Blast off! Boomers are entering retirement but there’s no rocket booster that’s going to fuel the shrinking labor pool, and it appears more than a quarter of U-S businesses have not planned an exit strategy from the impending crisis. That’s according to a new study out of Boston College Center on Aging and Work. Companies are going to have to muscle up on ideas to hang on to the wisdom that will soon head out the door.
Key findings in the National Study of Business Strategy and Workforce Development show that American companies are unprepared for the changing workforce demographics. 578 organizations were polled from across the U-S in the sectors of retail trade, manufacturing, health care and social assistance.
- Only 37% of employers had adopted strategies to encourage late career workers to stay past retirement
- 60% of the employers indicated recruiting competent job applicants is challenging
- 40% indicated management skills are in short supply in their organizations
HELLLOOOOO! Quick - call a doctor (Human Resources) to the launch pad. The Boston researchers recommended some interesting antidotes such as taking a closer look at the age composition of certain departments, coming up with a clear-cut flexible work plan, and educating supervisors as to the importance of sharing the wisdom of the more seasoned workers.
I get all that. But I think the most crucial component in responding to the boomer exodus, is “awareness” of the “value” that a qualified, experienced, and loyal worker brings to a company. We need to start asking employees what it’s going to take to entice them to stick around for a while longer. With turnover rates, training costs and a tight labor pool, it behooves big business to spend a few bucks and figure out how to hold onto those boomers.
