I met with a group of municipal and public utility managers yesterday. One of the issues that they brought up was their aging workforce. It’s a topic I hear at most meetings I attend, across all industry segments. The challenge we all face is how to address it. Executives and Boards are slowly realizing they cannot recruit their way out of this long-term issue. Both the loss of staff and their years of knowledge and experience can significantly hamper the viability of many organizations. So what should you be doing now?
While employers are slowly beginning to understand they must put in place succession planning programs while subsequently beefing up their recruitment and retention of younger workers, they must also not forget those 50 and older employees. These individuals often have the most experience and skills and possess the work habits most valued by employers. To be able to keep these workers longer, they will need to accommodate their needs. That means training, upgrading their skills and offering them alternative work schedules, particularly in their later years. Changes in benefit programs will also be needed. These could include prescription drug coverage, long-term care insurance, enhanced retirement plans and retiree health benefits.
Retaining these key employees and all their institutional knowledge and expertise can be your organization’s competitive edge.
Let me know what your organization is doing by placing comments in the Reply Section.
Other posts you might like to read:
- Seven Key Element for Succession Planning
- Emergency Preparedness Planning: Managing a Temporary Loss of your CEO
- 7 Recruitment Trends in 2015
- Shades of Gray: Maine’s Aging Workforce Present Challenges for Employers