Canadian companies are failing to address the consequences of an aging workforce, says a study by The Conference Board of Canada.

Almost 80 per cent of Canadian organizations believe they will face the consequences of an aging workforce within the next five years, but few are doing anything now to address impending retirement-induced labour shortages.

"Canadian organizations are aware that by 2015 there will not be enough qualified people to go around. For the most part, they are doing little to tackle the problem," says research associate Owen Parker. "Employers will have to develop more effective ways of managing their aging workforce to maintain operational continuity."

The study was based on the survey of 137 corporate executives conducted in 2005. At the time, 23 per cent of respondents said they were already feeling the effects of an aging workforce on their organization, and four in five believe they will be affected within five years.

The study finds companies doing little in the way of proactive planning to deal with the looming labour shortage. It found recruitment and retention programs and policies targeted at mature workers are applied inconsistently. Half the respondents indicated their organizations devote little or no effort to retaining their own older workers, and few employers are looking to attract retirees who may be looking for new employment possibilities.