Baby boomers on the cusp of retirement have been asked what it will take to keep them in the workforce, and their response is clear. Companies looking to retain older employees will have to sweeten the pot, including flexible hours and shorter workweeks, according to a recent workplace survey from RBC.
Conducted by Ipsos Reid,The Competition for Canadian Talent found that Canadian workers 55 and older would prefer to work Tuesday through Thursday, from nine to noon.
“With unemployment levels at an all-time low, good employees are harder to find. Older workers are becoming an integral part of the Canadian workforce and employers need to look at ways of retaining and attracting them,” says Christianne Paris, vice-president, recruitment and learning, RBC. “Employers may have to alter the work environment or their recruitment profiles to suit older workers who are looking for more flexibility in their lives as they either transition into retirement or look to come back into the workforce.”
According to the survey, the top factor in attracting and retaining older workers is extended healthcare benefits (60%), followed by flexible work hours (47%), having a guaranteed wage/salary (34%) and phasing in the retirement process (24%). In addition, employed Canadians age 55 and older also would like to have 6.4 weeks of vacation a year.
The survey also found that while one-fifth of Canadians polled still plan to take full retirement when eligible, their attitude towards retirement is changing. Twenty-two percent would like to phase retirement in gradually, and 26% say they would like to retire and work on a contractual basis.
More than one quarter of respondents displayed a strong sense of loyalty to their existing employers, saying they would continue to work full-time as long as they could with their current employer. On average, older employed Canadians are looking to work with their current employer for 3.5 more years past their retirement date.
On the issue of why older workers would delay retirement, 49% said they need the money and don’t have enough saved to retire, while 42% see it as a way to maintain activity and mental alertness. Almost one quarter (24%) enjoy the social aspect of working, while 21% say they love their job and don’t want to retire.
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