Canadian companies will need better planning as retirements ramp up: report

Conference Board of Canada predicts that by 2020, millennials will represent 41% of the workforce.
Ruslan Guzov/Shutterstock

More baby boomers are expected to retire in Canada and organizations will need better long-term planning for the aging workforce, according to a new Conference Board of Canada report.

Between 2010 and 2015, millennials – the generation born between the early 1980s and the early 2000s – overtook the boomers on the job, said the report. Millennials moved up from 25 to 35% of the workforce, while the boomers slipped from 40 to 31%.

The Conference Board of Canada predicts that by 2020, millennials will be 41% of the workforce.

Two-thirds of job openings between 2015 and 2024 will be in jobs requiring post-secondary education, such as software engineers, aerospace engineers, dentists, doctors, and nurses. The other third will be in jobs requiring high school or on-the-job training.

The report’s 2005 study sample reported a median of 40 days to fill vacancies in the technical and skilled trades. By comparison, the 2016 sample reported 60 days to fill those positions.

While workforce planning is a top priority for most Canadian businesses, only 37% of organizations agree their current business strategy is supported by a workforce plan, found the report.

“In a changing economic and demographic landscape, organizations wanting to smooth the resulting disruption need to plan their workforce as a longer term investment, rather than a short-term operational cost to achieve their strategic goals and remain competitive,” said Shannon Jackson, the Conference Board’s associate director of human resources transformation research.

Long-term workforce planning will be needed for redesigning positions, ramping up for emerging skills, negotiation with unions, and transitioning of roles no longer required.

comments powered by Disqus

More from Human Resources

Lessons learned

A level head will help you deal with a rampant goat 

Read Article

Feds extend parental benefits period, add new family caregiver benefit

Read Article

For the record, November 7, 2017

Email your For the Record information to: Please include a high-resolution, colour headshot where possible.

Read Article

Subscribe to our mailing lists

You may withdraw your consent at any time.

* indicates required


* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
Business in Vancouver Media Group
303 West 5th Avenue, Vancouver, British Columbia
V5Y 1J6 · Canada