How long do you plan to stay in the workforce?
The number of workers aged 55 plus is climbing. In September, Canada added 67,200 new jobs and in the same month, there was a net gain of 56,400 workers aged 55 plus. The aging population is a significant part of Canada’s workforce.
In 5 years, the number of older workers increased by 22 per cent. There are a few reasons why this is happening. The biggest reason is simply the sheer number of baby boomers – the bulk of boomers are now aged 55 plus. It is not only demographics, longer life expectancy and the end of mandatory retirement means more workers are staying put.
Why Continue Working?
Many Canadians feel as though they cannot afford to retire early. For most, $13,000 per year in CPP payments is not enough to live on – continuing to work is the only option. Others choose to work despite being financially secure as a way to stay active, sharp and productive. To a certain extent, Canada cannot afford to have boomers retire too early. If all the boomers start leaving the workforce at once, there would be more strain on younger workers having to fund pensions.
Canadians that continue working later in life are not necessarily continuing their regular careers. Many leave the corporate world to follow their career passions. Thanks to having more financial flexibility, boomers are more inclined to explore hobbies. Most of these Canadians work part-time hours and change their jobs to try new things. They take advantage of their passions and monetize hobbies. It becomes less about money and more about doing the things they have always wanted to do.
Although statistics show that there are more older Canadians working than ever before, some find it hard to enter back into the workforce. Not all companies are willing to invest resources into training older adults who may not be staying long-term.
Boomers Make Excellent Workers
The companies that understand the value of older workers are the ones that stand to gain. Statistics show that older workers are more willing to exchange high salaries for flexible schedules. They also enjoy vastly improved health, have extensive experience and are more likely to be satisfied with their career. With a stronger work ethic, a loyalty to employers and an interest in meaningful contributions – boomers make great employees!