An aging population means many employees are at or close to retirement age, but this doesn't translate into much concern to most executives, according to the results of a Robert Half Finance & Accounting study released March 20.
A survey of chief financial officers across the country found that only 26% are worried about losing talent to retirement in the next two years, including 17% who said they were very concerned.
Greg Scileppi, president, international staffing operations at Robert Half, said companies need to have plans in place to deal with the loss of experienced staff for any reason.
"Properly developed succession plans can ensure that legacy knowledge, functional skillsets and leadership will stay with the firm," he said.
The loss of "legacy knowledge" was cited as the main reason for this concern among 29% of respondents, followed by loss of functional skills (18%) and leadership (16%).
Scileppi said that all is not lost when employees move into retirement, however, as many choose to keep contributing in some manner after they stop working full-time.
"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," he said.
The percentage of the total workforce over the age of 65 has grown from 2.6% in 2009 to 3.6% in 2013, according to Statistics Canada.
