The new “grey power” – Findings of a CROP-Ordre des conseillers en ressources humaines agréés survey on retirement management

At a time when organizations continue to face labour shortages, over one-third of Québec workers (38%) say they plan to retire before age 60. Retirement management has thus become a major strategic challenge for organizations, and older workers are becoming a rare and sought-after commodity. These are the findings of a CROP survey conducted for the Ordre des CRHA et CRIA du Québec (Ordre des conseillers en ressources humaines agréés), which were released following its seminar “Retirement: a question for the future,” held today in Montreal.

“Grey power” increasingly in demand
According to the CROP survey, 61% of Quebec workers plan to retire between the ages of 55 and 64.

“In today’s environment, older workers represent a labour pool that employers can no longer do without. That’s why it’s crucial to review management practices to encourage willing pre-retirees to stay on the job as long as possible. Organizations need their valuable expertise,” explained Florent Francoeur, CHRP, Ordre President and CEO.

Phased or complete retirement?
The survey also reveals that 53% of respondents favour phased retirement, versus 41% who prefer complete retirement.

“The fact that only half the workers are considering phased retirement is of some concern. Yet people are now healthier and living longer than previous generations. So we have to create conditions to increase the numbers of workers who opt for phased retirement. For example, we could adjust benefits and compensation policies, and reorganize work within organizations,” added Francoeur.

Retirement doesn’t seem to worry workers
In addition, 83% of those interviewed said they were not very or not at all worried about retiring, compared to 16% who admitted they were fairly or very concerned.

To learn more…
Download the results of the CROP survey (in French only).