As 19 million baby boomers (those born between 1946 and 1964) edge closer to the age of retirement in the next three years, surveys show small businesses may have a slight edge over larger companies when handling the transition.

A study done by the National Association of Professional Employer Organizations (NAPEO), shows that 28 percent of the 404 small businesses surveyed, say they have developed or are developing plans for training younger workers as older workers retire, while another study done by training firm Novations Group, says only 25 percent of larger employers (those with more than 2,500 employees) are making the same transitional plans.

However, 65 percent of NAPEO's respondents said they have not begun to think about what will happen when then older workers do begin to retire, saying, "this is not yet an issue for our company," and another 7 percent have said they had no interest in making plans to do so.

"For a small business, losing even one seasoned knowledge worker affects them competitively," explains Milan P. Yager, NAPEO's executive vice president, in a release. "These business owners want to ensure that seasoned workers convey their knowledge, or even continue working longer if possible."

And some will work longer, the survey also reports, as 38 percent of respondents said they have workers between the ages of 60-64 that are waiting to retire later because they enjoy working, or due to financial reasons.  

--Kori Kamradt
kkamradt@safnow.org

 

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