Small business & older workers
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Small business & older workers
Full Report
Janine Halbesma, Senior Policy Analyst
Janice Storozuk, Policy Analyst
Heather Tilley, Policy Analyst
Introduction
The shortage of qualified labour has become a gripping issue for small- and medium-sized businesses. While the problem is more acute in some regions due to strong economic performance, the ongoing shortage of qualified labour is a national issue and has a lot to do with demographics.
In July 2007 Statistics Canada released new census data that showed Canada’s working-age population is becoming increasingly older and that the number of workers approaching retirement has hit a record high:
- One out of every seven Canadians is now over 65 years of age, a 12 per cent increase since 2001.
- The number of people between the ages of 55 and 64 has increased 28 per cent since 2001. In contrast, the population aged 15 to 24 increased by only five per cent.
Due to decreasing birth rates and increasing life expectancy Statistics Canada warns, “population projections show that in about 10 years, Canada may have more people at the age where they can leave the labour force than at the age where they can begin working.”
As one of the many solutions to the labour shortage, this report will explore ideas to improve the participation rate of older workers, to encourage older workers who have already left the workforce to return and to maximize the contribution of older workers in the workforce from a small business perspective.
