Wednesday, March 05, 2008

Survey: Small Businesses More Prepared for Aging Workforce

The National Association of Professional Employer Organization (NAPEO) has released the results of a survey showing that 28% of small-business owners surveyed have planned for knowledge transfer from experienced older workers approaching retirement age to other workers. This contrasts with recent recent survey results from Novations that only one-quarter of large organizations are making any effort to transfer knowledge from soon-to-retire baby boomers to other workers and just 4% have created a formal process to pass on know-how.

According to Milan P. Yager, NAPEO's executive vice president, small business owners also know their own value and will not let themselves get caught short when it's time for them to leave: 35% say their own retirement plan is solid and another 10% will have a plan in place by the end of 2008.

In addition, the NAPEO survey reports that the small businesses have more older workers, with 21% saying that at least 5% of their workers are 60 to 64, compared to 16% last year. Furthermore, 37% (compare to 18% in 2007) are delaying retirement, and only 4% said that some workers would retire before age 65.

Source: National Association of Professional Employer Organization Press Release (March 5, 2008)

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