David Creelman sent along the following tidbit this morning regarding the shifting demographics of our friends to the north. This is not only a Canadian trend, but a global one as family sizes have decreased and healthcare has improved. Unlike our friend pictured here, many folks who’d like to retire may need or want to continue working past traditional retirement age.
“Meanwhile in Canada, retirees will outnumber new hires for the first time”
Statistics Canada reports that for the first time “the number of 15- to 24-year-olds will slip below the number of 55- to 64-year-olds”.
While outcomes are affected by many factors, not just demographics, we can expect pressure for:
– increased entry level wages
– decreased benefits for retirees
More generally it reminds us that the average age in organizations, just like the average age in society, is increasing. In as much as organizational programs or culture is affected by average age, they will need to adjust.
We’ve discussed this issue more than once in the Workforce Institute. Where do you think we’re heading with the ability of those in the workforce to provide retirement income for those who’ve retired?