Firms struggling to retain younger workers
Canadian CEOs differ from their global counterparts when it comes to recruiting older workers approaching retirement age. Sixty per cent of Canadian CEOs plan to increasingly recruit and retain older employees, compared to just 42 per cent globally, found a survey by PwC.
This focus on older workers is in part explained by the challenges with hiring and keeping people under 30. The majority of Canadian CEOs (75 per cent) expect challenges in recruiting and integrating younger workers into their business, compared to just 54 per cent of their global counterparts, found the survey of 1,201 CEOs worldwide (40 of which were from Canada).
"In terms of attracting and holding onto the new generation of workers, companies haven't quite figured it out yet. As a result, they are focusing on the talent they know best — older workers," said Ellen Corkery-Dooher, national people and change leader at PwC. "At the same time, there is a growing thirst among older workers to either stay on or opt for a career change rather than retiring."
More than 60 per cent of Canadian CEOs are expecting to add jobs over the next year, outpacing the global average of 51 per cent. Moreover, 85 per cent of Canadian respondents said they intend to make some or major changes to their strategies for managing talent.
Canadian CEOs are more committed than their global counterparts to help develop a skilled talent pool. Eighty-eight per cent of Canadian respondents plan to increase their commitment to create and foster a skilled workforce over the next three years. This includes working with government and education systems to improve skills in the talent pool.
The survey also found Canadian CEOs are placing a high priority on risk management expertise. Eighty-seven per cent said they were allocating more senior management attention to risk management, while 61 per cent were formally designating executive responsibility for risk management.
