Workforce Retirement Planning: Why You Should be Upskilling Employees

Jessica mitsch By Jessica Mitsch ● August 24, 2021
Workforce Retirement Planning Why You Should be Upskilling Employees FEATURED
Is your com­pa­ny pre­pared to deploy solu­tions like upskilling employ­ees as your most expe­ri­enced team mem­bers tran­si­tion to retirement?
Accord­ing to a Bureau of Labor Sta­tis­tics report pub­lished in Sep­tem­ber 2020, 25% of work­ers in the Unit­ed States will be 55 years or old­er by 2029. This pos­es a ris­ing issue for busi­ness lead­ers as they con­sid­er the effects that an aging work­force can have on knowl­edge man­age­ment and tal­ent reten­tion. To bet­ter under­stand this issue and how it’s begin­ning to affect dif­fer­ent indus­tries, our sis­ter com­pa­ny Clark­ston Con­sult­ing part­nered with researchers at North Car­oli­na State Uni­ver­si­ty (NCSU) to sur­vey exec­u­tives and employ­ees in our busi­ness net­work on change man­age­ment, knowl­edge trans­fer, and orga­ni­za­tion­al per­for­mance con­cerns relat­ed to work­force retire­ment planning.

Sur­vey Details

Beth Ritter, a professor of Human Resource Management at NCSU, crafted this survey to learn more about how executives are prioritizing this issue and potentially making changes to their retirement planning and knowledge management processes with many turning to solutions like upskilling employees. This survey aimed to answer questions such as: How have employees' plans for retirement changed due to the global pandemic? What are the challenges that retirement poses for knowledge management? What concerns, if any, do executives have about the aging workforce?

This survey included individuals from companies in various industries across the United States. The size of the companies surveyed ranged from large to very small, with 56% percent of all respondents indicating that their company has less than 500 employees. A mix of private and public companies was also included, with 48% percent of all respondents coming from private companies. Most insights were gained from companies in manufacturing industries (such as consumer products, paper goods, and machinery) and service industries (such as hospitality, healthcare, and business services).

How con­cerned are com­pa­nies about the aging workforce?

We’ve seen time and again that the long-term per­for­mance of your orga­ni­za­tion is deeply tied to your peo­ple prac­tices like upskilling employ­ees and knowl­edge man­age­ment. Sur­vey results indi­cat­ed that exec­u­tives across indus­tries are becom­ing more high­ly aware of knowl­edge man­age­ment issues as they relate to an aging work­force. In the sur­vey, 52% of respon­dents said their con­cerns about a loss of tal­ent due to an aging work­force are on the same lev­el as con­cerns about oth­er labor mar­ket risks. Over­all, 19% of respon­dents said that con­cerns over a loss of tal­ent due to an aging work­force were greater than con­cerns over oth­er labor mar­ket risks.

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