Business executives and managers surveyed by AARP are aware that fundamental shifts will occur in the workplace as the baby boomers approach traditional retirement age. Few, however, say their companies have taken action to mitigate the potential impact on their competitiveness.
Specifically, of the 1,055 executives surveyed:
- 79 percent agree that the knowledge and experience that older employees take with them when they retire or leave can hurt a business financially
- 74 percent similarly agree that it has become more difficult to find and retain talented and qualified employees over the last five years
- 16 percent report that their companies currently have any formal policies or programs to encourage employees who are approaching retirement to continue working
- 59 percent believe their organizations need to be thinking now about how to retain workers approaching retirement
This survey of business executives was conducted online for AARP by BusinessWeek Research Services from July 10th to 23rd, 2006. Further information about the survey may be obtained by contacting S. Kathi Brown of AARP Knowledge Management 202-434-6296. (28 pages)