The Unretired Labour Pool

Jun 22, 2012

Who wants to retire?  Who is ready to retire?  Sadly those who raise their hands to the first question are far less likely to raise their hand to the second because they just are not ready.  IPSO Reid (http://www.ipsos-na.com/news-polls/pressrelease.aspx?id=5531) provided research results for Sun Life’s Canadian Unretirement Index identifying that 48% of Canadians between the ages of 30 and 65 are planning for a phased in retirement.  Phased-in is defined as part-time or freelance work that will be engaged in before ending all work, with only 30% identifying a full stop of work for money upon retirement.  Of that very large working group, 70% will be searching for some kind of part-time income generating opportunity presenting a fantastic opportunity for recruitment, especially for temporary recruitment.

Workers seeking a phased in retirement plan can accommodate the flexibility of temporary placements, providing a large workforce of highly skilled, flexible, and adaptable people, with 55% of Canadians suggesting at age 66 they will still be working part-or full-time.  As in all good recruiting, the candidate’s motivation is critical to ensuring placement success, even in a temporary placement.  Within this group of phased-in retirees only 14% identify themselves as those who want to work to remain mentally engaged.  The remainder desire additional funds to retire or increase their retirement standard of living.  In other words, the majority feel they ‘need to’ work longer, not necessarily ‘want to,’ a predictable motivation driven by pay.

So with this mass of expert and well develop employees on the bubble of phased-in retirement, where does the problem lie?  The problem lies in perception that this is not a group that can execute in the workforce at a strong level due to age and this stigma can reduce placement opportunities.  Laurie Brook, Manager for Contract and Temporary Recruitment Services at Executrade identified that while the stigma does exist, there are many great benefits associated with this group.  Laurie commented, “This group is a willing group with flexible schedules, strong experience, and do not possess the ‘Facebook mentality’ of always being connected to friends at work, possibly leading to greater productivity.  The largest concern is ensuring computer skills; however, this is a diminishing concern for retiring baby boomers as they are more savvy and open to technology then previous generations.”

The baby boomer generation is truly unique and lucky.  They have the have been the wealthiest generation in history, providing the opportunity to retire earlier than previous generations, however, they have the option to work until they no longer want to, ensuring their retirement lifestyle.  In the world of temporary employment they can be a very high valued and reliable asset, however, if it is one thing we have learned from this generation, it is that they want things their way.  After all, they are not called the ‘Me Generation’ for nothing and addressing their needs will require specialist consideration.

Simplicity would suggest, if you want a job done right, ask a specialist.

Darryl

Executrade

Your Recruitment Specialists