The Baby Boom Bust: Strategies to Overcome Retirement Brain Drain
[Excerpt] As Corporate America struggles to emerge from the depths of the recession, another crisis awaits them over the horizon with the imminent retirement of the baby boomers. In 2011, this generation’s oldest members turned 65 with approximately 10,000 more expected to join them every day over the next two decades. Current estimates state that 25 million baby boomers will be retiring by 2020, representing 40% of the U.S. workforce. While these figures seem overwhelming, the greatest shock comes from the fact that many companies have not assessed how this will affect their business. In a 2007 study, it was found that 36.7% of employers surveyed had not analyzed retirement projections for their employees and only 9.7% stated they had done so “to a great extent”.
HR Review; Human Resources; retirement; baby boomers; workforce
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