HR Management & Compliance

More Training Planned to Offset ‘Brain Drain’ from Impending Retirements

In a joint poll released by the Society for Human Resource Management (SHRM) and AARP, 72% of HR professionals report that the loss of talented workers is “a problem” or a “potential problem” for their organizations. And that is no surprise when, as SHRM and AARP point out, Pew Research Center data indicate that 10,000 Baby Boomers will reach the age of 65—the traditional retirement age—every day over the next 20 years.

The poll found that employers are ramping up skills training and employee benefits aimed at closing skills gaps left when Baby Boomers retire. In fact, 45% of survey participants indicated that they have increased training and cross-training.

Survey respondents also were asked to identify the greatest “basic skills” and “applied skills” gaps between workers age 31 and younger when compared with workers age, 50 and above. In the basic skills category, 51% of HR managers reported that older workers tend to have stronger writing, grammar, and spelling skills in English. Meanwhile, in terms of applied skills, 52% said older workers exhibit stronger professionalism and work ethic.

Despite employers’ efforts to be proactive, SHRM and AARP found that more work lies ahead. In fact, they reported that “many U.S. organizations are largely unprepared for the brain drain and skills void that talented, retiring older workers will leave. Roughly 71% of those polled still have not conducted a strategic workforce planning assessment to analyze the impact of workers 50 and older who will leave their organizations.”

“Although we are encouraged to see that many organizations across the country are preparing for the challenge of Baby Boomer retirements, much more work needs to be done in both the short and long-term,” said SHRM President and CEO Hank Johnson.

In addition to ramping up their training efforts to prepare for impending retirements, survey participants report that they have taken the following steps: developed succession planning (38%), hired retired employees as consultants or temporary workers (30%), offered flexible work arrangements (27%), and designed part-time positions to attract older workers (24%).

For more information about the SHRM-AARP poll, go to www.shrm.org/surveys.

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