Posted by Heidi Schwartz
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 Robert Half survey said they were worried about this possibility. Sixty-three percent 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.
The survey was developed by Robert Half and conducted by an independent research firm. It is based on interviews with more than 2,100 CFOs from a random sample of companies in more than 20 of the largest U.S. markets.
“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.”