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Joe Hornyak
Former editor of Benefits and Pensions Monitor and founder of Joe Hornyak Communications
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Working Age Population Reaches Turning Point
The number of workers on the brink of retirement has never been higher, says Statistics Canada. It says the latest census indicates that Canada’s working age population, “has reached a turning point,” with a large segment of the workforce (21.8 per cent) potentially on the verge of retirement ? representing the share of workers aged 55 to 64. “This is an all-time high in the history of Canadian censuses and one of the factors behind the labour shortages facing some industries across the country,” it says. The working-age population has never been older, as Baby Boomers (those born between 1946 and 1965, who started turning 65 in 2011) are nearing retirement age and are also driving the overall aging of the population. At the same time, the working age population will represent a smaller share of the overall population. Currently, working age people account for 64.8 per cent of the population, but this could fall below 60 per cent by 2051.
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Simple Strategies Help Employees
Simple strategies which require no financial investment by an employer can help them compete for workers in today’s market, says Melanie Lishchynsky, a group retirement consultant at Royal Bank of Canada. Speaking at the ‘2022 CPBI Saskatchewan Regional Conference’ on ‘Finding Cost Effective Ways For Retirement Plan Sponsors To Keep Up With Changing Labour Market Factors,’ she said labour market trends and changing mind sets and attitudes of employees today are creating a new war for talent. Going into the pandemic there were crazy swings in the labour market with talk about baby boomers ready to leave the labour force as part of the “great resignation.” But, that didn’t happen. Now, more people are leaving than ever before and many are leaving without new jobs. One way to attract and retain workers is by making time to discuss financial wellness with them. This can be in done as little as one hour a year. She said it is a small investment that provides a significant return. It “shows how you are working as an employer to put them in a better financial position,” said Lishchynsky. Employers must also remember that not all employees are created equal. This means their financial wellness models should offer a considerable breadth of advice to help the different employees. This shows, again, “you are an employer who supports financial well-being.”
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