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Keeping Your Workforce Intact

(January 7, 2009) While reviewing the content in the Bugler for tomorrow, the Rueters report data made us look twice.
    Reuters reports that the FBI is launching one of the largest hiring blitzes in its 100-year history involving 2,100 professional staff vacancies and 850 special agents aimed at filling its most critical vacancies.

We have been hearing talk about the number of government employees retiring and the huge voids that will be impossible to fill for a very long time now. The hiring blitz indicates the time is now.

We have debated the consequences of the loss of the corporate memory with many. We even consider that one way to slow down the number of people retiring was to eliminate their retirement funds. (Oh, that recently happened.)

But let's not go down that path.

Instead we thought it best to see what the experts are saying about our exiting aging workforce over at AARP. It is no surprise that the best plan is to try to keep them on the job. The things that are required to attract younger talent are the same things that are needed to keep older talent: respect and recognition, flexible hours, telecommuting options, part-time opportunities, training and education, and so on. While the big difference is the huge cost savings and competitive advantage in hanging on to the experienced worker.

Check it out for yourselves.

Business Case for Workers Age 50+: Planning for Tomorrow's Talent Needs in Today's Competitive Environment: Key Findings

Many U.S. companies face - and some are already experiencing - a potentially significant loss of experienced talent in key roles as baby boomers approach the traditional retirement age.

In light of the projected shortages of younger workers, employers will need to turn to mature, experienced workers in order to gain and maintain a competitive edge.

This study, conducted for AARP by Towers Perrin, demonstrates why employers need to hang onto their valuable, experienced age 50+ employees, and what it takes to make them want to stay on board.

Key Findings
Replacing experienced workers can cost at least 50% of an individual's annual salary in turnover-related expenses, and the cost is even higher in jobs requiring specialized skills.

The benefits of maintaining a stable workforce and avoiding turnover costs can exceed the incremental compensation and benefit cost for older workers.

Older workers are more motivated to exceed expectations on the job than their younger counterparts. 69% of age 45-74 individuals, who are either working or looking for work, say they plan to work in some capacity during so-called retirement.

68% of age 50-70 not-yet-retired workers plan to work in some capacity into their retirement years - or not retire at all.

Some companies may be able to escape the talent crunch entirely if today's age 50+ workers continue working longer than previous generations for both financial and personal reasons.

Companies may find themselves competing for the services of older workers, and will need to offer the kind of rewards that 50+ employees want and expect.

Health care coverage and competitive retirement benefits are the most frequently-cited financial incentives in surveys of age 50+ workers.

To compete in the retention race, employers need to make flexible working schedules, telecommuting options, part-time jobs, opportunities for training and new experiences, phased retirement, and other workplace innovations part of their job offerings.

Intangible incentives include work-life balance, respect for employees' skills and recognition of individual contributions.

For the 28 page Executive summary or the 100 page full report go to AARP

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         All Rights Reserved.

         Materials written
         by John Sumser
         © TwoColorHat.
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