Virginia: Older Dominion Project Releases Survey, Starts Workgroup on Aging Workforce

The Older Dominion Project (ODP), a non-profit initiative by Virginia businesses, government, foundations, and non-profits to help Virginia ride the age wave created in 2007, has released its ODP Residents' & Business Leaders Studies, indicating broad interest across both Virginia's residents and businesses in starting to prepare now for the coming demographic tsunami. Businesses, in particular, are aware of and concerned about the attendant workforce issues:

Business leaders see the aging workforce and impending retirement of aging baby boomers as an issue for Virginia. Sixty-five percent (65%) of Virginia business leaders say the "aging workforce" is a serious issue facing the entire economy--with a third (35%) saying it is a "very serious issue." Two in five (41%) feel the aging workforce is a serious issue for their own organization. In addition, two-thirds (65%) feel that the retirement of a large number of workers in the future is a serious issue for the economy and a third (35%) feel this issue will have a significant impact on their company. Half of business leaders (47%) feel their organizations are prepared to accommodate older workers today. Yet, two in five business leaders (42%) say they are prepared when it comes to knowledge transfer (from one generation of workers to the next).

The surveys were released at an ODP meeting in which five workgroups were organized to tackle the identified issues. As described in the ODP Work Group Initiatives, Workgroup No. 4 is the Workforce Readiness Work Group. This group is charged with "putting plans and policies in place . . . to accomodate these new workforce realities."

Source: Older Dominion Project Press Release (March 27, 2008)

Additional Source: ODP video of ODP presentations (March 27, 2008)