Employers must meet the challenge of changing workforce demographics

July 18, 2014

The Globe and Mail has published an interview with 2 economists who discuss coming demographic shifts in the Canadian labour market and offer advice to businesses on how to respond. David Foot, bestselling author and Professor Emeritus at the University of Toronto, and Marcel Boyer, Professor Emeritus at the Université de Montréal, say that one of the major challenges facing Canadian employers is the growth in persons aged 65–75 who are still willing and able to work. Meanwhile, there are fewer teenagers and 20-somethings who will be entering the workforce. They anticipate that this combination could lead to a slowdown in work-force growth. They suggest companies implement “phased retirement" programs whereby aging workers in positions can work half-time while the employer reinvests the recovered salary in new employees. Foot and Boyer also say that companies should promote closer, stronger relationships between aging and younger employees to enhance knowledge transfer in both directions. Globe and Mail