Dear HR Managers and Business Owners,

In less than 10 years, one in five people in the workforce will be aged 55 to 64. How prepared are organizations across Canada for this?

A recent national survey by the Human Resources Professionals Association (HRPA) found just 14% of respondents are fully prepared for the "coming talent shortage" that will result from the aging workforce, and 60 per cent said they are only "somewhat prepared."

Other key findings include:

• 26% of employers said they expect up to 20% of their workforce to retire in the next five years
• 15% of firms said up to 30% of their staff will hit retirement age within five years
• 8% of companies said they expect up to 40% of their workforce to retire during the coming five years
• 23% of companies admitted to being "poorly prepared."

Companies with retirement-focused programs, such as phased-in retirement and retirement lifestyle coaching, will have the advantage as the talent shortage intensifies. Many boomers obviously want to continue working in some way, to remain active and engaged or due to financial concerns. It can be a win-win for employees and organizations.

But employers need to act now to create initiatives and incentives aimed at keeping some of these excellent employees on the job in some way.

Cheers,