With many baby boomers set to retire in the near future, businesses are already bracing for a shortage of skilled workers, according to a survey by Robert Half International.
More than half of 150 executives (55 percent) polled recently said their companies are concerned about losing key staff to retirement in the next five to 10 years, and an even larger number (78 percent) said their firms are taking steps to compensate for the loss of baby-boom-age employees, RHI reported.
When asked how concerned their company is about losing key workers to retirement in the next five to 10 years, 40 percent responded they were "somewhat concerned," while 15 percent said "very concerned." About a third of those surveyed said their firm was "not very concerned," while 11 percent answered "not at all concerned."
Respondents were also asked, "What steps, if any, is your firm taking to compensate for the loss of baby-boom-age workers to retirement?" Of the 78 percent of executives who said their organizations are taking steps in this area, responses included: implementing/enhancing succession-planning programs (59 percent); providing employees training/professional development (53 percent); increasing employee recruiting and retention efforts (45 percent); implementing or enhancing mentoring programs (35 percent); inviting retirees/future retirees to be consultants/trainers (25 percent) and increasing compensation and bonuses (15 percent). Multiple answers were permitted.
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