York Aging Workforce Study
In the Aging Workforce Study Final Report, conducted by The York Region Economic Strategy Branch, with funding from Employment Ontario,it was concluded that "Over the next 5-10 years, baby boomers in the York Region workforce will begin to retire in significant numbers. The implications for employers may include:
- Increased recruitment & hiring costs,
- Organizational knowledge loss, and
- Loss of customer relationships in service, sales, production, and administration."
To support this, the AWS states that " The York Region can reasonably expect 780,000 jobs to be available by 2031. In an ideal situation, the Region’s workforce would be approximately equal to its employment opportunities. However, the AWS Study shows that, if no remedial action is taken, there will be a deficit of three per cent or 23,500 jobs by 2031, based on current numbers of boomers in the workforce and their ages."
- finance, insurance, real estate and leasing
- public administration: policy, enforcement and civil service
- health care
- information technology, computers and communications
- business, building and other support services
- construction and manufacturing
- professional, scientific and technical fields
The study asserts that Workforce Planning and Knowledge Management techniques, such as implementation of software and websites to capture and share knowledge, are vital to an organization's strategic direction. These techniques ensure "the transfer of knowledge to younger workers; the reduction of age bias in younger workers; and the enhancement of self perception among older workers."