Workplace skills-transfer programs are essential

The vast majority of Canadian business owners say workers over the age of 65 offer valuable experience and expertise, according to new research released by the Investors Group.

“As more boomers and seniors continue working in their later years, it’s encouraging to see that their value and contribution to the workplace are acknowledged by Canada’s small business owners,” says Dave Ablett, director of tax and estate planning at Investors Group.

Read: Phased retirement: A choice or necessity?

In addition, small business owners say at least one-tenth of their workforce is over the age of 65. The only drawback is almost half (43%) are expecting at least 10% of their employees to retire in the next five years.

As a result, managers and senior advisors should consider the value of skills-transfer programs, to ensure the expertise of experienced staff isn’t upon departure.

Read: The future of family business in Canada and Gen X squeezed by Boomers, Gen Y

Long-time advisors can also offer to mentor their up-and-coming successors. This way, clients can expect the same level of service even after they’re transferred, and younger advisors will have more connections and practical skills to build on.

Read:

How to be a good mentor

Connect with Gen Y advisors

Mentoring an associate advisor

Advisors ignore own succession plans