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Report: Aging Workforce Leads To Little Action

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Large companies are not doing much to respond to the fact that employees are getting older.

Consultants at Ernst & Young L.L.P., New York, have to come to that conclusion in a summary of results from an informal survey of Fortune 1000 company human resources executives.

Even at companies with formal succession-planning programs in place, 75% of the programs focus only on senior managers, the consultants report.

Only 9% of the companies surveyed have phased retirement programs in place, only 29% are considering setting up phased retirement programs, and 52% say they already are seeing increases in the cost of hiring and training new staff members, the consultants report.

About 54% of the executives said they are not changing benefits and compensation programs or planning changes to address the risks associated with the aging of the work force, consultants report.