* Study: "The Business Case for Workers Age 50+: Planning for Tomorrow's Talent Needs in Today's Competitive Environment"
You may be formulating a plan for your retirement, but what thought have you given to the place older IT workers have in your organization? As Baby Boomers approach traditional retirement age and the workforce tightens, recruiting and retaining senior staffers represents a sound business proposition, according to experts.
Professional services firm Towers Perrin prepared a report for the AARP examining the recruitment and retention of older workers. The study, “The Business Case for Workers Age 50+: Planning for Tomorrow’s Talent Needs in Today’s Competitive Environment,” point out that turnover can cost 50% or more of a departing employee’s annual salary, and the cost increases for jobs such as IT that require specialized skills, advanced training or extensive experience. Click here for the full report.
Recognizing the importance of older employees to the IT field, the Computing Technology Industry Association (CompTIA) and Information Technology Association of America (ITAA) are both working with the Alliance for an Experienced Workforce to increase opportunities for those 50 and up. You can find more details in a previous newsletter.
New research from Robert Half Technology shows that nearly half of CIOs polled would consider consulting or project work as a way to transition into retirement. Of the 1,400 polled, 13% said this would be very likely, while 33% said somewhat likely.
“Consulting provides a way for IT professionals to continue leveraging the expertise developed over their careers, earn extra income, mentor the next generation of talent and gain the flexibility to pursue other interests – both professional and personal,” says Katherine Spencer Lee, executive director of Robert Half Technology. Such an arrangement is beneficial to employers too by helping to bridge knowledge gaps.
