As baby boomers near retirment age, their influence on the workforce is dramatic. The overall Canadian workforce grew to 21.7 million by 2006, an increase of 6.4% over 2001; but the number of workers aged 55-64 grew by 28% during the same period. This age group represents 16.9% of the working age population today (up from 14.1% in 2001), and is heading for 20% of the working age population by 2016.
Employers will face a number of challenges in the near future related to this rapidly aging workforce:
- there will likely be fewer Canadians ready to enter the workforce than there are people about to retire
- knowledge transfer as many senior workers retire at the same time
- health and benefits issues related to an older workforce
- employee retention as other firms compete for mature talent.
Source:
http://www12.statcan.ca/census-recnesement/2006/as-sa/97-551/p8-eng.cfm
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