The aging workforce and retirement of baby boomers is threatening employers, particularly in certain industries, with an impending "brain drain", according to the results of a survey conducted jointly by Buck Consultants, WorldatWork and Corporate Voices for Working Families. The survey, "The Real Talent Debate: Will Aging Boomers Deplete the Workforce?", covers responses from more than 480 organizations in a range of industries.
42% of all survey respondents indicated that the aging workforce issue is a significant one for them.
Other findings include:
- The perceived severity of the challenge appears to vary by industry. Issues related to the aging workforce are felt most severely in the healthcare and oil/gas industries, with 66% and 65% of survey respondents in these industries, respectively, citing the issue as a significant challenge. The manufacturing and technology industries, for example, are less likely (34% and 23% respectively) to see the issue as a significant challenge.
- Participants see the greatest challenge as the loss of senior leadership talent. The departure of senior leadership was identified as the greatest potential risk associated with the exodus of mature workers (52%), followed by the departure of middle management (41%) and then technical talent and knowledge workers (39%).
- The true essence of the challenge is not just replacing bodies, but transferring knowledge and talent to succeeding generations. Many study respondents have efforts already underway or in the planning stage to facilitate this knowledge transfer, including formal mentoring programs (57%), knowledge gap analyses (69%) and the promotion of intergenerational work teams (44%).
- Retention of retirement-eligible workers is becoming a priority. Survey respondents are working on initiatives to target this need: 48% currently offer flexible work schedules and 23% plan to adopt them; 42% currently offer consulting assignments to older workers; 47% offer or are considering phased retirement; and 43% offer or are considering alternative job design.
The findings of this study reinforce the increasingly critical nature of this issue and the attention is getting from employers. Going forward, it will be important for organizations to develop a deeper understanding of what this group finds rewarding in their work (which stretches beyond cash compensation and includes things like flexibility and intellectual challenge as well as the continued availability of competitive health/welfare benefits) and use that understanding to develop their program offerings.
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