Employees may also not be leaving the workforce completely and in many cases are just shifting their focus. The pandemic has given people an opportunity to examine their work life and decide if they are happy doing what they are doing. While some have reached for freedom at 55 or 62, others have moved into the gig economy and others have looked at ways of monetizing their hobbies.Article content
The Great Retirement is not just a fallout of the pandemic but has been building for years as baby boomers have aged out. It has been discussed at length as a trend that will impact social and health services, leaving a pending financial tab for younger generations to pick up.“I think we’ve known the problem has been there for years; we have seen it coming but I think we were, in some ways, leaving it to the last minute,” said St-Arnaud. “We’re leaving it until we see it to actually act on it.
Deborah Yedlin, president and CEO of the Calgary Chamber of Commerce, said this early exodus is contributing to a growing knowledge and experience void. It highlights the need for proper succession plans and development of a younger workforce. At this point, everyone is competing over the same few employees, driving the cost higher and pricing out the smaller players.
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