Boomers: Retirement impacts

Pumpjack on Prairies

Stats Canada projects in the next decade about 30% of the Canadian workforce will retire. In my industry alone, oil and gas, it will leave about 40,000 job vacancies. This is without the impact of oil prices and activity levels.

Virtually ever other industry including small business will be impacted by the boomers leaving the workforce. Now it will give younger persons starting out great opportunities, but most of the rookies in the workforce need about ten years to build experience to the levels of those workers leaving. This results in a knowledge gap.

Some of this knowledge gap can be filled by hiring the boomers back as consultants on short term basis. Most boomers don’t want to quite cold-turkey anyway it seems. Many of my friends who have retired out the door ahead of me are back working part time. Great opportunities for all generations it seems.

Suggested Reading:

“Severe labour crunch forecast for oilpatch as workers retire”, by Dino O’Meara, Calgary Herald, March 29, 2011.

“The Decade Ahead 2010-2020”, report by Petroleum Human Resources Council of Canada, 2009.