HR Professional - December/January 2008 - (Page 33)

COVER STORY HR PROFESSIONALS DON’T BELIEVE THE HYPE, BUT SHOULD THEY? For some time, there have been warnings about the challenges the impending wave of baby boomer retirements will bring. And, as a recent survey by the Human Resources Professionals Association (HRPA) sponsored by Life’s Next Steps, suggests, many organizations are not taking action to respond to the issue. Recent StatsCan figures (2006) show that 13.5 per cent of employees in Canada fall in the 55-plus age group; and the HRPA survey found 48.4 per cent of respondents say that less than 10 per cent of their workforce is within five years of retirement and as a result many organizations are doing little to prepare for the coming exodus. HR’s lack of future planning is based on need. As long as replacement talent is available, organizations won't be too concerned—until the supply of new talent dries up. The “crunch” has only begun to be felt in some sectors. “It is not that HR professionals are out of touch, but they are living in the moment. Given all the pressing problems that organizations are facing today, it is sometimes difficult to focus on problems that haven’t quite hit home yet,” says Claude Balthazard, HRPA’s director of HR excellence. SURVEY RESULTS 48.4% say that only 10% of their workforce is within five years of retirement 56.4% don’t see the retirement of baby boomers as a threat to their organization’s ability to meet business objectives 12.1% feel that their organization is well prepared, 59.8% feel it’s somewhat prepared and 23% say it’s poorly prepared for the upcoming wave of retirements 16.8% of organizations have surveyed their older workers about their retirement plans 21.6% of organizations feel that older workers deserve special attention 83.8% of organizations feel that retaining older workers is no more important than many other issues facing their organization WHAT ARE ORGANIZATIONS OFFERING THEIR OLDER WORKERS NOW? 61.3% feel that laws ending mandatory retirement have made no impact on their organizations 36.5% feel their organization is “probably” a good place for older employees, 39.6% said they “aren’t sure,” 12.8% said it “probably isn’t.” 46.1% Hiring as consultants: 45.1% Financial planning: 40.5% Flextime: 39.9% Health benefits: 31.5% Phased retirement: 31.2% Formal knowledge transfer program: 22.2% Tailored/flexible benefits: 11.8% Assistance programs: 8.4% Retirement planning assistance: 77.9% of HR professionals reported that some of their older workers have expressed an interest in staying longer 79.7% think individual coaching is among the most desirable retirement options organizations could offer older workers w w w.H RThought L ea der. c om D e c e m b e r 2 0 0 8 / J a n u a r y 2 0 0 9 33 http://www.HRThoughtLeader.com

Table of Contents Feed for the Digital Edition of HR Professional - December/January 2008

HR Professional - December/January 2008 Contents Editor's Letter Contributors Leadership Matters Upfront Legal Compensation Human Capital Talent Management The R-Word Speak No Evil On Message Strategy HR 101 Interview with Donna Wilson Off the Shelf The Last Word

HR Professional - December/January 2008

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