Companies Must Work to Avoid Boomer Brain Drain
In 2007, leading-edge Boomers turned 62 and reached potential retirement age. By the end of 2008, 17 percent of the Boomers holding executive, administrative, and managerial occupations in the private sector are expected to have left. Where will this brain drain leave U.S. companies?
Boomers are driving an important workforce trend: 47 percent of senior executives say that, over the next ten years, Boomer retirements will be the most influential factor on the workforce, according to a survey from Robert Half International, a staffing services firm.
"The looming retirement of Boomers has captured the attention of business leaders who are concerned about retaining the expertise of their most tenured employees," says Max Messmer, chairman and CEO of Robert Half International and author of Human Resources Kit For Dummies. "Fortunately, many Boomers are considering working past the traditional retirement age to stay active and continue earning."
It isn't necessarily about the size of the paycheck. There are many options for businesses that want to avoid a Boomer brain drain:
- Allow flexible hours
- Make telecommuting an option
- Consider part-time schedules and consulting arrangements
- Encourage mentoring
- Beef up employee benefits packages
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Advisorama
Much good work is lost for the lack of a little more.
RE: Companies Must Work to Avoid Boomer Brain Drain
I think you missed the boat on this article. Instead of these "boomers" holding on to these executive, administrative, and managerial positions why not encourage these boomers train a younger, more skilled, innovative, and ambitious workforce? Promote the 40 something’s to the executive positions, the late 20’s to late 30’s to the managerial positions, and bring in student interns to handle the administrative work with the intention of developing them and promoting them provided they do a good job.
Or continue as usual while younger, more innovative corporations eat your lunch.
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