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Press release distributed in partnership with ... 
Retiring Baby Boomers Creating Workforce Talent Shortage
Survey by Buck Consultants, WorldatWork, and Corporate Voices Finds "Brain Drain" Effect Varies by Industry
New York (PRWEB) June 11, 2007 -- Retiring baby boomers are already creating a significant challenge for U.S. employers in certain industries, according to survey findings released today. The survey was jointly conducted by Buck Consultants, an ACS company, WorldatWork, and Corporate Voices for Working Families.
The survey, "The Real Talent Debate: Will Aging Boomers Deplete the Workforce?" assessed responses from more than 480 organizations in a broad cross-section of industries.
Forty-two percent of all respondents indicated the aging workforce issue is significant. Of this group, 50% have a majority of mature workers eligible to retire in five to ten years. One-half of respondents in this group also see a current shortage of skilled workers.
The aging workforce is especially critical in the healthcare sector and oil and gas industry, with 66% and 65% of respondents, respectively, citing the issue as a significant challenge. Industries such as manufacturing and technology are less likely (34% and 23%, respectively) to perceive this issue as a significant challenge.
The departure of senior leadership was identified as the greatest potential risk associated with the exodus of mature workers (52%), followed by the departure of middle management (41%), and technical talent and knowledge workers (39%).
"It’s more than just a problem of not having enough bodies to replace retiring boomers," said James Sowers, Managing Director of Buck Consultants’ human resource management practice. "The real challenge is transferring their knowledge and talents to succeeding generations of workers."
Sowers noted that the survey respondents are currently using or planning to institute formal mentoring programs (57%), knowledge gap analyses (69%), and intergenerational work teams (44%) as strategies to address this talent transfer challenge.
However, more than 80% of respondents, regardless of industry, have not surveyed their mature workers to determine future work preferences or intentions. Forty-two percent have not even identified who is responsible in their organization for knowledge transfer and knowledge management.
"Solving the problems posed by the aging workforce is going to require out-of-the-box thinking," said Ryan Johnson, Director of Public Affairs for WorldatWork. "We need to get rid of the idea that retirement is freedom from all work, and change it to the notion of retirement as freedom to do different kinds of work."
To address retention of retirement-eligible workers, 48% of respondents currently offer flexible work schedules and 23% plan to adopt them. Forty-two percent currently offer consulting assignments to older workers. Forty-seven percent offer or are considering phased retirement, and 43% offer or are considering alternative job design.
Other key survey findings include:
| | - Cost increases associated with knowledge and skills transfer resulting from the loss of aging workers are perceived as being highly significant by 62% of respondents.
- Aging workers want to remain in the workforce because of financial reasons (93%). Correspondingly, benefits are reported to be the most impactful aspect of job quality (86%).
- While mature workers are valued for their knowledge, reliability, and dedication (74%), more than 50% percent of respondents reported they do not proactively pursue mature workers in recruiting.
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WorldatWork (human resource professionals and business leaders focused on attracting, motivating and retaining employees. Founded in 1955, WorldatWork provides practitioners with knowledge leadership to effectively design and implement strategies and practices in total rewards – compensation, benefits, work-life, performance and recognition, development and career opportunities. WorldatWork supports its 30,000 members and customers in 30 countries with thought leadership, education, publications, research and certification.
Corporate Voices for Working Families is the leading national business membership organization representing the private sector voice in the dialogue on public policy issues related to working families. As an independent 501(c) 3, Corporate Voices facilitates research and provides solutions to legislators and business on Early Childhood Education and After School Care, Family Economic Stability, Worker Flexibility, the future of the Mature Workforce, and Youth Transitions. Collectively their 53 partner companies employ more than 4 million individuals throughout all fifty states, with annual net revenues of $1 trillion.
Buck Consultants, an ACS company, is a leader in human resource and benefits consulting with more than 1,500 professionals worldwide. Founded in 1916 to advise clients in establishing and funding some of the nation’s first public and private retirement programs, Buck is an innovator in the areas of retirement benefits, health and welfare programs, human resource management, compensation, and employee communication. News and other information about Buck Consultants is available at www.buckconsultants.com. Buck is an independent subsidiary of Affiliated Computer Services, Inc.
ACS, a global FORTUNE 500 company with 58,000 people supporting client operations reaching more than 100 countries, provides business process outsourcing and information technology solutions to world-class commercial and government clients. The Company’s Class A common stock trades on the New York Stock Exchange under the symbol "ACS." ACS makes technology work. Visit ACS on the Internet at www.acs-inc.com.
Buck Consultants’ "The Real Talent Debate: Will Aging Boomers Deplete the Workforce?" survey report is available to the media by contacting Ed Gadowski at 201-902-2825. It is available to other interested parties at no cost from Buck’s Global Survey Resources, 500 Plaza Drive, Secaucus, NJ, 07096-1533. Telephone: 800-887-0509.
Media Contacts:
Ed Gadowski
Media Relations
Buck Consultants
201-902-2825
Edward.gadowski(at)buckconsultants.com
Marcia Rhodes, APR
Media Relations
WorldatWork
480-348-7285
mrhodes(at)worldatwork.org
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: www.HRmarketer.com) on behalf of the company listed above.
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Trackbacks/Comments Received
How many Boomers will you lose?
from Three Star Leadership Blog on Jun 14, 2007
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A new report from Buck Consultants and World at Work says that the companies they surveyed have a majority of skilled workers able to retire in five to ten years. That may be conservative.
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