In The News

Published May 2008

Boomers No More Eager to Retire Than Predecessors

Lindsay Edmonds Wickman

Baby boomers have mixed feelings about retirement, according to a survey of more than 2,500 senior HR executives by Novations Group, a consulting firm based in Boston.

Of those surveyed, 42 percent stated that their boomers seemed no more eager to retire than previous age groups, 25 percent stated that they were not sure how their boomers felt, 19 percent stated that their boomers do not seem eager to retire and 14 percent stated that their boomers seem eager to retire.

“Like preceding generations approaching retirement age, boomers seem to have mixed feelings about leaving the workforce,” said Tim Vigue, executive consultant at Novations Group. “If boomers are giving ambiguous signals to management, then it’s easy to see why employers may find themselves in a quandary. A majority of employers, 56 percent, either don’t expect a large loss of talent or just aren’t sure.”

Those in learning can help their organizations prepare for this evacuation of talent.

“If you’re working in an organization that has not done much on this issue yet, help sound the wake-up alarm that now’s the time to act,” Vigue said. “This means pulling together the business case and finding a way to articulate it to key stakeholders. Next, partner with the folks in HR to make sure that the organization has a relatively good sense of where the pain is likely to be and when. Which functions, departments and jobs are likely to be affected by retiring boomers? What critical knowledge, skills and competencies are most at risk?”

Finally, learning professionals should seek to create learning cultures in their organizations so that knowledge is dispersed throughout the company.

Lindsay Edmonds Wickman is an associate editor for Chief Learning Officer magazine. She can be reached at editor@clomedia.com.

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