Baby Boomer Brain Drain-How to Prepare
A new study by Executive Search team, Challenger, Gray & Christmas, emphasizes the importance of companies tracking the potential business impact of employee retirements, given that 20% of respondents said around half of their employees were 55 or older. Another 20% of respondents did not know or did not track the number of employees nearing retirement age.
“With the leading edge of the baby boomer generation reaching age 68 in 2014, it is critical that companies understand their exposure to brain drain related to retirement,” says John Challenger, chief executive of Challenger, Gray & Christmas. “Small to medium-size companies will probably feel the biggest impact of any retirement surge that comes to pass.” He suggests that employers take steps to prevent these workers from leaving for less-demanding job opportunities by reducing their hours and responsibilities, or even lowering their pay and reducing their benefits in exchange for more flexibility to travel or volunteer.
