The Aging Workforce

Topics: Employment, Demographics, Retirement Pages: 20 (7243 words) Published: June 16, 2013
The Aging Workforce

Executive Summary
We have come to the conclusion that the ageing workforce still have many barriers to overcome such as: training, health and safety, age discrimination; and although employers will experience, the additional costs to Group benefit – health, dental and pension plans. We must keep in mind that, to spite some barriers and mistaken beliefs regarding the older workers, they have proven to be valuable Human Resources in today’s labour market. Imagine someone who worked for 40 years as a productive engineer, or marketing executive, or highly involved community leader. They do not to retire! They want to rewire! Millions of people over the age of 50 want to know what they can do to archive a future they can look forward to. Therefore, they some postpone retirement. It is the responsibility of everyone, at all levels: Executives, managers, HR, trade unions and the older workers themselves, to create the conditions in which the aging workforce can flourish. The aging population in Canada will have an influence on economic growth as retiring baby boomers and low fertility rates leads to a diminished workforce. With improvements in health and increasing long life, mature workers are able to not only stay employed longer, but may also consider more active retirement options. The public and private sector employers are vigorously examining the labour market participation of mature workers and developing strategies to influence their knowledge and skills more effectively1 The Canadian labour market is going through a significant demographic shift. Its labour force is becoming much older, more diverse and will grow slower than in the past as the economy absorbs a wave of baby boomers going into retirement. Currently, among all Canadians that are employed, 1 out of 6 is 55 years of age and older, up from 1 in 10 in 2000. In 2011, the first baby boomers turned 65 years of age. By year 2020, all baby boomers will be 55 years of age and older. These changes have raised questions about how this demographic shift will affect workers, businesses and Canadian standard of living. 2 Statistics Canada released new data showing the retiring baby boom generation will affect labour force growth through to 2026, when the latest of the boomers retires. Canada’s dramatically changing demographics pose an added challenge to federal and provincial governments as they attempt to erase deficits created by the recession while planning for rising health costs over a period when the pool of taxpayers will grow much slower than the rise in retirees. There will be economic fallout if shortages in IT, skilled labour and health care are allowed to materialize.2 -------------------------------------------------

Managing talent ranked as the most important HR challenge in 9 of 17 countries analyzed in depth, including the United States, Australia, Singapore, Japan, and the United Kingdom, and was at least in the top three in 14 of the 17 countries - a reflection of increasing globalization and competition. To help address this challenge, executives from all regions, including Canada, expect their companies to boost global sourcing of talented employees. Although few companies today are moving businesses to new locations to access people, Canadian executives expect this to be the most rapidly growing HR trend through 2015.3 (see appendix 1) 1Winnie Wong. "Canada’s Aging Workforce: A National Conference on Maximizing Employment Opportunities for Mature Workers." Web. Feb. 2011. http://www.ppforum.ca/sites/default/files/canadas_aging_workforce_eng_report.pdf 2Bill Curry and Jeremy Torobin. "Canada’s Shrinking, Aging Work Force Poses Economic Problems: Statscan." The Globe and Mail. http://www.theglobeandmail.com/report-on-business/economy/jobs/canadas-shrinking-aging-work-force-poses-economic-problems-statscan/article590840/ 3"HRWorld.ca - News Update." HRWorld.ca - News Update...

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