Baby Boomer Brain Drain
NextAvenue.org published America’s Coming Brain Drain: Retiring Boomers which contains an infographic from MBA@UNC. This infographic, seen below, chronicles the issues that will be caused by baby boomers leaving the workforce—the Baby Boomer Brain Drain.
What I find disturbing is that so few companies are preparing or seem to care at all.
Baby Boomers in the Workforce
Let me spell out some key statistics:
- Baby boomers have 56% of corporate leadership positions
- 10,000 baby boomers are turning 65 every day and will continue to for almost 20 years
- In 2029, all baby boomers will be 65 years old or older
- Baby boomers account for 31% of the workforce
- 4 million companies, which make up 66% of all businesses with employees, are owned by baby boomers
Baby boomers will leave the workforce in the next 20 years, but not in the way we planned.
Are Companies Planning for the Baby Boomer Brain Drain?
- 62% of employers at Fortune 1000 companies believe that future retirements will result in skilled labor shortages in the next 5 years
- 68% of employers have not analyzed the demographics of their workforce
- 77% of employers have not analyzed the retirement rates of current employees
- Only 19-37% of employers have taken action to prevent baby boomer brain drain
Baby Boomers and Retirement
Many of us do not want to:
- Retire like our parents.
- Learn new skills and stay current and active.
- Cannot do this alone.
Returning to college is cost prohibitive. I wrote about this in my post College Degree After 50 – Worth It?
Companies will need us to stay on the job, but are they doing anything about it? The statistics below say NO!
What do you think? What should companies and/or the government do?
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