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Mar 25, 2014

Few CFOs concerned about baby boomer retirements

Legacy knowledge considered top loss to organization: Survey
    
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Many executives aren't too concerned with losing baby boomer employees to retirement in the next couple of years, according to a Robert Half survey.

Only 26 per cent of CFOs are worried about this possibility while 65 per cent are unconcerned, found the survey of more than 270 executives.

Among those who are worried about losing baby boomers to retirement, legacy knowledge (29 per cent), functional skills (18 per cent) and leadership (16 per cent) were cited as the greatest potential losses to their organization.

"As a best practice, all organizations should prepare their operations for the departure of experienced professionals, be it to retirement or otherwise," said Greg Scileppi, president of Robert Half, International staffing operations. "Properly developed succession plans can ensure that legacy knowledge, functional skill sets and leadership will stay with the firm."

Implementing programs that allow professionals to transition into retirement can be a win-win situation for the employee and the employer, he said.

"Despite approaching retirement, many dedicated employees want to continue contributing to their teams with the expertise they've gained over the years," said Scileppi. "Businesses can benefit from this as well by working with these employees on a consulting basis to train staff members on technical and non-technical skills, keeping the knowledge within the company while supporting employees through a smooth transition."

"How concerned are you about losing employees
from the baby boomer generation to retirement in the next two years?
"

Not at all concerned

47%

Somewhat unconcerned

17%

Somewhat concerned

9%

Very concerned

17%

"What is the greatest potential loss to your business
due to the retirement of baby boomer employees?
"

Legacy knowledge

29%

Functional skills

18%

Leadership

16%

Nontechnical attributes (e.g., soft skills)

14%

Contacts outside the organization

1%

Don't know/no answer

22%

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