Employers Say the Perfect Retirement Age is 60-69, Leaving Workforce in a Crunch
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Employers Say the Perfect Retirement Age is 60-69, Leaving Workforce in a Crunch

Employers Say the Perfect Retirement Age is 60-69, Leaving Workforce in a Crunch

Just a few years away from the last Baby Boomers entering the expected retirement age, U.S. employers are facing a compounded crisis from the current labor shortage and losing critical skills that seniors possess.

Eighty-one percent of U.S. hiring managers say employees have retired from their companies in the past two years. One-third of these employees have retired between 60 and 64 years old (33%) or 65 and 69 years old (33%)—on par with the ages at which hiring managers believe employees should retire: 60–64 (26%) and 65–69 (24%). This is according to a recent survey from The Harris Poll commissioned by Express Employment Professionals.

The U.S. currently has 9.6 million job openings, according to the Bureau of Labor Statistics. With 22.8 million seniors aged 60 and older accounting for 14% of the workforce, losing this demographic segment without transferring its knowledge to the next generation or replacing it with technology will further strain the economy.

Further, 84% of U.S. employees say it’s a big loss when older employees retire without passing on their years of knowledge to younger employees. And when the transfer of knowledge fails to happen, workers can be left learning how to do a job on their own with nearly half of U.S. employees (47%) experiencing this.

Encouragingly, the majority (66%) believe their employer is taking the right steps to make sure they don’t experience a “brain drain” (i.e., when older employees retire without sharing knowledge of how to do their job with younger generations).

“Baby Boomers are an essential part of the economy, and succession planning for their exit now should be a top priority,” said Bill Stoller, Express Employment International CEO. “This is the perfect opportunity for Baby Boomers to train younger employees before they enjoy a hard-earned retirement, knowing their companies are in good hands.”

William H. “Bill” Stoller is chairman and CEO of Express Employment International. Founded in Oklahoma City, the Express franchise brand is an industry-leading, international staffing company with franchise locations in the U.S., Canada, South Africa, Australia and New Zealand. Its international network of franchises across the U.S., Canada, South Africa, Australia, and New Zealand, employed 579,000 people globally in 2022 and more than 10 million since its inception. For more information, visit ExpressPros.com.

 

Published: September 7th, 2023

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