Will Losing Baby Boomers in the Workplace Affect Employers?

Posted June 13, 2014 by

As baby boomers enter retirement, how much will that affect employers in the workplace?  What, if any, concerns do they have?  Learn more in the following post.

One-fifth of the U.S. workforce has passed or is nearing retirement age, according to the Bureau of Labor Statistics, yet research suggests many executives aren’t too concerned with losing baby boomer employees to retirement in the next couple of years. Only 31% of chief financial officers (CFOs) interviewed for a recent Robert Half survey said they were worried about this possibility. 63% of financial executives reported being unconcerned.

Among CFOs who are worried about losing baby boomers to retirement, executives most commonly cited leadership (39%) and legacy knowledge (23%) as the greatest potential losses to their organization.

CFOs were asked, “How concerned are you about losing employees from the baby boomer generation to retirement in the next two years?”

Not at all concerned

42%

Somewhat unconcerned 

21%

Somewhat concerned

25%

Very concerned

6%

Don’t know/no answer

6%

Total

100%

CFOs concerned about those retirements also were asked, “What is the greatest potential loss to your business due to the retirement of baby boomer employees?”

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“Although losing baby boomers to retirement may not be a universal concern yet, employers, as a best practice, should prepare themselves for the exit of experienced professionals from the workforce,” said Paul McDonald, Robert Half senior executive director. “Mentorship and succession plans can be effective means of passing on legacy knowledge, and retaining and developing a company’s next generation of leaders.”

McDonald added that businesses of all sizes can benefit by implementing programs that allow professionals to transition into retirement and remain engaged with the firm. “Even as they move closer to retirement, many people want to continue contributing their skills and expertise,” he added. “Companies can take advantage of working with these employees on a consulting basis, who can in turn train other staff members on both the needed technical and nontechnical attributes.”

 

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