Canadians Working Longer

There has been a lot of discussion lately about Canadians delaying their retirement and staying on the job for longer.

This is not considered a temporary fad but a lasting trend so it is important to plan your career accordingly.

There has been an increase in the hiring of more mature candidates and last year was a record high for

Canada

.

There is now more emphasis on experience rather than the focus on cheaper and younger talent which prevailed during the recession.

The famous slogan “Freedom 55” does not seem to resonate as it once did.

I now find more people talking about "50 being the new 40" or other similar variations of that adage.

There is no question that better health and more active lifestyles are contributing to this trend.

The balance of physical and mental activity is emphasized more than ever, whether it is from a corporate H.R. health initiative or during personal time at the local yoga studio.

Thankfully we are hearing fewer stories about the worker who battles through years at his company, qualifying for his pension, retiring and passing away within a few years of retirement.

This surprisingly common scenario drew various determinations as to why it happened.

Were they bored?

Did they view retirement as some sort of finish line to a race?

Did the now missing mental component offset the mental/physical balance required to enjoy life to the fullest?

So perhaps it is a good thing that we are becoming more engaged longer.

COLD HARD FACTS

People are working longer for both economic necessity and personal choice. This trend started in the mid 90's so it is not related to the latest recession.

According to an RBC survey, 57% of Canadians have no savings set aside for emergencies.

A 50-year-old could expect another 16 years at work in 2008.

This is 3.5 years longer than workers of the same age in the mid-1990s.

The employment rate among workers aged 55 and older hit a record 34% last year from a low of 22% in 1996.

These statistics also help explain why there are fewer senior executive roles becoming available as well as helping to explain why younger people have a jobless rate of 14%.

TAKE HOME ADVICE

Make sure that you are well positioned long term from both a skill perspective as well as a personal enjoyment perspective.

Hone in on your passion at work and upgrade this skill set with continued education.

Establish yourself as an expert in this area and true passion and competency will always prevail over age.

Farewell,

Mike