Finance News & Insights

7 out of 10 firms worried about replacing Boomers

It’s something that seems to be bothering an increasing number of employers: What are they going to do when the hardworking and talented Baby Boomers they have on staff retire?

A full 72% of managers said the loss of talented older workers presents a “problem” or “potential problem” for their firms, according to a recent study by the Society for Human Resource Management and the AARP.

In an effort to prepare themselves for the departure of skilled Boomers, many firms are taking certain steps right now. Here are the actions your peers have taken to prepare for the loss of talented older workers:

  • Implemented increased training and cross training (45%)
  • Developed succession planning (38%)
  • Brought on retired workers as consultants or temporary employees (30%)
  • Offered flexible working arrangements (27%), and
  • Created part-time positions to attract older employees (24%).

The study also uncovered some of the major reasons employers find older workers so valuable and hard to replace.

Fifty-one percent of managers said it’s because these workers have stronger basic (writing, grammar and spelling) skills than younger staffers; and 55% cited better applied skills, meaning Boomers exhibit stronger professionalism and work ethic.

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  • Joanna G.

    How about promoting those who are few years younger? If a firm has those at 48-50 years of age and didn’t train them, something is definitely wrong with a management of such firm. You worry, when you don’t do what is righ. Often we see managers who are so affraid to delegete work or pay for additional certification of employees, because they feel they will lose a job or be replaced. These days you don’t see many employers investing in employees’ professional development and growth, too bad.