What percentage of your workforce is planning to retire in the next five to 10 years and what impact will it have on your organization? This is a key question that should be on the agenda for discussion at management meetings worldwide, as talent shortages worsen and replacements for those exiting the workforce become more difficult to find. The potential loss of productivity and intellectual capital could have a devastating impact on many businesses that are currently unprepared to adapt to the new realities of the aging workforce. And the conundrum on the horizon is that many of the people who have the talent that companies most need to retain, are those who have the financial flexibility and employment options to retire or downshift to a more flexible work arrangement.
In the short-term, employers will need to focus mainly on slowing the exodus of older workers whose skills and knowledge are most valued by the company, while at the same time, preparing successors to perform in critical roles and learn as much as possible before these expert resources leave the workplace. Attracting and retaining older workers will gain importance on the corporate agenda as it becomes clear that the largest available untapped workforce segment is older adults, most of whom are still healthy and able to contribute long after they retire. The best way to do this is to provide the kind of jobs that mature adults want, and to keep them engaged by continuing to treat them as valued members of the team. One size will not fit all older adults, so a “plug and play” view of employment options for the aging population will not be successful.
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