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Workforce Planning Survey Are firms prepared for the boomer exodus
from the workforce?
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Census 06
13.5% of employees are 55+ 20% in less than 10 years
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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?
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Workforce Planning Survey 2008:Workers Nearing Retirement
Claude Balthazard, Ph.D., CHRPDirector, HR Excellence and Acting RegistrarHuman Resources Professionals Association
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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?
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Online survey of HRPA members 627 respondents Broad cross-section of organizations
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0% 40%30%20%10% 60%50%
0% 40%30%20%10% 60%50%
2.4%
7.7%
14.2%
24.2%
More than 40%
30%-39%
20%-29%
10%-19%
Less than 10%
Don’t know
45.5%
6.1%
What proportion of your workforce is within 5 years of retirement?
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0% 40%30%20%10% 60%50%
0% 40%30%20%10% 60%50%
4.9%
37.6%
2.4%
55.0%
Yes, a big threat
Yes, somewhat of a threat
No, not really
Don’t know
Does this level of retirement within the next 5 years present a threat to your organization’s ability to
meet its business objectives?
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0% 40%30%20%10% 60%50%
0% 40%30%20%10% 60%50%
2.1%
12.1%
23.0%
59.8%
Really on top of this issue
Well prepared
Somewhat prepared
Totally unprepared
How well prepared is your organization for the coming talent shortage?
Poorly prepared
3.0%
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0% 40%30%20%10% 60%50%
0% 40%30%20%10% 60%50%
1.3%
14.9%
27.9%
42.1%
Among our top priorities
Quite important
Thinking about it
Not on our radar screen
How interested is your organizationin retaining older workers?
Hasn’t generated much interest
13.8%
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0% 40%30%20%10% 60%50%
0% 40%30%20%10% 60%50%
18.6%
36.5%
12.8%
29.6%
Definitely yes
Probably yes
Not sure, it depends
Definitely not
Would you say that your organization is a good place to work for older employees?
Probably not
2.4%
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0% 40%30%20%10% 60%50%
0% 40%30%20%10% 60%50%
18.6%
58.1%
22.0%
Usually
Sometimes
Rarely
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?
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0% 40%30%20%10% 60%50%
0% 40%30%20%10% 60%50%
79.7%
61.4%
44.2%
29.2%
Individual coaching
Internal workshops
External workshops
Books
Web-based content
Webcasts 15.8%
What elements would you say are most desirable in a pre-retirement offering?
80%70%
80%70%
28.2%
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Practice Yes we offer this
Thinking about it
Invite retirees to company social events 48.30% 16.70%Provide older employees with assistance with retirement planning? 39.40% 29.70%Re-hire recent retirees as consultants? 38.60% 21.20%Provide older employees with assistance with financial planning? 34.60% 26.30%Provide flexitime arrangements or reduced work schedules for older employees? 34.10% 28.50%
Please indicate if your organization has implemented or is thinking about implementing these practices.
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Practice Yes we offer this
Thinking about it
Actively recruit new workers aged 50+? 28.40% 17.40%Provide paid health benefits for retirees 27.00% 10.50%Phased-in retirement (e.g. part-time before leaving)? 26.60% 37.00%A formal program to enable the transfer of knowledge from employees that are about to retire to other employees? 19.00% 55.70%Counts previous work experience at other employers towards annual paid vacation allowance? 16.40% 14.70%Provide ‘retirement lifestyle coaching’ to older employees 15.80% 25.40%
Please indicate if your organization has implemented or is thinking about implementing these practices.
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Practice Yes we offer this
Thinking about it
Provide older workers with paid or unpaid sabbaticals or retirement rehearsals 15.30% 13.90%Allow older employees to tailor their benefits packages in ways that more closely meets their needs? 10.00% 19.00%Offer retraining opportunities to older employees 9.30% 17.70%Programs specifically designed to assist older workers? 7.20% 34.00%Offer programs such as ‘retirement rehearsal’ 2.10% 9.90%
Please indicate if your organization has implemented or is thinking about implementing these practices.
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Human Resources professionals are aware of the issue
Many organizations are not feeling the pain quite yet
We are not proactively managing the issue
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Workforce Planning Survey Are firms prepared for the boomer exodus
from the workforce?
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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
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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
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Employers
Employees
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City of Toronto
Fewer recruits Worsening skill shortages Aging workforce Significant knowledge and skill losses
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Part of the solution for -
The employees that you want to keep. And the employees you want to leave.
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Workforce Planning Survey Are you prepared for the boomer exodus
from the workforce?
Thank you
