TORONTO, February 7, 2012 – According to the results of Randstad’s latest Global Workmonitor, surveying employees in 29 countries around the world, over half of Canadian employees expect to keep working beyond their official retirement age. Interestingly enough, nearly half of the respondents say they’re happy about it.
While 52 per cent of Canadian workers anticipate working beyond the age of retirement, nearly half say they’d be happy to work for an additional two years beyond the official retirement age, a percentage that’s even higher in the US (59%). Just 32 per cent of Canadian workers report that they expect to stop working before they reach retirement age.
The findings are reflective of other trends shown in polls like the 2011 Bank of Nova Scotia survey, which found that 70 per cent of Canadians plan to work past the usual retirement age of 65.
Jan Hein Bax, President, Randstad Canada says the ageing population will have a significant impact on the local workforce, and that employee willingness to work beyond the official retirement age should come as a relief to many employers. “In the context of the imminent skills shortage, this trend may be a win-win situation for both employees and organizations. It is an opportunity for employers to tap into a pool of highly experienced and skilled workers who can also act as mentors for the younger generations of workers,’’ he says.
In most countries, the same sentiment is shared. In India, Mexico, Singapore and the US, more than 70% of employees say they expect to work past retirement. Similarly, in India and Singapore, more than 75% of workers say they would be happy to work 2 years beyond retirement. In France, Germany, Luxembourg, the Netherlands, Spain and Switzerland, however, employees are less inclined to work beyond their retirement age: less than 30% say they’d be happy to work beyond the age of retirement.
According to Bax, it’s time for employers to realize the benefits of attracting and retaining mature workers. “Mature workers are willing to continue working past retirement age for many reasons, including financial stability, social interaction or intellectual stimulation,” he says. “Employers must find better ways to retain and attract Canada’s still-ready-and-willing mature workers in order to gain a competitive advantage amongst today’s ever-changing work force.”
Source: Randstad Canada
A complete press report, including detailed regional differences, is available on
The Randstad Workmonitor: After the successful introduction of the Workmonitor in the Netherlands in 2003 and more recently in Germany, the survey now covers 29 countries around the world, encompassing Europe, Asia Pacific and the Americas. The Randstad Workmonitor is published four times a year, making both local and global trends in mobility regularly visible over time. The quantitative study is conducted via an online questionnaire among a population aged 18-65, working a minimum of 24 hours a week in a paid job (not self-employed). The minimal sample size is 400 interviews per country, using Survey Sampling International. Research for the fourth wave of 2011 was conducted October 24 and November 14, 2011.
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