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Preparing for an Aging Workforce: A Focus on New York Businesses

How prepared are New York employers for potential labor shortages due to baby boomer retirements? This late 2006 AARP survey of 400 employers across the state examines employer perception and action concerning worker shortages, loss of institutional knowledge, and retention of older workers.

Of those surveyed...

  • 62 percent believe their business is likely to face a shortage of qualified workers within the next five years, but only 23 percent say they have taken steps to prepare for potential worker shortages due to baby boomer retirements
  • 11 percent say they are offering incentives to encourage their employees to delay retirement
  • 72 percent say it is extremely or very important to retain institutional knowledge that might be lost when employees retire or otherwise leave, but only 34 percent have a formal process in place enabling employees to pass on their knowledge and experience before they leave
  • 39 percent offer reduced work schedules for those considering retirement, mostly on an informal, case-by-case basis, but only 6% of those offering this option have a formal phased-retirement program

This statewide survey of 400 New York employers was conducted for AARP by Alan Newman Research from November 6 through December 7, 2006. For more information, contact Katherine Bridges, the report's co-author, at 207-899-2094. (22 pages)