Many Executives Unconcerned About Near-Term Baby Boomer Retirements

Many Executives Unconcerned About Near-Term Baby Boomer Retirements 
Survey Finds Chief Financial Officers Who Are Worried Fear Losing Leadership, 
Legacy Knowledge 
TORONTO, March 20, 2014 /CNW/ - More than one-fifth of the Canadian workforce 
has passed or is nearing retirement age, according to Statistics Canada, yet 
research suggests many executives aren't too concerned with losing baby boomer 
employees to retirement in the next couple of years. Only 26 per cent of chief 
financial officers (CFOs) interviewed for a recent Robert Half survey said 
they were worried about this possibility. Sixty-four per cent of financial 
executives reported being unconcerned. 
Among CFOs who are worried about losing baby boomers to retirement, executives 
most commonly cited legacy knowledge (29 per cent), functional skills (18 per 
cent) and leadership (16 per cent) as the greatest potential losses to their 
organization. 
The survey was developed by Robert Half, the world's first and largest 
specialized staffing firm, and conducted by an independent research firm. It 
is based on interviews with more than 270 CFOs from a random sample of 
Canadian companies. 
CFOs were asked, "How concerned are you about losing employees from the baby 
boomer generation to retirement in the next two years?" Their responses: 


     __________________________
    |Not at all concerned | 47%|
    |_____________________|____|
    |Somewhat unconcerned | 17%|
    |_____________________|____|
    |Somewhat concerned   |  9%|
    |_____________________|____|
    |Very concerned       | 17%|
    |_____________________|____|
    |Don't know/no answer | 10%|
    |_____________________|____|
    |Total                |100%|
    |_____________________|____|

CFOs concerned about those retirements also were asked, "What is the greatest 
potential loss to your business due to the retirement of baby boomer 
employees?" Their responses:
     _____________________________________________________
    |Legacy knowledge                           |      29%|
    |___________________________________________|_________|
    |Functional skills                          |      18%|
    |___________________________________________|_________|
    |Leadership                                 |      16%|
    |___________________________________________|_________|
    |Nontechnical attributes (e.g., soft skills)|      14%|
    |___________________________________________|_________|
    |Contacts outside the organization          |       1%|
    |___________________________________________|_________|
    |Don't know/no answer                       |      22%|
    |___________________________________________|_________|
    |Total                                      |     100%|
    |___________________________________________|_________|

"As a best practice, all organizations should prepare their operations for the 
departure of experienced professionals, be it to retirement or otherwise," 
said Greg Scileppi, president of Robert Half, International Staffing 
Operations. "Properly-developed succession plans can ensure that legacy 
knowledge, functional skillsets and leadership will stay with the firm."

Scileppi added that implementing programs that allow professionals to 
transition into retirement can be a win-win situation for the employee and the 
employer. "Despite approaching retirement, many dedicated employees want to 
continue contributing to their teams with the expertise they've gained over 
the years," he added. "Businesses can benefit from this as well by working 
with these employees on a consulting basis to train staff members on technical 
and non-technical skills, keeping the knowledge within the company while 
supporting employees through a smooth transition."

About Robert Half

Robert Half is the world's first and largest specialized staffing firm, with 
more than 345 staffing locations worldwide, and offers online job search 
services on its divisional websites, all of which can be accessed at 
www.roberthalf.ca. Follow Robert Half on Twitter at 
twitter.com/RobertHalf_CAN, and gain insights on the latest financial hiring 
and salary trends at www.roberthalf.ca/salarycentre.



SOURCE  Robert Half Finance & Accounting 
Naz Araghian 416.350.2330 ext. 62132 naz.araghian@roberthalf.com 
Image with caption: "Robert Half survey finds Chief Financial Officers who are 
concerned about near-term baby boomer retirements fear losing leadership, 
functional skills and legacy knowledge. (CNW Group/Robert Half Finance & 
Accounting)". Image available at:  
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CO: Robert Half Finance & Accounting
ST: Ontario
NI: ECOSURV  
-0- Mar/20/2014 12:11 GMT
 
 
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