Retaining Mature Workers Key to Holding off Job Shortages
Business Ledger (12/29/08) Stoltz, Jeremy

Recent studies point out that 76 million Baby Boomers are nearing retirement, and there are fewer workers in subsequent generations to replace them. With U.S. job growth estimated at 40 percent over the next two decades, the nation will be short by up to 8 million workers in 2010 and 26 million short in 2035, which is why human resource experts say companies need to retain and retrain their maturing workforce. Additionally, the Employment Policy Foundation reports that 80 percent of the future workforce will express a skills shortage, which is an already emerging trend among today's workers as technology skills become more desirable among firms. Managers will cope with long vacancies and difficulties retaining skilled workers, which is why retaining older workers through flexible schedules and phased retirement plans is important. Through five easy steps, organizations can retain workers. The first is to create flexible schedules, part-time work, and similar programs for mature workers, and the second is to offer continuous skills training. Thirdly, firms need to garner feedback from workers about what they need. Finally, organizations must create solutions to collect, store, and transfer institutional knowledge and strive to reduce cultural biases against older workers (i.e. their inability to learn new things).