Mature Leaders Not Ready to Retire? Let Them Inspire

It’s no secret that many of Canada’s business leaders are rapidly reaching retirement age. The Baby Boomer generation (born between 1945 and 1964) is one of Canada’s largest. By 2030, the last ‘Boomers,’ born in 1965, will turn 65. According to StatCan, the country is already feeling the impact–in 2021, 2022 and 2023, the labour force participation rate was at its lowest level in two decades, 65%.

However, just because these mature workers are reaching retirement age, doesn’t mean they’re ready to walk away. In fact, a study by the Transamerica Center for Retirement Studies® found that 49% of Baby Boomers are already working past age 70 or expect to. Is this decision financially driven? In many cases, yes—82% said their reasons are finance-related—however, many (78%) simply feel that they are in good enough health to keep contributing to the workforce.

So, how can your organization take advantage of more mature workers—especially those in leadership positions—who aren’t ready to retire. Empower them to inspire your next generation of leaders.

For mature leaders already in your organization—give them opportunities to mentor next-generation leaders

Your organization’s leaders have years of experience as well as industry and organizational knowledge. Tap into it before it walks out the door! In recent surveys, 86% of CEOs said that mentors played a crucial part in their career accomplishments and 90% of employees who have a mentor said they are happy at work.

So, set up a mentorship program that pairs your mature leaders with your high-potential employees to work through real business challenges together. Through such a program, mentors can guide and support successors with a consultative approach, imparting the skills required for growth while continuing to drive change and deliver results. In addition to communicating the ins and outs of the business, ask the leaders to also share the importance of soft leadership skills such as how to navigate ambiguity, how to take calculated risks, and how to communicate empathetically.

A mentorship can be a major boost to the confidence of the future leaders. It gives them a valuable resource to get positive feedback and advice, and to share ideas and frustrations.

Bring in mature leaders from outside your organization for their objective insights

If a leader in your organization does decide to leave for retirement—or any other reason—consider a mature leader for a role as an interim executive. Their experience and ability to adapt can deliver immediate value during a time of transition for your company.

Experienced interim executives offer fresh, outside perspectives on strategies, policies, and talent needs. Their impartial viewpoints can provide a catalyst for change and innovation. Additionally, they often have a specialized skill set to help you with a specific need, such as reshaping strategies, restructuring functions, managing M&As, or undergoing a significant business transformation. There are many leaders who are not quite ready to retire who may prefer an interim executive role that allows them to focus on the business challenges that energize them the most.

Some leaders just don’t have the desire to retire—they aspire to inspire

Even as the Boomers in Canadian workforce continue to reach retirement age en masse, many still have the desire to contribute their skills, knowledge, and experience. Through effective succession planning, mentorship programs, and interim executive opportunities, you can leverage their valuable attributes to not only navigate present-day challenges, but to also develop your next generation of business leaders.

Want more insights on succession planning and developing your next generation of leaders?

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