TSUNAMI COMING! Older Employees Leaving the Workforce

In Canada, 1 in 5 Canadians is 65 or older. In 2030, 1in 4 (25%) will be 65+.

Currently Canada is suffering from a skills shortage, and this will be exacerbated by the retirement of an estimated 2.7 million Canadians between 2026 and 2030.

Retaining older employees must be front and centre on the minds of employers.

The most effective retention strategies focus on offering schedule flexibility, meaningful knowledge sharing roles, targeted learning opportunities, and tailored benefits that support changing lifestyle needs.

Here is how employers can practically adapt the workplace to keep experienced talent engaged for longer time periods:

1. Offer Meaningful Flexibility
Many older workers are willing to trade a portion of their income for more time or prefer transitioning out of the workforce gradually rather than retiring all at once.
·  Phased Retirement: Allowing employees to reduce their hours or work part-time in the years leading up to full retirement.
·  Remote Work & Job Sharing: Providing teleworking, compressed work weeks or sharing workloads with younger staff.
·  Returnships: Design internship or mentorship programs to attract former employees back for part-time or seasonal project work.

2.  Leverage Knowledge
Older employees possess decades of industry and company experience. Tapping into this wealth of knowledge helps both the company’s retention of understanding and increases the employees’ sense of value.
·  Mentorship Programs: Pairing seasoned employees with junior or mid-level staff to facilitate knowledge transfer.
·  Consulting & Special Projects: Transition older workers from high-stress roles into advisory, compliance, or special projects where their expertise is highly valued.

3.  Provide Targeted Learning & Growth
Research indicate older employees are eager to upskill.
·  Adaptive Training: Focus on practical, hands-on learning that builds on what they already know.
·  Tech Coaching: Invite older employees to be part of work groups when rolling out new systems or technologies so their user needs are considered.
·  Retirement planning workshops/coaching: Provide employees with information on what makes for a well-rounded, holistic, happy, and stimulating retirement, including having a plan which applies to their Go-Go years plus actions designed for their later retirement years: the Slow-Go and No-Go years.

4.  Adjust Roles and Wellness Benefits
As physical or lifestyle needs evolve, adapting the work environment can prevent burn out and physical strain.
·  Role Redesign: Shift older workers to less physical or mentally strenuous roles or adapt their schedules to avoid fatigue.
·  Robust Benefits: Ensure healthcare, dental, and vision packages are comprehensive as these are strong retention drivers for mature employees.

For additional information, contact Rick Atkinson. www.whencaniretire.ca
Rick Atkinson, Mister Retirement, B. Com, MBA, CHRP, CMC, FDFS