Canadian Business Insights: Top Employers for Canadians Over 40 Report
The Canadian workforce is a diverse and dynamic mix of individuals of all ages, backgrounds, and experiences. As such, it is essential for employers to create a positive work environment that accommodates employees of all ages, including those over 40.
The Top Employers for Canadians Over 40 Awards recognizes companies that go above and beyond to provide exceptional working conditions for this age group.
In this blog, we will discuss the importance of recognizing and accommodating older workers in the workplace and highlight which types of measures businesses implement that enhance overall company culture and work life satisfaction for employees of all ages.
The Value of Older Workers in Canadian Businesses
Many employers may overlook the value of older workers, but studies have shown that they bring a wealth of knowledge, skills, and experience to the workplace. Recent reports state that older workers can often be more dependable, reliable, and committed to their work than younger workers. They also provide valuable mentorship and leadership to younger employees starting out their careers.
“Employees in the second half of their careers have different priorities than those just entering the workforce, such as family commitments and preparing for retirement. This year’s winners offer programs that address those needs, providing stability and the flexibility to balance work and family commitments.”
– Richard Yerema, executive editor of the Canada’s Top 100 Employers project
Older workers tend to have a strong and established work ethic and can offer a fresh perspective on work-related issues, yet due to external factors such as family commitments, potential health concerns, and looming retirement, it is important for organizations to recognize and accommodate older workers in the workplace to maintain a healthy and productive work environment for all.
Top Employers for Canadians Over 40
The 2023 Top Employers for Canadians Over 40 have been announced for the 22nd year. These awards are based on a comprehensive review of each employer’s human resources practices and policies, including training and development, work-life balance, and health and wellness initiatives.
This year’s winners include major corporations such as Scotiabank, TD Bank, and Telus, as well as smaller companies such as Vancity Credit Union and Family and Children’s Services of Waterloo Region. The report identifies these employers as demonstrating a commitment to accommodating older workers in the workplace, providing opportunities for professional development, and promoting work-life balance.
Some examples of highlighted business initiatives for Canadians over 40 this year include:
- Celebrating careers milestones with established recognition programs and honouring long-time employees with additional vacation at certain milestones;
- Offering a robust health and wellness programming as part of an extensive healthy workplace initiative and providing flexible benefits that enable employees to care for themselves;
- Helping employees plan for life after work through separate retirement planning courses for employees over and under 45 years of age – and supporting them with generous contributions to a defined benefit pension plan; and
- Helping employees plan securely for the future with contributions to a defined benefit pension plan and health benefits that extend to retirees (100% premium coverage, with no age limit).
Overall, recognizing and accommodating older workers in the workplace is crucial for creating a positive work environment that values diversity and inclusivity. Employers who go above and beyond to provide exceptional working conditions for older workers not only benefit from their knowledge and experience but also foster a culture of respect and appreciation in the workplace.
The report additionally expresses that younger employees who see older generations being treated with appreciation and respect are more likely to stay loyal to an organization as they see benefits in long-term growth within the company.
Canadian Government Grants for Hiring and Training
To help upskill current employees and hire new employees that will be successful at an organization regardless of age, Canadian businesses can access available grants and loans for Hiring and Training Funding. These funds can be used to offset projects that help enhance your business’ workforce and create stronger cultural practices and environments.
“It doesn’t take long for younger workers at an organization to see how their older colleagues are treated. It speaks volumes about an organization’s culture when younger workers can say ‘that will be me in a few years’ and feel good about how their employer is taking care of workers at every stage of their careers.”
– Anthony Meehan, Publisher at Mediacorp
Programs such as the Canada Job Grant (CJG) offer up to 50-100% of project costs to offset eligible employee training. Sign up for our free weekly funding newsletter to receive up to date news on hiring and training programs such as the CJG as they become available for businesses across Canada.