November 24, 2009

ITHACA -- Millions of baby boomers across the country are set to retire in the next few years.
     Ithaca College sociologist Stephen Sweet says the inevitable "talent drain" threatens to alter the national economy.
     “The baby boom generation has been likened to being like a pig in the python.  And it's moving through the python,” said Sweet.
     Sweet says by 2010, baby boomers will represent 37% of the U.S. labor force -- down 11% from the year 2000.
     Sweet examined employers at 700 companies across the country.  He found they understand the aging society will affect their company and the economy.
     “But within that widespread understanding, there's actually surprisingly little few concrete steps that employers are engaging in,” said Sweet.
     Sweet says the economy has forced baby boomers to work longer than they had hoped to.  And they're often in an all-or-nothing working arrangement.
     “Older workers commonly lack flexibility, and that's what workers need to balance work and family,” said Sweet.
     Sweet says changing age demographics don't have to disrupt a business.
     He thinks employers should take advantage of programs like the one designed by pharmaceutical company Abbott, and meet the needs of employees nearing retirement.
     “They give older workers opportunities to reduce their work hours and retain their benefits.  They also allow workers at later points in their life course to relinquish supervisory responsibilities and pursue other activities while maintaining full time work,” Sweet explained.
     Sweet says the time to take action is now.

USEFUL LINKS
Talent Management Study: The Pressure of Talent Management