Job Termination

Baby boomers redefining retirement

The new retirement

For several years now we've been hearing that the baby-boom generation, now on the leading edge of retirement, will change the workforce.

P.J. HARSTON


[ 2008-01-16 ]

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A new survey suggests that baby-boomer retirements will have the greatest impact on the workforce over the next 10 years.

Developed by staffing services firm Robert Half International, the survey asked 100 senior Canadian executives what they thought would most significantly alter the workforce in the next decade.

This is how the data breaks down:

- Baby-boomer retirements, 60%


- Global business interactions, 15%

- Outsourcing, 9%

- Remote work arrangements, 7%

- Other, 8%

- Don't know, 1%

"The looming retirement of baby boomers has captured the attention of business leaders who are concerned about retaining the expertise of their most tenured employees," Max Messmer, CEO of Robert Half said in a news release.

Messmer, who is the author of Human Resources Kit For Dummies, says that it's fortunate for business that many baby boomers are considering working past the traditional retirement age to stay active and continue earning.

"Businesses that accommodate valued staff members who are not ready for retirement but seek new work arrangements, such as flexible or part-time schedules, are best able to keep top performers," Messmer says. "Consulting arrangements allow experienced individuals to remain challenged professionally while maintaining the flexibility to pursue outside interests."

Sherry Cooper, BMO Capital Markets' chief economist, agrees that change will come with the retirement of baby boomers -- that they'll redefine retirement with enormous energy and creativity, working well beyond age 65 and mostly by choice.

In her new book, The New Retirement: How it will Change our Future, Cooper says this different view of retirement will profoundly affect labour markets, the economy and financial markets.

"The boomer generation will be reaching traditional retirement age very soon and the enormous wave of boomer retirees will crest in 2025," Cooper says. "With the dramatic rise in longevity, healthy goal-driven boomers will seek purposeful leisure -- a time for rejuvenation and low-stress contributions to society and their own personal wealth."

The book, which will be on bookstore shelves nationwide soon, is not a typical retirement book, nor is it a personal finance book.

"This book looks at the transition to late life and what it takes to achieve a successful final third of your life," Cooper says. I examine how we can prepare to give ourselves the best chance of physical and mental well-being and financial security."



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