Most companies are aware of the shrinking workforce for which we are encountering as the Baby Boomers start retiring. One short-term fix is to simply employ these boomers past their retirement age. This approach has many merits that will benefit a company. However, a recent article from Small Business Times – Survey says employers need new hiring strategies – reveals that the vast majority of companies are not implementing any hiring adjustments for this shortage.
In the study of 1,000 U.S. employers, 78 percent indicated they were not concerned that an aging workforce might hamper their ability to recruit and retain talented workers. Additional findings support this sentiment, including the fact that only 28 percent of survey respondents reported having a strategy to retain workers past retirement age while just 18 percent have a strategy to recruit older workers.
In terms of managers, I suspect there are some out there who are quietly intimidated by older, more experienced workers. The perception may be that some of these workers may be more skilled than the younger manager. A plausible estimation.
Our typical day encompasses many sourcing activities through varied channels to find strong sales candidates for our customer’s positions. The market is tight right now with record low unemployment. I am one who does not believe productivity will increase at a fast enough rate to cover the huge number of retiring boomers. Adjustments will have to be made within the next 5 years to fill these positions. Retaining older workers past retirement age is a natural fit.
We here at Select Metrix are doing our part by employing Red Bird as he prepares to join AARP. That ought to ruffle his feathers.