Friday, June 30, 2017

Employers must prepare for retirees’ ‘encore’ careers - BENEFITS CANADA

by Jennifer Patterson 
Originally published: June 22, 2017

Over the next decade, employers will have to create workplace programs that recognize employees’ careers beyond retirement, speakers on a panel at an event in Toronto suggested on Wednesday.

“Stats Canada still ends [the definition of] working-age Canadian at age 64, and yet we know that people are working well beyond that age,” said Lisa Taylor, chief executive officer of Toronto-based Challenge Factory Inc., an organization that focuses on strategies for an aging workforce. Taylor was part of a panel hosted by Morneau Shepell Ltd. that focused on workplace challenges in the modern economy.

She noted Canada’s retirement age dates back to the 1930s when life expectancy was just 62 years. “With an 82-year life expectancy, we’re not just drawing out mid-career longer,” she said. “We’re not just saying you have to work 20 extra years; what’s actually taking place is there’s a new cycle, a new phase of career. . . . Organizations will have to have talent programs that recognize a legacy career or an encore career or a third phase of that career cycle as standard practice.”