When you hear about the hottest job markets in Canada, one would assume that the talk is about the newest generation of candidates to enter the job market – the millennials and generation Z.
However, with many Canadians working well into their 60s and deciding to put off retirement for a few years, the 55+ candidates have become one of the hottest commodities in recruiting.
There are a number of reasons for this:
These factors have had and will continue to have a large impact on the candidate pool. Kevin Carmichael from Canadian Business explains what is happening with this group of candidates:
“The population is aging, so it is only natural that the population of older workers would increase. But there is more to it than that. There were 10.6 million Canadians aged 55 and older in September, an increase of about 3% from a year earlier. The pool of available workers in that age bracket is growing even faster: the labour force, defined as the number of individuals who are either employed or actively looking for work, increased almost 5% from September 2015 to 4.06 million, the most ever.”
This trend is not only happening in Canada, it’s occurring around the world, especially in developed countries. According to the International Labor Organization:
There are benefits to hiring people aged 55 and up, including:
While there are also some potential disadvantages of hiring older candidates, such as lack of technology skills and coping with continuous change, it is difficult to argue with their level of experience and unique skill set.
“Older workers’ unique skills and values–and the potential savings to your company in time and money–make hiring them a simple matter of rethinking the costs of high turnover in a more youthful workforce vs. the benefits of experience and mature standards older workers bring to the mix,” says Stephen Bastien on Entrepreneur.com.
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As a member of the IQ PARTNERS Financial Services & Insurance practice, Steven specializes in the recruitment of Accounting and Finance professionals. He supports a large network of candidates as a LinkedIn Profile Expert and Career Coach. Steven helps organizations find great people. He helps people find their path.