It appears that most employers are ignoring the demographic forecasts and evidence of growing talent shortages, and instead, still waiting to see it in their headlights before they begin to think differently about the older workforce.
Jeffrey A. Joerres, Chairman and CEO. Manpower

Only 14 percent of employers have strategies in place to recruit workers age 50 and above and only 21 percent have implemented retention strategies to keep them participating in the workforce. This according to a survey of more than 28,000 employers across 25 countries and territories by Manpower.

"Many employers have not yet recognized the need to forecast the percentage of their workforce that is set to retire in the next five to 10 years and planned ahead to stem the potential loss of productivity and intellectual capital that will occur when those people walk out the door," said Jeffrey A. Joerres, Chairman and CEO of Manpower Inc. "A surprisingly large number of organizations are still viewing upcoming retirements as cost- savings opportunities, but this is a dangerous and shortsighted view, as older adults will be relied upon as one of the most important sources of talent for the future workforce."

The survey found that employers in Japan and Singapore are far ahead of their international counterparts with 83 and 53 percent of employers surveyed, respectively, working proactively to retain their older employees.

The extent to which employers have addressed the recruitment and retention of older workers to ease talent shortages depends upon a variety of complex factors. The major variables to be:

-- The size of the national labor pool;
-- The demographic profile of the labor pool;
-- The degree to which talent shortages are being experienced at present; and
-- Government legislation or programs that either promote or discourage labor force participation by older workers.

"Talent shortages are always a great motivator for employers take action and proactively engage segments of the workforce that tend to be under- employed or under-valued, and the older workforce is no exception," said Joerres. "It appears that most employers worldwide are ignoring the demographic forecasts and evidence of growing talent shortages, and instead, still waiting to see it in their headlights before they begin to think differently about the older workforce," he added. "By then, it could be too late to avoid the impact of large-scale retirements on the productivity and knowledge base of their company."

"The conundrum on the horizon is that the older employees who have the talent companies most need to retain are those who have the financial flexibility and employment options to retire or downshift to a more flexible work arrangement," said Joerres. "The best way to attract and retain older workers is to have jobs they want, and what they want is flexible, part-time jobs that interest them. It may be a few more years before employers determine how to effectively offer the part-time roles that mature adults would prefer," he added.