As we all know by now, Canada's baby boomer generation is entering its late 50s and early 60s as what has traditionally made up the bulk of the workforce ages. With this aging demographic brings a whole new set of problems. In the last couple decades, Canada's workforce was comprised mainly of this demographic, the baby boomers. They occupied many of Canada's senior positions in firms, CEOs, Executives, Principals and Financial Officers and Lead Technicians.
These professionals were easy to find in the executives area of any business operation. Now, as more and more baby boomers are retiring, Canada is seeing a shortage of skilled labour. That's right; more and more lawyers, businessman, pharmacists, doctors and engineers are leaving their jobs everyday. This leaves many vacant spots that are just waiting to be filled.
Analysts ask what will happen when all of the baby boomers retire? What will happen to Canada's economy and workforce? The thought of this shortage of skilled professionals has many companies and businesses reeling in shock at the thoughts of reprussions. And they're not just going to sit around and do nothing about it.
Now, many companies and governing boards are giving incentives for senior employees to stay. The incentives are mainly to persuade them that staying at the helm for a few more years won't do any harm. These incentives can come in many forms; more vacation weeks, flexible hours or pay raises. Why would companies do this? If you compare this to the basics of business (that is the supply and demand chain), you can see the correlation. As the number of skilled professionals goes down, the demand for them increases. Therefore, companies are willing to pull out all the stops to keep them from leaving.
It is this high demand for skilled professionals that has made the beginning of the 21st century the best time for the baby boomers; they are in the perfect position to reap the benefits of a desperate economy. Now, the power lies with them; they are free to pick and choose which jobs they want, where they want to be assigned, how much pay they get and how many weeks off they recieve. It is truly a great opportunity for baby boomers now, as they are in high demand and in the position to bargain for whatever fancies them. Of course, there is always the chance that the companies will decide to hire younger, fresh talents instead, but the way it is right now seems to say the exact opposite.
The next generation down, Generation X, is tiny compared to the baby boomers, and so will not be able to fill the gaps left by them when they retire. So the prospects are good for the ol' boomers. And they deserve it. After 50 years of serving the country, they deserve a little reward.
Analysts ask what will happen when all of the baby boomers retire? What will happen to Canada's economy and workforce? The thought of this shortage of skilled professionals has many companies and businesses reeling in shock at the thoughts of reprussions. And they're not just going to sit around and do nothing about it.
Now, many companies and governing boards are giving incentives for senior employees to stay. The incentives are mainly to persuade them that staying at the helm for a few more years won't do any harm. These incentives can come in many forms; more vacation weeks, flexible hours or pay raises. Why would companies do this? If you compare this to the basics of business (that is the supply and demand chain), you can see the correlation. As the number of skilled professionals goes down, the demand for them increases. Therefore, companies are willing to pull out all the stops to keep them from leaving.
It is this high demand for skilled professionals that has made the beginning of the 21st century the best time for the baby boomers; they are in the perfect position to reap the benefits of a desperate economy. Now, the power lies with them; they are free to pick and choose which jobs they want, where they want to be assigned, how much pay they get and how many weeks off they recieve. It is truly a great opportunity for baby boomers now, as they are in high demand and in the position to bargain for whatever fancies them. Of course, there is always the chance that the companies will decide to hire younger, fresh talents instead, but the way it is right now seems to say the exact opposite.
The next generation down, Generation X, is tiny compared to the baby boomers, and so will not be able to fill the gaps left by them when they retire. So the prospects are good for the ol' boomers. And they deserve it. After 50 years of serving the country, they deserve a little reward.
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kamster
kamster
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