1 / 27

Workforce Planning Survey: Addressing the Boomer Exodus in Organizations

Explore the impact of the impending boomer exodus from the workforce on organizations, including challenges, preparedness levels, and strategies to retain older employees. Gain insights from a comprehensive survey conducted among HR professionals and employers. Discover the significance of talent management in dealing with the loss of experience and knowledge due to retirement. Analyze responses regarding the threat posed by retiring workers, organizational readiness for talent shortages, and interest in retaining older employees. Evaluate the desirability of pre-retirement offerings and the implementation of practices to support aging employees. Learn about the importance of planning for retirement lifestyle and the need for supportive workplace environments for older workers. Stay informed about current trends and perceptions related to workforce planning amid demographic shifts. Explore potential solutions to mitigate the impact of the boomer exodus and ensure organizational sustainability.

more
Download Presentation

Workforce Planning Survey: Addressing the Boomer Exodus in Organizations

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Change format so we can have

  2. Workforce Planning Survey Are firms prepared for the boomer exodus from the workforce?

  3. Census 06 • 13.5% of employees are 55+ • 20% in less than 10 years

  4. The Questions • How do other organizations perceive the threat? • What are they doing and not doing about it? • What do employers think about working beyond retirement? • And what are organizations doing to become older employee friendly?

  5. Workforce Planning Survey 2008: Workers Nearing Retirement Claude Balthazard, Ph.D., CHRP Director, HR Excellence and Acting Registrar Human Resources Professionals Association

  6. Workers nearing retirement is a talent management challenge • Not only a numbers game but a loss of experience and organizational knowledge • So what are we doing about it?

  7. Online survey of HRPA members • 627 respondents • Broad cross-section of organizations

  8. What proportion of your workforce is within 5 years of retirement? 0% 10% 20% 30% 40% 50% 60% More than 40% 2.4% 30%-39% 7.7% 20%-29% 14.2% 10%-19% 24.2% Less than 10% 45.5% Don’t know 6.1% 0% 10% 20% 30% 40% 50% 60%

  9. Does this level of retirement within the next 5 years present a threat to your organization’s ability to meet its business objectives? 0% 10% 20% 30% 40% 50% 60% Yes, a big threat 4.9% Yes, somewhat of a threat 37.6% No, not really 55.0% Don’t know 2.4% 0% 10% 20% 30% 40% 50% 60%

  10. How well prepared is your organization for the coming talent shortage? 0% 10% 20% 30% 40% 50% 60% 2.1% Really on top of this issue 12.1% Well prepared 59.8% Somewhat prepared 23.0% Poorly prepared Totally unprepared 3.0% 0% 10% 20% 30% 40% 50% 60%

  11. How interested is your organization in retaining older workers? 0% 10% 20% 30% 40% 50% 60% Among our top priorities 1.3% Quite important 14.9% Thinking about it 42.1% Hasn’t generated much interest 27.9% Not on our radar screen 13.8% 0% 10% 20% 30% 40% 50% 60%

  12. Would you say that your organization is a good place to work for older employees? 0% 10% 20% 30% 40% 50% 60% Definitely yes 18.6% Probably yes 36.5% Not sure, it depends 29.6% Probably not 12.8% Definitely not 2.4% 0% 10% 20% 30% 40% 50% 60%

  13. In your experience, have you found that employees entering retirement have a clear plan of what they will do with their time during their retirement years? 0% 10% 20% 30% 40% 50% 60% Usually 18.6% Sometimes 58.1% Rarely 22.0% 0% 10% 20% 30% 40% 50% 60%

  14. What elements would you say are most desirable in a pre-retirement offering? 0% 10% 20% 30% 40% 50% 60% 70% 80% Individual coaching 79.7% Internal workshops 61.4% External workshops 44.2% 29.2% Books 28.2% Web-based content Webcasts 15.8% 0% 10% 20% 30% 40% 50% 60% 70% 80%

  15. Please indicate if your organization has implemented or is thinking about implementing these practices.

  16. Please indicate if your organization has implemented or is thinking about implementing these practices.

  17. Please indicate if your organization has implemented or is thinking about implementing these practices.

  18. Human Resources professionals are aware of the issue • Many organizations are not feeling the pain quite yet • We are not proactively managing the issue

  19. Workforce Planning Survey Are firms prepared for the boomer exodus from the workforce?

  20. The way we see it 1. It takes time to get it right 2. Fewer young people = fewer recruits 3. Tough times require sound strategies

  21. LNS Survey, September 08 • 59.1% want to continue working part-time in retirement • 53.5% say company not supportive of retirees continuing part-time • 30.1% have developed a lifestyle plan • 64% say it would be helpful to have assistance in retirement lifestyle planning • 80.9% would take advantage of retirement lifestyle planning assistance at work • Only 5.9% of employers offer lifestyle planning

  22. Employers Employees

  23. City of Toronto • Fewer recruits • Worsening skill shortages • Aging workforce • Significant knowledge and skill losses

  24. Part of the solution for - • The employees that you want to keep. • And the employees you want to leave.

  25. Workforce Planning Survey Are you prepared for the boomer exodus from the workforce?

  26. Thank you

More Related