Are you feeling stuck in your career? Want to understand how current situation can be improved?
Hundreds of questions cross our mind, when we plan to shift our career goals from dedicating time to study to financial resource allocation and obligations with commitments. Ultimately the main goal is self-development and improvement of our lifestyles without compromising too much. The world is growing faster than usual, job market has become unpredictable, and the skills competition is increasing more than ever.
Upgrading your skill set to be relevant in the job market is no longer a luxury, unfortunately, has become the basics of the game. Market dynamics and economic fluctuations have led organizations to raise the expectations of their employees’ skills. A recent study by economists from the Royal Bank of Canada projected a moderate recession for the Canadian economy in 2023. They are now stating this downturn will arrive as early as the first quarter of next year.
They predict more outright layoffs will follow and expect the weakening in the economy will push the jobless rate close to 7% by the end of 2023—up almost 2 percentage points from lows of 4.9% in June and July. This is slightly higher than their previous forecast but still relatively low compared to previous downturns in the past.
The digital transformation leading to an ever-rising voice of the customer (VoC ) on social media platforms; has made companies more responsible and responsive to their needs.
Research from SmartInsights revealed that as of July 2022, there were 4.7 billion social media users worldwide. Additionally, a 2022 GlobalWebIndex report indicated that from January to March 2020, social media users were on social networks (and associated messaging apps) for an average of 2 hours and 22 minutes per day. A slight lag in attending to your market needs results in immediate revenue loss and cascading effects by social media reviews.
So how do we stay relevant as the demand for these skills increases? Companies with their rising expectations from internal departments and whilst expecting teams to perform round the clock? Even though a traditional MBA in marketing is no longer at the cutting edge, learners must learn technical skills like digital marketing, social media management, and search engine optimization.
This produces a good opportunity for employees to move from their current customer service or marketing roles to upgrade their diverse skill sets as digital marketing specialists, social media experts, or email marketing roles. A short-duration certification program can support the credentials needed for an entry-level job to associate level across multiple industries.
As per a recent study by PayScale Canada,
– An entry-level Digital Marketing Specialist with less than 1-year experience can expect to earn an average total compensation (including tips, bonus, and overtime pay) of C$44,399 based on 28 salaries.
– An early career Digital Marketing Specialist with 1-4 years of experience earns an average total compensation of C$50,856 based on 586 salaries.
– A mid-career Digital Marketing Specialist with 5-9 years of experience earns an average total compensation of C$57,896 based on 250 salaries. An experienced Digital Marketing Specialist with 10-19 years of experience earns an average total compensation of C$58,723 based on 31 salaries.
Check out some of the digital marketing programs available to understand what the course pertains.
Another recent article in CNBC stated Amazon is spending roughly $1 billion on pay hikes over the next year as it looks to attract and retain employees in a historically tight labor market.
Retail giants like Amazon, Walmart, and Costco need more specialized skill sets in Supply Chain and Logistic Management. Some of these diploma courses offered by Private Career Colleges in Canada offer an online or hybrid learning model and prepare their graduates for advanced standing in the Certified Supply Chain Management Professional (CSCMP) Designation Program and/or Supply Chain Canada Ontario Institute Membership.
The BLS reports state that there’s a “statistically significant difference” between certified and noncertified workers. In total, those who hold professional certification earn 35.2% more than those without a certification. This percentage varies by occupation and industry.
Spending more time on self-development and skills upgrades will lead to a more compelling future. However, the second real problem to solve here is how to fund your future studies with current commitments. Even if you decide to go that extra mile, it requires financial assistance to make it happen, and questions like these often arise…
Is it wise to bank on your savings to upgrade?
Can I take a student loan to finance my goals?
Is there any private lending option available? If yes, what will it be the cost of my total expenses?
Will my employer be open to funding my education?
What are my realistic options? How can I know what is best for me?
The Canadian government recognizes this situation and does provide support through its multiple grants available across federal and provincial programs. Most of the working class relies on federal aid assistance programs. The Ontario government offers Ontario Student Assistance Program (OSAP). In 2021-22, the province committed to spending up to $200 million to train up to 16,200 additional personal support workers through publicly assisted colleges, private career colleges and district school boards.
Job postings for personal support workers have more than quadrupled (+443 percent) since 2017, with over 5,000 postings in 2021.
There is also a federal student aid estimator available to assess the eligibility of grants available through the Canada Student Financial Assistance Program. It is best to book an appointment with a Financial Aid Officer to support you with an estimate based on the student’s specific scenario. Most of the private career colleges approved for financial aid like OSAP or BC Loans in British Columbia support students with these assessments and other available government funding options. Check out some of the government funded programs on EdKosmos to evaluate your options.
Lastly, the most crucial question to think about is how to keep going with a student’s current situation and stay strong to complete the course after starting. Motivation and persistence are key, but an average adult student going back to school is more than likely to drop out of the program.
A recent report highlighted, the reasons for this in Canada, those who do not have strong social bonds are 1.19 times more likely not to finish Post Secondary Education; first-year students who do not have someone on campus to talk about personal issues with were 1.54 times more likely to drop out than the average student.
Being resilient is an important soft skill a student learns when they decide to go back to school and give themselves that second chance or opportunity. Some of the key resources to keep going are;
– A Good Social Circle,
– Accessibility to resources from the school, institution, or college,
– Counselling from reliable experts,
– Support from faculty and staff
– Peer learning and group activities
Start with a short
Upgrading yourself to stay relevant in the job market is like a relay race, you need to keep going from time to time, do your bit and pass on. So, prepare yourself, learn from peers, and look for short
Talk to an experienced counselor to support you with an unbiased assessment and maximize your education planning.
Email email@example.com or call us at +1 (437) 253-7224 to book a Free assessment and find the right program.