Nearly half of chief financial officers in Canada are delaying or reconsidering their retirement plans due to the deteriorating economic conditions, a recent survey reveals.

The Robert Half Management Resources survey, conducted in late December and early January, found that 23% of the 270 CFOs polled are planning to spend more time working than they did five years ago. Another 22% of respondents said their plans have become more uncertain, and they cannot predict when they will retire.

Of those planning to extend their career, 93% attributed the change of plans to the economy. Other factors included changes in family needs and social security concerns.

Roughly half of respondents said their retirement plans have not changed in the last five years.

The trend of employees planning to work longer is beneficial to many employers, according to David King, executive vice-president of Robert Half Management Resources.

“As executives remain in the workforce rather than fully retire, employers are benefiting from the vast knowledge and skills that is retained with these professionals,” King said.

But he added that many employers may need to allow for more flexible work arrangements to accommodate these workers, since not all employees are prepared to continue working 40-hour workweeks.

“Despite the change in the economy, companies may still offer additional benefits that the baby boomer generation values, such as greater scheduling flexibility or part-time employment,” King said.

IE