Monday, September 25, 2006

Study: Most Organizations Not Prepared for Talent Shortage Fueled by the Retirement of Baby Boomers

Cornerstone OnDemand, Inc., has released a whitepaper finding that most organizations, particularly larger ones, are not ready for the pending talent shortage caused by the looming retirement of 78 million workers age 55 and over. The paper--"Managing Talent in the Face of Workforce Retirement" (available free with registration)--summarizes key findings of Knowledge Infusion's "2010 Talent Readiness Assessment," which indicates, among other things that:
  • Organizations with more than 2,500 employees indicated that approximately 1 in 5 workers are over the age of 55;
  • Over 50% of respondents said the retiring workforce will cause a knowledge/skill gap; and yet
  • Less than 30% of organizations who responded had a retention plan in place.
Adam Miller, President and CEO, Cornerstone OnDemand, said: "Companies need to proactively assess their organizations and determine a plan of action before this threat becomes a reality. Understanding the overall goals of the organization and which employees are key to achieving these goals including their role, skills and level within the company is important to implementing a retention plan."

Source: MarketWire Press Release (September 25, 2006)

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