The Risk from Baby Boomer Retirements
Within the next ten years there will be close to 4 million Australians either retired or near retirement age.
On average around this is around 22% of the workforce.
In recent months there has been much discussion about employees working longer with the Federal Government flagging 70 as the new “retirement” age. The reality is that many baby boomers will choose not to work until 70, or are simply not fit enough to keep working into older age.
The vast majority of baby boomers want a different deal for their latter working years with a preference to work 2 or 3 days a week or being brought in for special projects. Yet for some reason the majority of companies do not offer this “phased retirement”.
So what are the risks from an ageing workforce?
If companies are prepared then the risks can be mitigated, unfortunately most are underprepared. The four areas of risk are:
The earliest and most important risk mitigation strategy is to simply ask older employees what their thoughts are around the work to retirement transformation.
LIFE TIME WISE Approach to Baby Boomer Workforce Planning
If you are a business owner or you manage staff, the exodus of baby boomers is going to seriously impact on the operations and profitability of the business.
How will retiring baby boomers impact on your:
Why do you need to know the retirement intentions of your older workers?
By not knowing their intentions you will be faced with having to recruit reactively compared to having time to develop phased retirement options including job sharing.
By knowing the retirement intentions of your older workers it will also give you time to assess the risk of knowledge loss and put into place strategies to stop the knowledge bleed.
Why do you need to know what knowledge the retiring older workers have?
I have carried out knowledge loss risk assessments that have prevented catastrophes to through to cost savings from nuisance inefficiencies. Your older workers know what to do when it is needed the most.
My approach is unique in the sense that I apply the information gained in the intentions to retire survey to identify phased retirement options, shape knowledge retention and reuse, and help the employee deal with the vocational, social and emotional transition into retirement.