Are You Prepared for Baby Boomer Retirements?

Posted on March 28, 2007 by LCT Staff - Also by this author - About the author

WASHINGTON, D.C. — More than 25% of U.S. businesses have done little to plan for the effects of an aging workforce, according to a new national study. Over the next decade, there will be a significant change in the demographics of America's workforce as baby boomers continue to retire, leaving younger workers with less experience to fill their place — and leaving many businesses unprepared. In a survey of 578 organizations of varying industries in the United States, only 33% of employers said that their business had analyzed workplace demographics and made projections about the retirement rates of their workers, according to the Boston College Center on Aging and Work.

Reports indicate that U.S. businesses face a shortage of millions of workers in the next 10 years due to the baby-boomer generation approaching retirement. "Companies that do not plan for this aging workforce may find themselves suddenly faced with a loss of labor, experience, and expertise that will be difficult to offset, given the relatively small pool of new workers and the competition for new talent likely to result from so many companies facing the same problem," Mick Smyer, co-director of the Center on Aging and Works, said. Only 37% of employers said they have adopted strategies to encourage older workers to stay past the traditional retirement age, despite more than 50% of employers who said they value the "loyalty, reliability, and strong work ethic" of their late-career workers, researchers found. Many respondents acknowledged that they will face challenges when it comes to replacing retired employees. Almost 60% of employers reported that recruiting competent job applicants is their biggest human resources challenge. Respondents also indicated a concern for competent employees leaving and causing a skills gap at the company. Forty percent said that management skills would be the asset in shortest supply at their organization.

Researchers found that employers would be effective at retaining retirement-age workers if they offered more flexible work options.

Source: Inc.com

View comments or post a comment on this story. (0 Comments)

More News

NLA Supports, Celebrates Charities At LCT East

Early bird and group discounts end today, so don’t miss your chance to attend this event at the show!

Attention To Detail Sets California Operator Apart

WebXclusive: Millennial operator Aaron Schiff of Ascot Limousine uses his talents to maintain the stellar reputation of his godfather’s company.

Uber's Creepy Drones And Drivers

TNC Travesties Of The Week: The company's marketing techniques prove to be just as aggressive as their independent contractors. 

70 Defining Moments In Luxury Industry History

From the 1970s to the present, check out these incredible events that affect the wider luxury services and products sector. 

Do You Provide Customer Service Or Experience?

Companies may be tempted to stick with the former, but clients can almost immediately notice when the focus isn’t on the latter.

See More News

Facebook Comments ()

Comments (0)

Post a Comment



See More

See More

See More

See More

LCT Store

LCT Magazine - October 2016 $12.95 COVER STORY: * Leverage Tech To Levitate Your Operations * *


Experience the three annual industry events for networking for business, showcasing vehicles and products, and getting the tools for success.

Read About Your Region

What’s Happening Near You?
Click on any state to see the latest industry news and events in that region.

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment



Work Truck Magazine

The number 1 resource for vocational truck fleets

Metro Magazine

Serving the bus and passenger rail industries for more than a century

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

Please sign in or register to .    Close