Your company and its employees are getting older and no one is doing anything to prepare for what that means for your future. That’s pretty much the conclusion of a national survey released this week that says more than a quarter of U.S. businesses have failed to plan for the effects of the aging American workforce. What’s the big deal? Well the U.S. faces a shortage of millions of workers within the coming decade as baby boomers retire-taking with them years of experience, talent and expertise and leaving fewer new workers available to take their place, according to The National Study of Business Strategy and Workforce Development, conducted by the Boston College Center on Aging and Work. “Companies that do not plan for this aging workforce may find themselves suddenly faced with a loss of labor, experience and expertise that will be difficult to offset, given the relatively small pool of new workers and the competition for new talent likely to result from so many companies facing the same problem,” said Mick Smyer, co-director of the Center in a statement. The study results are based on responses from 578 organizations from across the United States. Key findings include:
* Only 37% of employers had adopted strategies to encourage late career workers to stay past the traditional retirement age, despite the fact that late career employees “have high levels of skills and strong professional and client networks, a strong work ethic, low turnover and are loyal and reliable.” * 60% of the employers indicated that recruiting competent job applicants is a significant HR challenge. * 40% indicated that management skills are in short supply in their organizations. * Only 33% of employers reported that their organization had made projections about retirement rates of their workers. The Boston College researchers recommend that employers review their policies to look at the ages of different department employees and adopt strategies to handle againg in specific occupations critical to the company. Another key is adopting flexible work options to keep older orretiring elmployees. The Boston College study foillows one by the Computing Technology Industry Association that noted by 2010, nearly one in three workers in the U.S. will be over the age of 50 and there will be fewer youths entering the workforce. CompTIA said it is working with the AARP in the Alliance for an Experienced Workforce, a collaborative initiative to help employers foster workplaces that engage and utilize the skills of workers over the age of 50. CompTIA currently offers several workforce initiatives that are relevant to workers age 50 and older, including its certification program, the CompTIA Tech Career Compass for guidance on IT job roles, and a new program called Creating Futures that helps people prepare for employment in technology.
