering from an inclusive and integrated workforce.
  • One of the significant things we do is publish an annual Labour Market Update, This report is based on census data, employment information such as employer tax filing, information from the City and information gathered in consultations and meetings. The report proposes a strategic framework that, this year, highlights four major themes that impact Toronto’s industrial sectors and inform workforce development; diversity, including age, ability, immigrant or newcomer status; green economy – corresponding to the Province of Ontario’s focus on green jobs and an emerging green marketplace; economic transformation – the change from a manufacturing economy to a service economy, and; technological change – the digitization of almost everything.
  • Before the economic meltdown of 2008 Canadian banks were criticized as being too conservative, too risk-adverse and too boring. Right now Canadian banking system is considered to be strong and reliable due to its regulatory system.
  • Canada has a national banking system with diversified, well-managed institutions and a strong regulatory systemThe banks are well-capitalizedMortgage lending in Canada is stable and prudent$8.65 billion in taxes paid to all levels of government. The banking system contributed approximately 3.4% or $55.5 billion to Canada’s GDP.Employed 274,000 Canadians. Full-time bank employment has increased 25.4% in the past 10 years.Paid $11.1 billion in dividends (2011) to shareholders.Provided financing to 1.6 million small and medium-sized businesses. Provided multi-million dollar support for Canada's charities and not-for-profit community groups.
  • More and more the word starts to recognize sound Canadian financial system.
  • Many factors explain why Toronto is suddenly so "hot" but chief among them is the simple fact that Canada's financial capital weathered the 2008 global financial crisis better than almost any other world financial center. For three years running the prestigious Davos World Economic Forum has singled out the Canadian financial system as the best in the world.
  • In the past 15 years the number of people working in the full time employment has grown up by 43.5% from 155.00 to 222.380. As of June 2010, there were 61,946 small to medium size businesses operating in the Finance and Insurance Sector. Most of these were in securities, commodity contracts, financial investment, credit intermediation, funds and other related activities subsectors. Most of the people (93%) in financial and industrial services are full-time employees.Financial institutions have a workforce that is more than 50% female. In Securities, females make up more than 38% of the total workforce, and in Insurance females account for more than 60%.
  • International immigrants are the largest source of migration to Toronto, while intercity migrants comprise the next largest group. In 2012 international migration predicted about 85,000, growing to over 110,000 by 2015 Conference Board of Canada)City continues to be a net importer of labour from surrounding areasA very high influx of 18-24 year olds (attending many post-secondary institutions in the city) A net out-migration among the other three age categories (0-17 year olds, 45-64 year olds and 65 years and older). Toronto’s labour force totalled over 1.3 million in December 2011, representing a decrease of 1.4% compared to the same period in 2010.
  • Toronto’s labour force totalled over 1.3 million in December 2011, representing a decrease of 1.4%compared to the same period in 2010.
  • In 2011, City of Toronto residents continued to experience a higher unemployment rate and a lowerparticipation rate than Toronto CMA and Ontario residents.Youth in Toronto, aged 15-24, currently have an unemployment rate that is almost three times higherthan adults, with a participation rate of only 58% — a rate that is almost 10% less than that of adults.Even when young people enter the labour market, the jobs that are available are often contract ortemporary jobs, a situation that persists as people move into their 30’s and beyond. This generation is working in positions not reflective of their education. Unable to attain meaningful employment, young people turn to higher and higher levelsof education.In 2010 more males than females were employed and part time employment is more evident amongwomen than men according to the Labour Force Survey. Employment amongst women has increasedby 10.3% and for men by 4%, whereas part time employment increased by about 14% since 2005.
  • • Immigrant unemployment rates have been consistently higher than Canadian-born since 2006,but the economic downturn starting in late 2008 appears to have widened that gap from 2% inDecember 2006, to 3.4% in December 2011.A comparison of the Toronto CMA labour market in April 2011 and April 2012  shows that immigrants gained 49,400 jobs while Canadian-born lost 55,300 jobs. Employment for immigrants increased  both in the service-producing sector (43,900 jobs) and in the goods-producing sector (5,600 jobs). For immigrants, notable job gains were recorded in finance, insurance, real estate and leasing (25,900 jobs) and in accommodation and food services (20,300 jobs).   -Participation rate of 25-54 year old Toronto CMA immigrants (25-54 years): 88.9%  -Full-time employment rate of Toronto CMA immigrants: 88.2%   -Unemployment rate of Toronto CMA immigrants: 6.1%  
  • Toronto is the third largest North American financial services center after New York and Chicago and is Canada's financial and business capital. With an employed workforce of roughly 232,000, Toronto's financial services sector is an engine of growth. It’s strength include:reputation for understanding and managing risk, global leadership in mining, metals and energy financing as well as retirement financing, e-commerce and, perhaps most surprisingly, very targeted niche areas like financing ethno-specific business groups. "The ethnic and linguistic diversity of both Toronto and the city's talent pool are huge competitive advantages," says Anne Louise Vehovec, the senior vice president of Strategic Projects at the Royal Bank of Canada. "Many business opportunities flow from this fact."
  • The Toronto region is home to a host of major global corporations and Canadian subsidiaries of foreign financial institutions. The region is a hub of global business activity, where important decisions and major deals are made every day. Toronto is also home to the TMX Group, which owns and operates Canada’s two national stock exchanges – Toronto Stock Exchange and the TSX Venture Exchange. TMX’s equity exchanges are the third largest in North America and the eighth largest in the world based on market capitalization.
  • This isn’t just about numbers – it’s about quality. The workforce has the highest level of education and internationally recognized professional designations in North America. Over 50% of those working in financial services have a university degree, and more than 75% have a post-secondary certificate or diploma. Toronto also offers an abundance of the professionals who enrich and support the financial services industry.
  • Globalization of markets is a phenomenon that has received much attention and been extensively debated both at general levels and at market and business levels. In any globalization process, distribution of goods and services between and within local industrial and consumer markets is of great importance. Globalization of markets and reorganization of distribution are mutually dependent processes that involve changes in market structures. The pro-globalization groups argue that globalization brings about much increased opportunities for almost everyone, and increased competition makes manufactures more efficient. The anti-globalization groups believe that certain groups of people who are deprived of resources are not currently capable of functioning within the increased competitive pressure that will be brought about by allowing their economies to be more connected to the rest of the world.
  • The global financial and economic crisis presents significant challenges for the countries. It has also exposed weaknesses in the functioning of the global economy and led to calls for the reform of the international financial architecture. Although the crisis was triggered by events in the United States housing market, it has spread to all regions of the world with dire consequences for global trade, investment and growth. The recession of 2008 left deep and long-lasting traces on economic performance and entailed social hardship of many kinds:Many government s are now introducing austerity budgetsCrisis in Eurozone
  • Customer relationship management (CRM) is a combination of people, processes and technology that seeks to understand a company's customers. It is an integrated approach to managing relationships by focusing on customer retention and relationship development. It has replaced traditional marketing techniques that focused on key marketing elements: product, price, promotion and place. A large portion of CRM is technology but it’s certainly not everything
  • The technology is changing really fast. For example the computer technology is updated every 10 -11 months. Technological advances increased the employment opportunities for people who have more education and skills. The technological advances tend to put a premium on higher skills and make some skills obsolete. In 10 years from now we can see the emergence of robots we will use in our every day life. Many of us already use an intelligent personal assistant and knowledge navigator named Siri on i-phones. There is already pattern recognition software based on genetic programming that’s now looking for drugs to cure cancer. The rate of change is accelerating, even of your skills are in demand today, they may become obsolete tomorrow.
  • 1. Never before has demographic change happened so quickly. Global employers face the challenge that, despite a growing global population, they will soon have to recruit from a shrinking workforce due to an aging population.2. An estimated 31% of employers worldwide find it difficult to fill positions because of talent shortages in their markets, reports the 2010 Talent Shortage Survey from Manpower, an international employment agency.When it comes to attracting employees with critical skills, the task becomes even more challenging. Today, 65% of global companies and more than 80% of companies in fast-growth economies are having problems finding employees with the skills they need, according to Towers Watson, an HR consultancy.3. Desperate for workers, many companies will become more accepting of diverse employees, particularly older workers and women.The Pew Research Center predicts that Generation U (unretired) workers will fuel 93% of the growth in the US labor market through 2016.Women, an increasingly well-educated source of talent, have entered the workforce in ever greater numbers in recent decades. However, their talents are still often underutilized.
  • Economic development and greater integration across markets in the past few decades have caused many talented people to explore career opportunities overseas.Cross-border migration has grown 42% in the last decade, from 150 million to 214 million, with most of the traffic directed toward OECD countries.In a period of high unemployment, social contract is an advantage for the employer. But as the market turns, skilled employees should benefit. They will want a better understanding of their employment options and a greater say in how work is assigned, assessed and rewarded.The employer will no longer define the workplace; rather, employees’ priorities and preferences will dictate what the future workplace will look like, particularly now that technology makes it easier than ever to design a variety of flexible arrangements.Companies operating in aging societies

Transcript

  • 1. Figuring out Financial Services
  • 2. What Is TWIG? 10/17/2012 2
  • 3. Toronto’s Opportunities and Priorities: A Local Labour Market Update 10/17/2012 http://www.workforceinnovation.ca/research/topreports 3
  • 4. Canadian Banking System
  • 5. A strong and stable banking system is atthe heart of Canada’s economic recovery.
  • 6. The world has started to take notice Source: TFSA
  • 7. Press talks
  • 8. Finance and Insurance Employment CMA 1996-2011 250,000 200,000 150,000 100,000 50,000 0 2001 2006 2007 2008 2009 2010 2011 Total Employment Employees Self-employed Source: Statistic Canada, Labour Force Survey
  • 9. Toronto Highlights A major economic engine of the country with 83,000 businesses Major employment clusters: finance and financial services, retail trade, arts and culture, tourism and hospitality. Manufacturing and construction account for a significant percentage of the economy. 2nd Greenest Canadian City in Leading the Fight against Climate Change (Global Financial Centres Index - GFCI 9) 9
  • 10. Migration 10/17/2012 10
  • 11. Labour Force Characteristics 10/17/2012 11 Source: City of Toronto
  • 12. Unemployment rate 10/17/2012 12
  • 13. Unemployment rates for immigrants 10/17/2012 13
  • 14. Financial sector in Toronto
  • 15. TORONTO FINANCIAL SECTOR KEY FACTS Toronto is one of the easiest cities in the world to do business. It’s ranked number two by Price Water House Coopers in the category “Intellectual capital and innovation”. Two of the largest ten global insurers operate in Toronto (RBC Life Insurance, Empire Life) Three of the world’s largest twenty-five banks and five of the largest Canadian banks are in Toronto Toronto Stock Exchange (TSX) is Canada’s largest stock exchange, the third largest in North America and the seventh largest in the world. It’s the worlds largest metals and minerals exchange 131 of the 211 securities dealers operating in Canada are headquartered in Ontario, including 123 in the Greater Toronto Area.
  • 16. TORONTO FINANCIAL SECTOR KEY FACTS Three of the top 50 largest investment firms in Canada are based in Toronto. (Manulife Financial Corporation, Sun Life Financial Corporation.) Three of the four largest property and casualty insurers in Canada are located in Toronto. Seven of the top 10 largest global hedge fund administrators operate in Toronto (e.g. Introduction Capital, Polar Securities, Goodwood Capital, Catalyst Capital, Gluskin + Sheff) Hedge fund assets under management estimated at $32 billion Three of the top fifty global pension funds (CPP Investment Board and Ontario Teachers’ Pension Plan )
  • 17. Financial Sector (FS) Direct Employment byToronto FS Employment subsectors Source: Toronto Financial Service Alliance (TFSA)
  • 18. Job profiles: in demand clustersIndustry cluster Positions
  • 19. Knowledge Areas Audit practices and processes Financial sector business functions and operations Consumer finance ( mortgages, bonds, etc) Investment products & trading of financial instruments Investment and sales management Project and change management Regulatory and legislative policy and procedures for the financial sector
  • 20. Technical skills Analytical thinking Database architecture and design Statistical analysis and modeling Financial analysis Research analysis and reporting Financial industry-legislative and regulatory policy
  • 21. Soft skills Non-traditional thinking: creative and innovative decision making Adaptability and mental flexibility Application of High Ethical Standards Customer-focused: consistently delivering high quality service Data interpretation Proactive and goal-oriented Relationship management Team collaboration and information sharing Problem solving and reasoning
  • 22. The factors that influence market shifts Globalization and reorganization Financial crisis consequences Changing customer relationships Pace of technology development Changing demographics Source:TFSA
  • 23. Globalization and reorganization
  • 24. Financial crisis consequences
  • 25. Changing customer relationships Customer relationship management (CRM)
  • 26. Pace of technology development thghghghghg
  • 27. Changing demographics Labor force demographics will shift profoundly There is a growing mismatch between the skills employers need and the talent available “Generation U” and women to fill the skills gaps
  • 28. Changing demographics The talent market is increasingly global and mobile Employees gain more bargaining power
  • 29. Conclusion Toronto is a financial services capital of Canada. One of North America’s premier financial centers and the fastest growing. A dynamic and vibrant business center, Toronto has a sophisticated cluster of financial services companies, offering a range of quality services and expertise that rank among the best in the world.
  • 30. Where you can find additional information aboutToronto financial sector Toronto Financial Service Alliance http://www.tfsa.ca/ Working in Canada http://www.workingincanada.gc.ca/home- eng.do?lang=eng
  • 31. 10/17/2012 For more information www.workforceinnovation.ca Phone: 416 934 1653 Fax: 416 934 1653Address: 215 Spadina Avenue, Suite 350 Toronto, ON, M5T 2C7 31