Before the Great Recession, the Internet and newspapers were abuzz with articles about the bad shape American companies and government agencies would be in when large numbers of baby boomers retired.
With so many people, including boomers, out of work, the topic hasn’t come up much lately. In fact, many articles have been written about boomers working well beyond retirement age.
However, in a recent report, Ithaca College sociologist Stephen Sweet says, as millions of baby boomers prepare to retire, “the inevitable talent drain threatens to alter the national economy.”
The report – "The Pressures of Talent Management" – examined talent management practices at 696 organizations across the 10 leading sectors of the economy.
“Four of every ten employers surveyed anticipate the aging workforce will have a negative impact on their business over the next three years,” said Sweet.
However, 77 percent of employers surveyed had not analyzed projected employee retirement rates or assessed employee career plans.
In 2000, baby boomers represented the largest portion of the U.S. labor force at 48 percent. By 2010, they're projected to shrink to 37 percent of the workforce. As a result, some economists are predicting a shortage of 10 to 15 million workers in the coming decade, with large numbers of inexperienced workers in a dwindling labor pool.
With so many people, including boomers, out of work, the topic hasn’t come up much lately. In fact, many articles have been written about boomers working well beyond retirement age.
However, in a recent report, Ithaca College sociologist Stephen Sweet says, as millions of baby boomers prepare to retire, “the inevitable talent drain threatens to alter the national economy.”
The report – "The Pressures of Talent Management" – examined talent management practices at 696 organizations across the 10 leading sectors of the economy.
“Four of every ten employers surveyed anticipate the aging workforce will have a negative impact on their business over the next three years,” said Sweet.
However, 77 percent of employers surveyed had not analyzed projected employee retirement rates or assessed employee career plans.
In 2000, baby boomers represented the largest portion of the U.S. labor force at 48 percent. By 2010, they're projected to shrink to 37 percent of the workforce. As a result, some economists are predicting a shortage of 10 to 15 million workers in the coming decade, with large numbers of inexperienced workers in a dwindling labor pool.
U.S. companies need to start planning for this loss of workers, Sweet said, adding:
That’s good advice. Boomers need flexibility, such as being able to work part time, if they stay in their jobs, or if they look for new ones.Employers should take advantage of programs designed to meet the evolving needs of employees nearing retirement, while at the same time meeting business needs by keeping experienced talent longer and ensuring business continuity.
Copyright 2009, Rita R. Robison, Consumer Specialist
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