Employers Not Facing Up to Aging Workforce: Survey Results

The Aging of the U.S. Workforce: Employer Challenges and Responses, a survey conducted by Ernst & Young LLP, ExecuNet Inc., and the Human Capital Institute, reveals that, although corporate America foresees a significant workforce shortage as boomers retire, it is not dealing with the issue at present and may be underestimating the strategic challenges ahead. According to the survey of senior human resources executives, a little more than half of them agreed that the aging workforce is an issue that must be addressed. The survey illustrated that while employers are putting off tackling the issue of an aging workforce, an overwhelming 90% said they are committed to putting formal retention programs in place in the future. Of the 30% who have identified where business wisdom resides, only 67% have formal processes in place to transmit that business wisdom to the next generation.

Source: News Release PR Newswire (January 26, 2006)