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Those Canadians are Not Only Colder – They’re Older

David Creelman sent along the following tidbit this morning regarding the shifting demographics of our friends to the north.  This is not only a Canadian trend, but a global one as family sizes have decreased and healthcare has improved. Unlike our friend pictured here, many folks who’d like to retire may need or want to continue working past traditional retirement age.

“Meanwhile in Canada, retirees will outnumber new hires for the first time”

Statistics Canada reports that for the first time “the number of 15- to 24-year-olds will slip below the number of 55- to 64-year-olds”.

While outcomes are affected by many factors, not just demographics, we can expect pressure for:

– increased entry level wages

– decreased benefits for retirees

More generally it reminds us that the average age in organizations, just like the average age in society, is increasing. In as much as organizational programs or culture is affected by average age, they will need to adjust.

We’ve discussed this issue more than once in the Workforce Institute. Where do you think we’re heading with the ability of those in the workforce to provide retirement income for those who’ve retired?

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  1. Dennis #

    The article is spot on. The increase that obama is looking for in the minimuim wage is all part of this trend. The US can lessen this problem by immigration reform which will bring in more and driven workers at the base of the work force.

    This is a global issue as noted in the new York times today commenting on china’s gigantic pension debt of $10.9 trillion which is compounded by the one child policy.

    So with foresight the US can be one of the few countries in the world to have a soft landing in this area.

    February 19, 2013

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