• by Jack Loechner , Staff Writer @mp_research, July 12, 2007

A recent survey of 28,000 employers in 25 countries, by Manpower, revealed that only 21 percent have implemented retention strategies to keep their senior employees participating in the workforce.

Sharon Birkman-Fink, President and CEO of Birkman International, says "Retaining older workers is incredibly important for companies who wish to retain the skills and embedded knowledge base of their senior employees... Older workers have different needs than younger workers, and.. their preferences... interests and... work-styles must be assessed."

Since senior employees are not enticed solely by money, using personality assessment and progressive retention strategies are part of a successful formula for retaining skilled talents which might otherwise be lost to retirement.

The baby boomers are a significant percentage of the current workforce and are nearly ready for retirement. Experts expect tremendous gaps in competencies and know-how as a result of this demographic wave. Given the demographics of the retiring baby boomers, the loss of this talent pool will put companies at a competitive disadvantage.

Several industries, including electric utilities, oil and gas production, healthcare and the public sector, are already feeling the effects of baby boomer retirements, says the report.

Birkman-Fink concludes that "Workers approaching retirement are simply looking for different things than younger ones, and sometimes a different position within the same industry or company may be attractive enough to keep them engaged and productive if the hours are right, and they are enthusiastic about the work... "

To read the complete release and more about Birkman International, please visit here.