Changing demographics to shift makeup of workforce
As the number of workers nearing retirement grows, companies have begun bracing for their departure, a new survey suggests. A majority (55 percent) of executives polled recently said their companies are concerned about losing key staff to retirement in the next five to 10 years. An even greater percentage, 78 percent, said their firms are taking steps to compensate for the loss of baby-boom-age employees.

The survey was developed by Robert Half International Inc., a staffing service specializing in accounting, finance and information technology. It was conducted by an independent research firm and includes responses from 150 executives with the nation’s 1,000 largest companies.

“Coming demographic shifts point to changes in the makeup of the U.S. workforce: As members of the baby-boom generation retire, shortages of skilled workers will likely start emerging,” said Max Messmer, chairman and CEO of Robert Half International Inc. “Tenured employees take with them valuable experience, industry contacts and knowledge of best practices that are difficult to replace.” Messmer pointed out that managers should take steps now to groom their companies’ future leaders by instituting succession plans and providing professional development opportunities to high-potential employees. He added that organizations should also look for ways to keep those nearing retirement involved through consulting, mentoring or training roles.