It's too soon to tell how the current global recession will affect the one of the greatest challenges facing corporate leaders over the next decade: the coming explosion in the number of workers at retirement age, and the inadequate pool of younger workers to fill those roles. Companies that haven't started planning for this transition have some catching up to do.
The loss of productivity and intellectual capital as baby boomers leave the work force could devastate some businesses. Europe's work force will begin shrinking in the coming years and is expected to become 15% smaller within five decades, according to the Organization for Economic Cooperation and Development. The countries that face the biggest threat are those with the oldest populations, particularly Germany and Italy.
Yet most firms seem woefully unprepared for this development. A 2007 Manpower survey of more than 28,000 employers across 25 countries and territories revealed that only 14% have strategies in place to recruit older workers, and only 21% have retention strategies to keep these workers on board.
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