Are You Ready for When Your Employees Retire?

Are You Ready for When Your Employees Retire?

Though many employers are aware that some of their workforce is aging, they may not necessarily be ready for this big move.  Of course, the baby boomer generation has definitely redefined the way we see the workforce – retiring later and later and changing careers in middle age.  But, are employers really ready for this mass retirement that’s bound to come?

First of all, baby boomers are bound to retire later than previous generations not because they want to, but out of necessity.  Perhaps they want to move to sunny Florida for retirement but haven’t saved up enough.  Or, maybe the banking collapse that fueled the recession caused them to lose much of their retirement funds.  Either way, employers must also be aware of these situations.

Many employers just can’t afford the large pensions and continuing health coverage after their aging workforce retires.  In fact, many funds have been lost in recent years.  But, the economy is recovering and employers must be ready for those that will be ultimately leaving the company and moving away in the next 3-5 years.

Now is an important time to consider who will move into the spots of those leaving.  It is important that employers identify critical talent and look for it with every interviewee.   Employers should also consider promoting within the organization.  Are there good workers that fit the bill?  Get them ready to move to higher positions with the company and head off the inevitable loss of talent that is coming.

Lance Grooms