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.