Canada: Study Looks at Employer Readiness for Boomer Retirements

A survey conducted by the Human Resources Professionals Association (HRPA) in partnership with Life's Next Steps, reports that, while many Canadian employers face retirement levels of 20% or more over the next five years, most admit that they are not fully prepared to deal with this important issue. Specifically, HRPA's "Are Canadian Firms Prepared for the Boomer Exodus from the Workforce?" reports that only 14% of organizations feel fully prepared for "the coming talent shortage," while 23% admit to being "poorly prepared" and 60% say they are only "somewhat prepared".

"Many boomers obviously want to continue working in some way, to remain active and engaged or due to financial concerns," said [Suzanne Armstrong, president of Life's Next Steps.] "HR has an opportunity right now to take the lead in creating programs that help boomers plan for a different kind of retirement, and that encourage good employees to stay involved in the workforce in ways that are practical and flexible. It can be a win-win for employees and organizations. But employers need to act now to create initiatives and incentives aimed at keeping some of these excellent employees on the job in some way."

Source: Human Resources Professionals Association News Release (October 8, 2008)