by J. Robert Beyster
As members of the Baby Boom generation begin to retire, businesses will find themselves facing a serious drain in employee brainpower, talent and experience. According to the U.S. Bureau of Labor Statistics, 43 percent of the workforce operating between 2004 and 2012 will be eligible to retire within the next ten years. However, as these men and women leave the workforce, there will not be enough younger employees to replace them. The Bureau of Labor Statistics projects a shortfall of 10 million workers in the U.S. by 2010, putting dramatically increased pressure on managers to find ways to recruit and retain talented workers at all levels.
The question is not, “Will your organization be impacted by the coming brain drain?” Instead, the question is “How soon?” With Baby Boomers roughly spanning the age group that is current from 44 to 62 years of age, some companies are already starting to feel the pain—a pain which will get worse as more of these employees reach retirement age. According to Ernst & Young’s 2007 Aging U.S. Workforce Survey, some companies are actively working to convince senior managers to stay on beyond their normal retirement age in hopes of at least partly meeting the challenge. This is a good first step, but I believe company owners and managers need to take more fundamental steps to both retain and attract the employees they will need to deal with the coming brain drain. Here are some suggestions: Read the rest of this entry
