Posthaste: How baby boomers could help ease labour shortages

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

Posthaste: How baby boomers could help ease labour shortages
© Provided by Financial Post Baby boomers are interested in semi-retirement.
Posthaste: How baby boomers could help ease labour shortages

Good morning!

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

Companies may be overlooking one key source of labour amid rising staff shortages: baby boomers who want to enter semi-retirement.

Canadian workers are keen to take partial retirement, but their companies don’t offer it, forcing many to retire completely, a recent survey from Harris Poll for staffing firm Express Employment Professionals found.

Global Tech News Daily

According to the survey, a large majority (79 per cent) of workers want to stay connected to their jobs through a flexible schedule that lets them choose their hours. Another 62 per cent said they are interested in consulting work and 57 per cent said they’d be willing to work less hours for less benefits.

But, only one in five said their organizations currently allow such arrangements. Without flexible options, employees end up in full retirement, leaving many companies in the lurch, not just in terms of labour shortages, but something even more valuable: knowledge.

Global Tech News Daily

“This generation of workers has a strong work ethic. They have learned through experience and they have wisdom,” said Hanif Hemani, an Express franchise owner in Saskatoon, Saskatchewan, in a statement.

That collective wisdom includes business efficiencies learned from years on the job. Amid the struggle to hire new talent, losing such experience isn’t something most companies can afford, industry experts said.

Labour shortages brought on by the pandemic have been exacerbated by a wave of retirements. In the financial sector, a war for talent is being made worse by the early retirement of skilled workers, such as engineers and IT professionals, Royal Bank of Canada’s chief executive David McKay said last week.

Banking isn’t the only sector suffering. The trucking industry , whose workforce skews older, has also seen a steady exodus of retiring employees amid difficulties attracting younger drivers.

Meanwhile in the skilled trades, which include auto mechanics, construction, welding and more, a worker shortage is predicted to go from bad to worse thanks to retirements. As many as 700,000 skilled tradespeople are expected to retire by 2028, a report from RBC said in September, with few apprentices waiting in the wings to take their place.

To cope, some companies have tried bringing back retired employees. But that can be a hard sell for many boomers who have already moved on.

“Companies need to change their ways of thinking and realize that if someone is retirement age, they likely don’t need to work. The company has to make it as attractive and stress free as possible,” said James Norris, an Express franchise owner in London, Ont.

Organizations should introduce flexible work hours and consulting opportunities to keep baby boomers on staff, Express franchise owners suggested. What’s more, they need to think about prioritizing succession planning so experienced workers can pass their knowledge down to younger staffers before retiring for good.

In the end, offering partial retirement options is a win-win for both companies and workers, Express chief executive Bill Stoller said.

“One day, we will inevitably lose baby boomers entirely from the workforce, but until then, we can all benefit from their talent and skills while offering them the chance to enjoy semi-retirement,” he said.

_____________________________________________________________

Was this newsletter forwarded to you? Sign up here to get it delivered to your inbox.

_____________________________________________________________

 

Posthaste: How baby boomers could help ease labour shortages
© Provided by Financial Post

ALWAYS THE ACTIVIST Word that Stephen Harper, Canada’s 22nd Prime Minister, was planning to launch an activist investing fund with a protégé of Wall Street raider Carl Icahn late last year raised some eyebrows on Bay Street and in political circles. This was not the cushy position at a blue chip law firm often taken by Ottawa alumni. But as the Financial Post’s Barbara Shecter writes in her revealing profile, the prospect of a former prime minister shaking things up in corporate boardrooms may not be that jarring when one considers Harper’s political legacy. Read on. Photo by Joshua Roberts / Reuters 

___________________________________________________

Posthaste: How baby boomers could help ease labour shortages
© Provided by Financial Post

  • Prime Minister Justin Trudeau will make a virtual announcement along with Ahmed Hussen, minister of housing and diversity and inclusion
  • Rania Llewellyn, president and CEO of Laurentian Bank, and Nadeem Velani, executive vice-president and chief financial officer of Canadian Pacific, will speak at the 25th Annual CIBC Western Institutional Investor Conference
  • Prime Minister Justin Trudeau will deliver remarks at the opening of a foreign ministers meeting on Haiti, hosted by Foreign Affairs Minister Melanie Joly
  • The Greater Vancouver Board of Trade hosts an economic outlook forum for 2022
  • Today’s Data: Canadian retail sales, Canadian new housing price index, U.S. leading indicators
  • Earnings: Schlumberger, Canadian Pacific Railway

___________________________________________________

 

Posthaste: How baby boomers could help ease labour shortages
© Provided by Financial Post

Posthaste: How baby boomers could help ease labour shortages
 

_______________________________________________________

Posthaste: How baby boomers could help ease labour shortages
© Provided by Financial Post

  • Stephen Harper — activist investor? Why the former PM’s path after politics shouldn’t surprise anyone
  • Soaring inflation shatters Bay Street consensus on interest rate liftoff

  • Taxpayer tests RRSP contribution limits and winds up on the wrong side of the CRA

  • Spectre of inflation adds to early retirement risk for this young B.C. couple
  • Big banks poised to benefit from rising interest rates after emerging unscathed from pandemic
  • Making bank and riding the bus: What Canadian prime ministers get up to after retirement
  • Tom Bradley: Four reasons the stock market will forever be unpredictable, erratic and prone to exaggeration

  • Cash-flow investing isn’t just a strategy for your grandparents
  • Investors are no more to blame for housing prices now than they were before
  • FP Answers: When’s the best time to make my last RRSP contribution?

___________________________________________________

Posthaste: How baby boomers could help ease labour shortages
© Provided by Financial Post

Canada’s soaring inflation has sent predictions on what the Bank of Canada will do next week all over the map.

On the hawkish end, there’s Bank of Nova Scotia that expects Governor Tiff Macklem and his deputies to hike 0.25 per cent next week and continue hiking until the overnight rate is 2 per cent by the end of this year. More economists have joined the call of a January hike, but not with such an aggressive timeline.

Others think the bank will use next week’s meeting to tee up a rate hike in March, preferring not to tighten stimulus when the country is still in the throes of the Omicron variant or go against earlier guidance of a hike sometime in the middle quarters of 2022.

On the other end of the scale is Royal Bank, the only big bank sticking to a prediction that we won’t see our first rate hike until April.

Stay tuned Wednesday to find out.

Posthaste: How baby boomers could help ease labour shortages
 

____________________________________________________

Posthaste: How baby boomers could help ease labour shortages

Pursuing a career in finance is a smart way to secure a comfortable future, especially in times when people are earning money in new ways and seeking help from a wider variety of resources. As 2022 picks up steam, those interested in working in finance can rest assured that this is as good a time to start pursuing your career goals as any. To get started on the road to becoming a financial analyst, our content partner StackCommerce suggests The All-in-One CFA Level 1 Exam Certification Prep Bundle, on sale for just $189.

____________________________________________________

Today’s Posthaste was written by Victoria Wells (@vwells80), with additional reporting from The Canadian Press, Thomson Reuters and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at  posthaste@postmedia.com , or hit reply to send us a note.

Listen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts. Check out the latest episode below:

News Related

OTHER NEWS

New York Rangers get another comeback win to force Game 7 vs. Pittsburgh Penguins

PITTSBURGH — How many times can the New York Rangers dig themselves into a hole and climb back out? At least one more, as of Friday night. The Blueshirts came ... Read more »

Wilson, balanced Aces cruise to 96-73 victory over Dream

COLLEGE PARK, Ga. (AP) — A’ja Wilson scored 15 points, Kelsey Plum had 14 points and 11 assists and the Las Vegas Aces rolled to a 96-73 victory over the ... Read more »

EXPLAINER: Why frustration lingers in Okinawa 50 years later

The Associated PressFILE – U.S. Marine Corps Sgt. Mike Anglen of Turner, Ore., center, stands atop a cliff as Sgt. Bryan Wallace of Pikin, Ill., waits for his turn before ... Read more »

Astros beat Nationals 6-1 for 11th straight victory

WASHINGTON (AP) — Jose Altuve homered on the first pitch of the game, Yordan Alvarez and Yuli Gurriel also went deep and the Houston Astros extended their winning streak to ... Read more »

Kreider scores late, Rangers edge Pens 5-3 to force Game 7

PITTSBURGH (AP) — Chris Kreider’s long slap shot bounced over Louis Domingue and into the net with 1:28 left and the New York Rangers beat the Pittsburgh Penguins 5-3 on ... Read more »

Astros push winning streak to 11, roll past Nationals 6-1

WASHINGTON (AP) — Jose Altuve homered on the first pitch of the game, and Yordan Alvarez and Yuli Gurriel also went deep to help the Houston Astros extend their winning ... Read more »

Moustakas, Drury power Reds to 8-2 victory over Pirates

PITTSBURGH (AP) — Mike Moustakas homered twice and Brandon Drury drove in four runs to break out of a slump and lead the resurgent Cincinnati Reds to an 8-2 victory ... Read more »

Peterson's bases-loaded walk lifts Brewers over Marlins 2-1

MIAMI (AP) — Jace Peterson walked against Anthony Bender with the bases loaded in the ninth inning and the Milwaukee Brewers beat the Miami Marlins 2-1 Friday night. After starters ... Read more »

Padres: No cancer found during manager Bob Melvin's prostate surgery

SAN DIEGO (AP) — The San Diego Padres say no cancer was found when manager Bob Melvin had prostate surgery on Wednesday. Melvin, 60, was recovering at home Friday after ... Read more »

Ogunbowale, Gray help Wings rally past Mystics, 94-86

WASHINGTON (AP) — Arike Ogunbowale scored 27 points, Allisha Gray had 21 and the Dallas Wings overcame a 15-point second-quarter deficit to beat the Washington Mystics 94-86 on Friday night. ... Read more »

Resigning North Dakota senator led lawmakers in travel costs

The Associated PressFILE – North Dakota Sen. Ray Holmberg listens during a joint House and Senate Appropriations Committee meeting at the Capitol in Bismarck, N.D., on Jan. 7, 2009. Holmberg, ... Read more »

Residents in picturesque California county hit with gas prices topping $7 a gallon

A California county known for its spectacular mountains and proximity to Yosemite National Park has been paying the nation’s highest gas prices. Read more »

Boudreau to return as coach of Canucks next season

VANCOUVER, British Columbia (AP) — Bruce Boudreau will return as coach of the Vancouver Canucks next season after helping to turn the struggling NHL club around as a midyear replacement. ... Read more »

New Zealand leader Jacinda Ardern tests positive for COVID

On Location: May 13, 2022 Catch up on the developing stories making headlines.The Associated Press WELLINGTON, New Zealand — New Zealand Prime Minister Jacinda Ardern has tested positive for COVID-19 ... Read more »

Today in History for May 14th

Highlights of this day in history: Colonists go ashore in Virginia to set up Jamestown; Lewis and Clark begin to explore Louisiana Territory; Israel founded; Skylab launched; Movie producer George ... Read more »

Twitter CEO expects Elon Musk acquisition to close, addresses spending cuts

Musk is awaiting details supporting calculations that spam, fake accounts represent less than 5% of Twitter's users Read more »

Padres: No cancer found during Bob Melvin's prostate surgery

SAN DIEGO (AP) — The San Diego Padres say no cancer was found when manager Bob Melvin had prostate surgery on Wednesday. Melvin, 60, was recovering at home Friday after ... Read more »

Renovated NYC museum shows indigenous perspectives

The American Museum of Natural History in New York City recently finished a major renovation of its exhibition on the native peoples of the northwest coast of North America. Curators ... Read more »

Police release 911 calls in Gilgo Beach case

A woman who disappeared in a beach community on New York’s Long Island more than a decade ago, sparking an investigation into a possible serial killer, said “there’s somebody after ... Read more »

Academy Awards set 2023 Oscars for March 12

The Associated PressFILE – Oscar statue on the red carpet at the Oscars on Sunday, March 27, 2022, at the Dolby Theatre in Los Angeles. Next year’s Academy Awards will ... Read more »

Actor Fred Ward, of 'Tremors,' 'The Right Stuff' fame, dies

The Associated PressFILE – Fred Ward, a cast member in “30 Minutes or Less,” poses at the premiere of the film in Los Angeles on Aug. 8, 2011. Ward, a ... Read more »

Judge refuses to drop elections suit against Trump, media

NEW YORK — A Colorado judge on Friday denied motions to dismiss a defamation lawsuit filed by an election systems worker against former President Donald Trump’s campaign, two of its ... Read more »

Q&A: Becky G unveils every side of herself in latest album

The Associated PressFILE – Becky G appears at the Oscars in Los Angeles on March 27, 2022. Beck G’s latest album is “Esquemas.” (AP Photo/Jae C. Hong, File) NEW YORK ... Read more »

North Korea reports 21 new deaths as it battles COVID-19 outbreak

SEOUL, South Korea — North Korea reports 21 new deaths as it battles COVID-19 outbreak. Read more »

North Korea confirms 21 new deaths as it battles COVID-19

SEOUL, South Korea — North Korea says 21 people died and 174,440 people were newly found with fever symptoms on Friday alone as the country scrambles to slow the spread ... Read more »

White Sox place Giolito on COVID list, activate Vaughn

The Chicago White Sox placed ace Lucas Giolito on the COVID-19 injured list and activated outfielder Andrew Vaughn following a rehab assignment with Triple-A Charlotte on Friday. Giolito began experiencing ... Read more »

Traded back and forth, Ford learns to live out of suitcase

NEW YORK (AP) — Mike Ford has learned to travel light — and quickly. Since the start of the season, the 29-year-old first baseman has played for Tacoma, San Francisco ... Read more »

Falcon 9 rocket launches Starlink satellites

A SpaceX Falcon 9 rocket launched 53 Starlink satellites to low-Earth orbit from California on Friday. (May 13) Read more »

Celtics' Robert Williams remains out for Game 6 vs. Bucks

MILWAUKEE (AP) — Boston forward/center Robert Williams missed his third straight game with an injured left knee as the Celtics tried to keep their season alive Friday night in Game ... Read more »

Padres sign Robinson Canó, plan to use him off the bench

ATLANTA (AP) — The San Diego Padres have signed veteran second baseman Robinson Canó to a major league contract and plan to use him as a left-handed bat off the ... Read more »

WNBA star's Russia detention extended by 1 month

The lawyer for WNBA star Brittney Griner says her pre-trial detention in Russia has been extended by one month. Alexander Boykov told The Associated Press the relatively short extension indicated ... Read more »

Louisiana justices toss COVID-related charges against pastor

Hundreds of thousands of Americans fighting long-haul symptoms from COVID-19 Dr. David Putrino from Mount Sinai Health System and COVID long-hauler Joel Fram discuss the long-term effects of the disease.The ... Read more »

Sandy Hook lawsuits against Alex Jones on track to resume

The Associated PressFILE – This Tuesday, Dec. 11, 2018, photo shows radio show host and conspiracy theorist Alex Jones at Capitol Hill in Washington. The Sandy Hook families’ lawsuits against ... Read more »

Rockies' Bryant closer to return after cortisone shot

DENVER (AP) — Colorado Rockies outfielder Kris Bryant took swings in the cage Friday for the first time since he was sidelined with a sore back nearly three weeks ago ... Read more »

Mariners demote Jarred Kelenic to minors after poor start

NEW YORK (AP) — Rather than make his Citi Field debut against the team that traded him, Jarred Kelenic was demoted to Triple-A Tacoma by the Seattle Mariners on Friday ... Read more »

Biden: ASEAN partnership 'critical' in this moment

Looking to strengthen ties, President Joe Biden welcomes leaders from the Association of Southeast Asian Nations to Washington for the first time. “We’re launching a new era in U.S.-ASEAN relations,” ... Read more »

Phil Mickelson will not defend his title at next week's PGA Championship

Phil Mickelson caught lightning in a bottle last year at Kiawah Island, winning a major championship at 50 years of age. The fairways flooded, and the golf world stood and ... Read more »

Tennessee Titans' Malik Willis on Ryan Tannehill's mentorship comments: 'Everything is cool'

The Tennessee Titans didn’t take issue with Ryan Tannehill’s comments about mentoring third-round rookie Malik Willis. Willis and coach Mike Vrabel were asked about Tannehill’s scrutinized remarks following the first ... Read more »

Lawyers plan suit against Lufthansa over Jewish passengers

Lawyers for 26 passengers said Friday they told Lufthansa that they will sue the German airline for refusing to let members of a large group of Orthodox Jewish passengers board ... Read more »

Wild face offseason after yet another early ouster

While the Minnesota Wild were stacking up franchise records and securing the extra home game for the first round, general manager Bill Guerin carefully acknowledged a “great year” for the ... Read more »