A new survey finds that only 17% of
employers in Canada have strategies in place to recruit older workers
and only 24% have implemented retention strategies to keep them
participating in the workforce.
Manpower Canada's survey was conducted to determine the extent to which
employers have recruiting and/or retention strategies in place for
workers age 50 and above. The survey of more than 1,300 Canadian
employers reveals that 67% said that they do not have a strategy in
place to recruit or retain older workers.
“Many employers are not considering the percentage of their workforce
that is set to retire in the next five to 10 years and the potential
loss of productivity and intellectual capital that will occur when those
people leave their company,” said Lori Rogers, vice-president of
operations, Manpower Canada. “If employers don’t act soon, they will
fail to win the war for talent, as older adults will be relied upon as
one of the most important sources of talent for the future workforce.”
The global survey of 28,000 employers across 25 countries and
territories, found that employers in Japan and Singapore are far ahead
of their international counterparts with 83% and 53% of employers
surveyed, respectively, working proactively to retain their older
employees.
Conversely, in Italy and Spain far fewer employers, both at 6%, have
such strategies in place. In 19 of the 25 countries where employers were
surveyed, retention strategies were more prevalent than recruiting
strategies for older workers. This appears to be due to the fact that
many of these countries have government legislation or programs in place
to encourage employers to retain older workers.
The extent to which employers have addressed the recruitment and
retention of older workers to ease talent shortages depends upon a
variety of complex factors. However, Manpower has found the major
variables to be:
- The size of the national labour pool;
- The demographic profile of the labour pool;
- The degree to which talent shortages are being experienced at present;
and
- Government legislation or programs that either promote or discourage
labour force participation by older workers.
According to the OECD, between 2025-2030, 12 million people a year will
be exiting the global workforce . “Employers can no longer ignore the
demographic forecasts and evidence of growing talent shortages,” said
Rogers. “The risk of negative impact on productivity and the company
knowledge base is so great that employers may not be able to avoid it
unless they take proactive measures to engage the older workforce.”
A newly published Manpower white paper, “The New Agenda for an Older
Workforce,” explores the increasing reality of the global aging
workforce, the resulting gaps in workforce supply, and the demand that
this is creating. It proposes strategies that companies can adopt to
circumvent these talent challenges; recommendations on how employers can
help older employees extend their careers should they choose to do so;
and suggestions for the role that governments can play to help solve the
older worker conundrum.
“The conundrum on the horizon is that the older employees who have the
talent companies most need to retain are those who have the financial
flexibility and employment options to retire or downshift to a more
flexible work arrangement,” said Jeffrey A. Joerres, chairman and CEO of
Manpower Inc.
“The best way to attract and retain older workers is to have jobs they
want, and what they want is flexible, part-time jobs that interest them.
It may be a few more years before employers determine how to effectively
offer the part-time roles that mature adults would prefer,” he added.
ABOUT THE SURVEY
Manpower Inc. conducted a survey of 28,000 employers in 25 countries and
territories regarding the recruiting and retention of older workers. The
25 countries and territories that participated in the survey are:
Argentina, Australia, Austria, Belgium, Canada, China, France, Germany,
Hong Kong, India, Ireland, Italy, Japan, Netherlands, New Zealand,
Norway, Peru, Singapore, South Africa, Spain, Sweden, Switzerland,
Taiwan, the UK, and the U.S.
Employers were asked two questions related to the recruiting and
retention of older workers:
A large percentage of the population is aging and will be eligible for
retirement soon, which is expected to create talent shortages for
employers over the next 10 years and beyond. In light of this challenge,
has your organization developed a strategy to recruit older workers into
your organization and retain your older workers past retirement age?
(For the purpose of the research, the term “older worker” is defined as
those age 50 and above.)
More information can be found on Manpower Canada’s Web sites:
manpower.ca and manpowerprofessional.ca.
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