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Investors Group, founded in 1926, is a national leader in delivering personalized financial solutions to Canadians through a network of more than 4,500 Consultants located throughout Canada. In addition to an exclusive family of mutual funds and other investment vehicles, Investors Group offers a wide range of insurance, securities, mortgage and other financial services. For over 80 years, we have firmly believed that building long-term relationships with clients is the best way to help individuals reach their financial goals at each stage of their lives .Investors Group is a part of IGM Financial, and a member of the Power Financial Corporation group of companies, one of Canada’s largest and most respected companies.
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Survey InsightsA little bit older, a little bit wiser
November 27, 2012
Introduction
In September 2012, Investors Group commissioned the polling firm Harris Decima to undertake a survey of small and medium sized Canadian business owners (less than 500 employees)
Initial results of the survey were released on October 30, 2102 and focused on succession planning (The Entrepreneurial Journey)
The second wave of findings, released November 27, 2012, explore perceptions of employing older workers among Canadian small business owners
Following are results from “A Little Bit Older, A Little Bit Wiser: Canada’s Small Business Owners Admire Older Workers“
Survey methodology: This survey was conducted by Harris/Decima online from September 21-October 14, 2012, with 743 owners or senior financial decision makers of businesses of less than 500 employees. The data was weighted by business size within region to match the profile of businesses of this size in Canada.
Key Findings
Ninety-six per cent of Canadian small and medium sized business owners agree that workers 65 years and older offer more valuable experience and expertise than younger workers
The majority (85 per cent) of small business owners do not have concerns about lack of stamina and reduced productivity from older workers
While 31 per cent of small business owners currently have employment opportunities within their organizations:
- 79 per cent say it’s not likely that the position will be filled by an older worker now
- 64 per cent say they are not likely to fill openings with older workers in the future
Key Findings
Many employers surveyed said they already offer, or are agreeable to implementing various workplace adjustments for older workers Part-time employment (65 per cent) Specific project work (43 per cent) Contract or consulting work (35 per cent) Working from home (25 per cent) Job sharing (23 per cent)
Fifty-six per cent of respondents say older workers should apply for whatever opportunities interest them
Older Workers in Today’s Workforce
Seventeen per cent of business owners say at least one-tenth of their workforce is 65 or older
How do Canadian business owners feel about workers over the age of 65?
A majority of Canadian business owners recognize the value of employing older workers
Hiring Potential
Despite the accolades, many business owners are still hesitant to take on the 65+ demographic as new staff for current positions
Older Workers and Workplace Challenges
Business owners also recognize workplace and employment challenges for older workers
Flexible Work Accommodations Offered
Many small business owners already offer, or are agreeable to implementing a number of workplace adjustments for older workers
Retiring Workers in the Next Five Years
There will be a increased number of retiring employees in the next five years, presenting renewed career opportunities for older workers considering a slower transition into retirement
Q: What proportion of your current workforce is likely to retire in the next 5 years?
Planning a Working Retirement? Advice from Canadian Business Owners
Canadian business owners aren't pigeon-holing workers into certain types of work, but suggest a number of options to pursue
