From ExecuNet.

A recent Manpower survey examining what’s needed to recruit and retain the most experienced workforce revealed that only 21 percent of employers have implemented retention strategies to keep their most seasoned managers participating in the workforce.

“Retaining older workers is incredibly important for companies who wish to retain the skills and embedded knowledge base of their senior employees,” says Sharon Birkman-Fink, president and CEO of personality assessment firm Birkman International. “Older workers have different needs than younger workers, and in order to meet those needs, their job preferences, personal interests and preferred work-styles must be assessed.”

She adds that several industries, including electric utilities, oil and gas production, healthcare and the public sector are already feeling the effects of baby boomer retirements. The Manpower survey provides only most recent evidence that tremendous gaps in institutional competency and know-how are opening up as a result of this demographic wave, and that employers need to implement progressive employment policies that provide the flexibility, benefits and challenge that older workers want.

“This could be catastrophic, considering that those best able to train replacements will be those that are leaving,” Birkman-Fink says. By the time many businesses wake up to this loss, she adds, it may be too late to prevent it.

Personality assessment and progressive retention strategy, Birkman-Fink contends, can counter the brain drain if individual work style, motivation and lifestyle choices can be effectively tied to work, and, for the most experienced managers, tied to phased retirement that keeps proven performers around longer.

Source: www.Execunet.com

Used with permission.