Boomers, although many plan to work longer, are not going to be in the workforce for much longer – and that reality is increasingly worrisome to executives, already disconcerted by their own retirement.
The latest Executive Quiz released last week by research organization The Korn/Ferry Institute shows 48 percent of respondents said their companies are either very concerned or somewhat concerned about losing critical knowledge as boomers retire, up 7 percent from 2004.
“While boomers are planning to stay in the workforce longer than originally planned, there is still a real sense of urgency for companies to benefit from their experience and ensure that this knowledge is handed down to the next generation of leaders,” said Joe Griesedieck, vice chairman and managing director for Korn/Ferry. “Implementing programs to facilitate a seamless information exchange from one generation of executives to the other continues to be a critical issue impacting corporations worldwide.”