Canadian companies are less prepared than their counterparts in other countries to address the economic threat posed by the impending retirement of the baby boomer generation and falling birth rates. 

A global study by Deloitte's Human Capital practice found 74 per cent of Canadian respondents cited both attraction of new talent and retention of key talents as the most critical people issues facing their organizations, versus 69 percent and 66 per cent of global respondents. Retirement of the baby boom generation was flagged by 54 per cent of Canadian respondents. 
But while Canadian companies are well aware of the issue, they are doing less to cope with the problem than businesses in other countries. Awareness has not translated into action. 

"It's imperative that Canadian organizations develop strategies now before irreparable harm to economic growth results," says Ian Cullwick, leader of Deloitte's national human capital practice. 

While Canadian companies have discussed the issues at their boards of directors, only 47 per cent have defined a list of critical skills for future growth, compared to 63 per cent of global respondents. Only 49 per cent of Canadian organizations are considering enhancing existing roles to attract and retain talent, versus 59 per cent of global respondents. 

"Canadian organizations are well aware of the detrimental effects the talent crisis is having on performance," says Stephen Diotte, principal at Deloitte. "The next step is focusing on concrete actions that can be taken to improve retention and win the best talent from the shrinking pool." 

The results were compiled from an electronic survey of 1,400 global human resources practitioners from 60 countries conducted during July and August 2005.