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00:00DAVID: WELCOME BACK TO BLOOMBERG MARKETS. VONNIE: IT IS TIME FOR WALK THE TALK, WHERE WE LOOK AT THE PRESSURE POINTS OF SOCIAL CHANGE AND WHERE IT IS OUTPACING CORPORATE AMERICA'S ABILITY TO ADAPT. TODAY'S FOCUS HIS RETIREMENT, WITH 10,000 BABY BOOMERS TURNING 65 EACH DAY, BUSINESSES ARE SCRABBLING TO FIND WAYS TO SLOW AND EXIT IS OF THE MOST EXPERIENCED EMPLOYEES -- SLOW DOWN THE EXIT US -- EXODUS OF THE MOST EXTREMIST EMPLOYEES BE AT WHAT OUR COMPANIES DOING ABOUT THIS? GUEST: A LOT OF COMPANIES ARE DOING RETIREMENT WHERE YOU DON'T LEAVE SUDDENLY, WHERE YOU DON'T GO OFF THE CLIFF AND SUDDENLY YOU ARE GONE WITHIN A WEEK. THEY GIVE YOU A FLEXIBLE SCHEDULE. THAT IS A WAY TO GET YOU TO STAY LONGER. DAVID: HOW DID THIS COME ABOUT? YOU HAVEN'T HAD THIS HAS THE CORPORATE SETTING TO THIS DEGREE BEFORE. WAS BECAUSE OF DEMAND FROM THE COMPANIES THEMSELVES. COLLECT CERTAIN COMPANIES YOU TAKE THE STEELCASE, WHICH MAKES OFFICE FURNITURE, A LOT OF COMPANY AND OLDER WORKERS. THEY SUDDENLY REALIZED WE ARE GOING TO HAVE A THIRD OF OUR WORK FORCE OUT ALL AT ONCE. >> DOES IT HAPPEN IN SOME INDUSTRIES MORE THAN OTHERS? >> IT IS HAPPENING WITH SKILLED PEOPLE, I.T. AND THOSE COMPANIES, OLDER COMPANIES. A LOT OF HEALTH CARE COMPANIES. YOU ARE NOT GOING TO SEE THIS AS MUCH AS SILICON VALLEY. PROBABLY NOT AS MUCH ON WALL STREET. VONNIE: IS IT KIND OF STRANGE BECAUSE IT IS A ANOTHER WAY OF CHANGING THE RETIREMENT AGE. WHAT AGES ARE PEOPLE WORKING TO COME HAVE YOU FOUND? GUEST: IT VARIES. OTHERS ARE WAITING BETWEEN 65 AND 70. THEY NEED MORE MONEY. DAVID: SOMETHING YOU DETAIL THAT IS SO FASCINATING, IT IS NOT ALWAYS THE SAME LIST, THERE ARE CHALLENGES STAYING ON PAST 62 OR 65. GUEST: YOU NEED JUST -- THERE ARE ALWAYS ADJUSTMENTS. AS AN EMPLOYEE DOING THIS YOU ARE USUALLY THE EXPERIENCED PERSON USED TO GIVING THE ORDERS. ONE GUY I SPOKE TO, HE HAD TO LEARN I'M NOT THE GO-TO GUY ALL THE TIME. I MAY SET THE WHOLE THING UP AND THEY HAVE TO DO IT THEIR WAY. > VONNIE: IS ANY DATA YET TO DRIVE A CONCLUSIONS ABOUT THE ECONOMIC IMPACT? GUEST: NEARLY THERE WILL BE ECONOMIC IMPACTS. DAVID: YOU MAKE A POINT IN YOUR PIECE ABOUT THE TRANSITION. WHAT ARE THEY DOING IN PARTICULAR? GUEST: THEY ARE DOING TWO THINGS. THEY ARE SAVING THEIR KNOWLEDGE. YOU DON'T WANT THEM WALKING OUT WITH ALL OF THE PROCEDURES. THEY UNDERSTAND HOW THINGS GET DONE. YOU WANT THEM TO TEACH THAT.

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Phased Retirement: Slowing Exodus of Experienced Workers

Bloomberg’s Carol Hymowitz discusses phased retirement and why American firms want to keep older workers a bit longer. She speaks with Vonnie Quinn and David Gura on "Walk the Talk," on "Bloomberg Markets." (Source: Bloomberg)

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