Mature workers older than age 50 will become an increasingly important part of the workforce as companies continue to face a tight labour market, but companies are slow to fully realize the potential of this unique segment, according to human resource experts.
« I think organizations are recognizing they would like to hang on to people longer, » says Laurie Maslak, president-elect of the Human Resources Association of Calgary.
« But it is a very niche labour market and (mature workers) tend to want more time to do other things. »
Many companies are offering consulting jobs for senior, highly skilled workers, but there’s still a vast pool of talent older than the age of 50 that doesn’t fit into this category and isn’t being maximized, she says.
Studies show that most of workers in this labour segment –70 per cent — plan to continue working past the traditional age of retirement at 65. Older workers will also become a larger part of the workforce as the baby-boom generation opts to remain in the workforce, according to a report by Monster.ca.
The trend could help fill some roles in high-demand areas, but it’s also a sign the definition of retirement continues to change and mature workers are looking for some unique attributes in an employer.
Increased schedule flexibility, part-time work arrangements, consulting and phased retirement programs have increased in popularity among this age group as companies explore creative ways to keep their best workers.
« We also need to develop better mentoring programs . . . and there’s a terrific amount of expertise needed in terms of advisory roles, » says Maslak, who also founded a leadership development company called Edging Leadership.
She is proposing large organizations establish « wisdom councils » led by senior workers « to tap into these mature workers, » she says.
Since senior workers typically cost a company more in salary, some experts have predicted a resurrection of early retirement incentives.
However, in a tight labour market, those companies could end up wasting more money by having to bring those senior workers back as consultants or on contract.
Lois Faris, a 75-year-old self-employed consultant, says that as long as mature workers are willing to embrace lifelong learning, make efforts to stay current and network with peers, there are lots of opportunities to work as long as you want.
« I think there will be more options for mature workers because of the (labour) shortage, » says Faris, who has recently helped several large oil companies develop retirement programs in Calgary. »
– – –
OLDER EMPLOYEES IN CANADA
– Seventy per cent of workers older than age 50 plan to continue working past age 65;
– Within five years, adults aged 55-plus will make up 17 per cent of employed individuals, a number that’s expected to rise dramatically as baby boomers age and remain in the workforce;
– Experts predict overhauls to benefit policy plans and tax structures as baby boomers change the definition of retirement.