Small business owners aren't waiting for further evidence of the 'brain drain' as more than 19 million American workers reach traditional retirement age of 65 in the next three years. In fact, twenty-eight percent of the small-business owners in a recent survey have planned for 'knowledge transfer' from these experienced older workers to newer workers.
A survey of 404 small businesses owners, conducted February 12-26, 2008, revealed their plans for dealing with an aging workforce. The trade group, whose members manage human resources responsibilities for small businesses, believes these firms are more attuned than some larger ones to the demographic impacts on their competitive advantage.
On the other side of the Atlantic, one in five nurses on the United Kingdom (UK) professional register is aged 50 years or older. Over the next few years, the profession will lose, through retirement, many of its most experienced practitioners. The significance for policy makers and for employers of this age-shift is two-fold. Firstly it is clear that greater numbers of nurses and midwives are reaching, or soon will reach, potential retirement age. Secondly many more nurses are now reaching their middle years and they are likely to have different requirements and attitudes to nursing work.
How close is your business to the impact of these mass retirements? Have you got the right PEO to handle this mass changeover?
A PEO can best help your company put in place an employee incentive program. To find the right PEO for your company, please visit www.PEO7.com.
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