CFOs unconcerned about mass exodus of Baby Boomer employees: survey

Baby Boomers who believe their companies will fall apart without them when they retire should think again: A new study shows executives aren’t that concerned about the generation’s pending mass exit.

A survey commissioned by human resources firm Robert Half says two-thirds of chief financial officers aren’t concerned about losing Boomer staff to retirement.

Maybe that’s because they’re leaving the building themselves in the near future and the problem will belong to someone else. Perhaps it’s because they know there are a number of hungry Generation X and Y workers waiting in the wings. It could also be that CFOs are seeing more Boomers leave the workplace then come back, or hang around longer, realizing either they can’t afford retirement or don’t want to call it quits just yet.

The survey, based on interviews with CFOs from a random sample of companies, asked: "How concerned are you about losing employees from the baby boomer generation to retirement in the next two years?"

Almost half (47 per cent) said, “not at all concerned,” while 17 per cent said, “somewhat unconcerned.” Another 17 per cent said, “very concerned” and 9 per cent responded, “somewhat concerned.”

Of those worried about losing Boomers on the payroll, 29 per cent cited “legacy knowledge” these workers have about how the company runs. Another 18 per cent said functional skills, 16 per cent said leadership skills and 14 per cent cited soft skills, which often include teamwork and others professional attributes that can help boost morale and productivity.

Only 1 per cent said they worried about losing contacts Boomers outside of the organization. The rest couldn’t say exactly what they’d lose when Boomers walked out the door for good.

Baby Boomers are people born between 1946 and 1964, and make up more than 20 per cent of the Canadian workforce, according to Statistics Canada.

Robert Half president Greg Scileppi says companies should know, and prepare for the generational shift that’s taking place in their businesses.

That goes for those who are retiring, but also anyone in a key job that’s difficult to replace.

"Properly-developed succession plans can ensure that legacy knowledge, functional skillsets and leadership will stay with the firm," he stated.

He’s also a fan of companies keeping retired employees on as consultants, so they don’t lose valuable knowledge overnight.

We see this happen with governments and corporations across the country.

For example, while Jim Flaherty’s exit from the finance minister role appeared sudden, it’s likely his replacement, former investment banker and most recently the natural resources minister, Joe Oliver, will get a little help from his friend before he officially jumps to the private sector. At least, that’s the hope for anyone concerned about Canada’s fiscal future.