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Overview of the Aging Workforce Challenges: Analysis
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Overview of the Aging Workforce Challenges |
- Impacts on the Workforce
- Impacts for Employers
- Impacts for Workers
- Myths and Realities
Myths and Realities
Myth: Older workers are biding their time until retirement
Reality: Many older workers want to continue to work
Working until age 65 then retiring is becoming less common:
- The average retirement age declined from 63.2 years in 1989 to 61.0 years in 1999
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But some workers are opting to work later :
- 21.4% of workers 45 years and over planned to either never retire or retire after 65 years (Microdata file: 1994 General Social Survey — Cycle 9: Education Work and Retirement in HRDC, Strategic Policy, "Income Security Programs Analysis of Factors Influencing Planned and Actual Retirement Decisions", May 2001)
- "Paid work" would account for 11% of expected retirement income (Compas Inc., "A Study of Investment Attitudes and Intentions for 2002", February 2002)
- 21.4% of workers 45 years and over planned to either never retire or retire after 65 years (Microdata file: 1994 General Social Survey — Cycle 9: Education Work and Retirement in HRDC, Strategic Policy, "Income Security Programs Analysis of Factors Influencing Planned and Actual Retirement Decisions", May 2001)
Myth: Older workers are less productive
Reality: Older workers can be as productive as younger workers
- There is no significant overall difference between the job performance of older and younger workers. In almost every study, variations within an age group far exceed the average differences between age groups (HRDC, Evaluation and Data Development, Strategic Policy, EDD, "Older Worker Adjustment Programs Lessons Learned"
, 1999)
- In 2001, permanent workers aged 45 and over lost an average of 9.7 days (excluding maternity leave), only 1.8 days more than the average 7.9 days for workers aged 25-44. (Statistics Canada, "Labour Force Historical Review, 2001")
Myth: Older workers will retire before the investment in training pays off in the long-term
Reality: The term for return on investment in training is getting shorter
-
All workers, both older workers and younger workers need to upgrade their skills on an ongoing basis to be productive in the rapidly changing knowledge-economy
- The occurrence of new technologies and the pace of change is accelerating
- Skills and knowledge become obsolete faster if not upgraded
Myth: Older workers are unwilling or unable to adapt to new technologies
Reality: Older workers have the ability to learn new knowledge and keep pace with younger workers
- Older workers generally recognize the need for continuous learning
-
Most effective training can be achieved by following principles and guidelines that facilitate adult learning:
- Relate new skills to past experience
- Allow for self-paced learning
- Provide social support
- Provide opportunities for practice
Summary: Older workers want, plan and continue to work
- Like their younger colleagues, older workers work for personal and/or financial reasons
- Late career/experienced workers are less subject to work-related accidents
- Can be as productive as younger individuals
- Are capable of learning new technologies
- Can acquire new skills effectively when appropriate training programs are available
...so workplaces need to deal with the realities and address their negative attitudes
Overview of the Aging Workforce Challenges
- Impacts on the Workforce
- Impacts for Employers
- Impacts for Workers
- Myths and Realities
