More than half of Canadian employees expect to keep working beyond their official retirement age, according to Randstad’s Global Workmonitor survey—and many of them don’t seem to mind.
Of those surveyed, 52% said they anticipate working beyond the age of retirement, and 47% say they’d be happy to work for an additional two years beyond the official retirement age. Just 32% of respondents said they expect to stop working before they reach retirement age.
The findings are reflective of other trends shown in polls such as the Bank of Nova Scotia’s 2011 survey, which found that 70% of Canadians plan to work past the usual retirement age of 65.
Jan Hein Bax, president of Randstad Canada, says the ageing population will have a significant impact on the 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,” he said. “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.”
The same sentiment is shared in many countries. In India, Mexico, Singapore and the U.S., 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 two years beyond retirement.
However, not all countries are on board. In France, Germany, Luxembourg, the Netherlands, Spain and Switzerland, less than 30% said 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 said. “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.”