ClearRock

BOSTON –Although about two-thirds of companies expect Baby Boomer retirements to have a measurable impact on their organizations, more than three-quarters of employers have not yet started planning to deal with how this issue will affect them, according to ClearRock, an executive coaching and outplacement firm headquartered in Boston.

Almost half of companies would like at least 25 percent of their Baby Boomers to continue working past retirement age, but only about one-third really expect to keep that many on their payrolls, according to the survey of about 100 organizations.

The top ways companies expect to retain at least some Baby Boomers past retirement age are through flexible hours and schedules, part-time positions, and telecommuting.

“There is a disconnect between how many organizations want Baby Boomers to work past anticipated retirement ages, and how many really expect them to continue on their payrolls,” said Annie Stevens, managing partner for ClearRock.

“Flexible working arrangements may not be sufficient to keep as many Baby Boomers on board as companies would like, and monetary inducements, such as bonuses or enhanced pension formulas, may be required to fill this gap,” added Greg Gostanian, managing partner for ClearRock.

Every day beginning this year, more than 7,900 of the nation’s 78 million Baby Boomers – those born between 1946 and 1965 – started turning 60 years old. The jobs that will be most affected by Baby Boomer retirements are: airline pilots, management analysts, teachers/special education, photographers, teacher’s aides, industrial engineers, social workers, human resource professionals, postal workers, and police, according to the U.S. Bureau of Labor Statistics.

According to the ClearRock survey results:

About two-thirds of companies (64%) expect Baby Boomer retirements to have a measurable effect on their organizations:

Moderate impact (40%)	Minor impact (32%)
Big impact (18%)	No effect ( 4%)
Severe talent shortage ( 6%)

ClearRock Survey / 2

More than three-quarters of companies (77%) have not started planning to deal with Baby Boomer retirements:

Have not started planning (77%)

Have started planning (23%)

 

 

More than half of companies (59%) expect most Baby Boomers to begin to retire on or before age 62:

Will start retiring at age 62 (35%)	At age 66 (22%)
Before age 62 (24%)	After age 66 (19%)

 

 

 

Almost half of companies (46%) want at least 25 percent of Baby Boomers to continue working past retirement:

Want 26%-50% to keep working (26%)	Want 10%-25% to keep working (31%)
Want over 50% to keep working (20%)	Want fewer than 10% to keep working (23%)

But only a little over one-third of companies (36%) expect at least 25 percent of Baby Boomers to continue working past retirement:

Expect 26%-50% to keep working (23%)	Expect fewer than 10% to keep working (32%)
Expect over 50% to keep working (13%)	Expect 10%-25% to keep working (32%)

 

The top methods organizations will use to try to retain Baby Boomers on their payrolls past normal retirement age are:

Flexible hours & schedules (79%)	Baby Boomers serving as mentors (18%)
Part-time positions (67%)	Stay bonuses for Baby Boomers ( 5%)
Telecommuting (53%)	Enhanced pension formulas ( 5%)

 

About ClearRock

ClearRock focuses on executive coaching and outplacement. The coaching process helps link business objectives, vision, and direction with individual development of key leaders in the organization. The outplacement process helps individuals and groups successfully navigate through the career transition process, and clarify and implement career and life goals and objectives. For more information, please visit our website at www.clearrock.com .