Canadian CEOs expect challenges recruiting workers under 30: PwC
OTTAWA―Aged workers who aren’t ready to hang up their boots just yet can take comfort in the results of a recent PwC survey.
The survey found 60 per cent of Canadian CEOs are looking to recruit and retain older employees.
A total 75 per cent of CEOs said they plan to focus on aging employees because they expect problems hiring and keeping workers under 30.
Despite those perceived challenges, fewer than 40 per cent are prepared to change their strategies to incentivize younger workers.
“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,” says Ellen Corkery-Dooher, PwC’s national people and change leader.
Corkery-Dooher says that’s good news for older employees who are looking to stay in the workforce beyond retirement age.
But companies should be careful to keep their employee base diverse.
“Younger employees play a big part in infusing creativity and ingenuity into an organization,” says Corkery-Dooher. “CEOs will need to tailor recruitment, rewards and performance programs so that they are not only aligned with the business strategy, but also to the differing characteristics of their workforce.”
Young or old, CEOs are getting set to hire.
More than 60 per cent expect to add jobs in the next year―above the global average of 51 per cent.
Canadian CEOs were also less likely to build up their seasonal, casual and project-related workforce, likely due to a renewed confidence in revenue growth.
Despite that optimism, CEOs recognize there will be obstacles ahead when it comes to attracting and maintaining talent.
Over the next three years, 83 per cent say the limited supply of skilled workers is going to be a key challenge, compared to just 66 per cent worldwide.
The majority of Canadian CEOs are also worried competition will lure away their top employees.
To keep competitive, 88 per cent have committing to building a skilled workforce through measures such as working with government and education systems.