Canada: Central Bank Governor Urges Flexibility on Employers for Retaining Older Workers

David Dodge, Governor of the Bank of Canada, speaking to the Calgary Chamber of Commerce urged flexibility on employers in light of changing demographics that mean that there will be fewer and fewer young people in the labour pool to draw upon. Specifically, employers must learn to concentrate on making the most of experienced and trained workers and remove any barriers to their continued participation.

This means that we, as employers, have to be more flexible in setting up work schedules. It means that we, as employers, must look at the redesign of pension plans. It also means that we, as employers, must put more effort into upgrading skills and increasing our openness to hiring mature workers. And it means that we, as employers, have to put more emphasis on mentoring programs, so that younger workers can benefit from the skills and experience of older workers, ensuring that intellectual capital is not lost.

Source: Bank of Canada Speeches (March 8, 2007)