Businesses Struggle with Baby Boomer Retirements

 

Businesses Struggle with Baby Boomer Retirements

Within the next five years, companies expect to tackle major challenges as older employees leave the workplace. 

Older workers are beginning to retire in record numbers, leaving companies scrambling to find replacements, the Washington Post reports. The baby boomer generation ranges from around the mid-50s to the 70s, yet their retirements have come as a surprise to many companies.

Over the next five years, nearly three-fourths of the companies surveyed by Willis Towers Watson said they anticipated dealing with major challenges directly related to late retirements—and most are concerned about workers who might take early retirement. The survey found that many in the business world view worker retirements as the biggest challenge in the coming years.

The report gave three reasons why:

Reason 1: Boomers aren’t retiring at a traditional age. Many plan to work after 65, while others want to work longer period.

Reason 2: What ‘retirement’ means is shifting. Many retirees find new work as consultants or take on part-time or temporary work. “You kind of wonder what retirement is anymore,” said Alan Glickstein, a managing director at Willis Towers Watson. There’s no longer “a magic moment when you stop working entirely.”

Reason 3: Generalizations don’t cross industry lines. For example, mining, nonprofit and manufacturers expressed the most concern about losing baby boomers, while service and retail industries are less bothered by it.

Source: https://www.convenience.org

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