Though Indiana employers recognize that their workforce is getting older, few are taking concrete steps to manage the transition as the baby boom generation begins to reach retirement age, according to a new report from the University of Indianapolis' Center for Aging & Community.
In the final phase of its two-part study, Gray Matters: Opportunities and Challenges for Indiana's Aging Workforce, the center surveyed employers about their understanding of the ongoing demographic shift, any preparations they are making to deal with the changes, and their perceptions about employee loss and its impact on their operations. Responses were gathered from more than 400 businesses and other organizations around the state, each with 50 or more employees.
“We're trying to anticipate the questions employers should be asking themselves,” said Ellen Miller, CAC's executive director. “How will the baby boomers redefine retirement? What human capital – knowledge, skills, judgment, personal connections – might be lost when they leave? How can my organization benefit from anticipating workforce trends over the next decade?”
According to the new Phase II report, subtitled A Workforce Conundrum , four key themes arose from the data:
- Although employers recognize that valuable expertise and human capital are lost when older workers retire, few are taking specific action to prevent this loss.
- The qualities generally rated most valuable by employers are those associated with older workers.
- Many organizations seem unconcerned about the aging of the workforce and are not adapting human resources practices to manage the resulting employee turnover.
- Comparisons of younger and older managers reveal disparities in how they perceive the abilities and attitudes of older workers.
In addition, the researchers convened an expert panel of business, government and education representatives to discuss trends in the state and national workforce. The panelists agreed that intergenerational issues will have increasing impact in the workplace, and that the ideal employee – regardless of age – will be resilient, intellectually agile and responsive to change, with a broad foundation of knowledge, skills and abilities.