With Boomers sticking around longer, it’s getting harder to attract and retain Millennials
The year 2020 is Manitoba’s 150th birthday which got me thinking about birthdays in general. I was thinking especially about those individuals that are turning the so called “magic” age of 65 but who are still in the workforce. Statistics show this group of workforce seniors doubled between 1995 and 2015 and grew again by 20 per cent between 2011 and 2016.
Most of these seniors work either full and/or part time and count on their paycheque as their main source of income. This statistic is the highest recorded since 1981. Many of these workers retired from one job and quickly signed up for another job.
As you might expect, there’s plenty of discussion regarding the benefit of seniors continuing in the workforce. For instance, the Conference Board of Canada projects that if there was a large exodus of retirees, Canada’s economic growth would slow down. On the other hand, there’s a common perception that if older workers hang on to their jobs and/or take up new jobs after retirement, they are preventing younger workers from entering various occupations. Or, at the very least, these seniors are preventing Millennials from being promoted. In other words, they suggest there is a “multi-generational” traffic jam on the rungs of our career ladders.