UK businesses at risk of losing senior staff
UK businesses are on the brink of losing the expertise of senior staff as baby boomers near retirement, according to research from global recruiter Randstad.
A recent report by Ros Altmann, the Pensions Minister, illustrates that by 2022 the number of people in the workforce aged 50 to state pension age will have risen by 3.7 million to 13.8 million and the number aged 16-49 will have reduced by 700,000. If not planned for, the exodus of this generation will cause a severe second skills shortage as these older, and often more senior, workers leave the workforce en masse.
The research shows there remains a strong societal pressure for older workers to leave the workforce at state pension age. In a poll of 2,001 British adults, three quarters of respondents report feeling this pressure, with 32 percent saying the pressure is ‘significant’. Only one in six workers (17 percent) feel there is no pressure.
Mark Bull, CEO of Randstad UK, commented: “The baby-boomers are nearing retirement, and we could have a huge skills shortage on our hands if these senior, established staff exit the workforce en masse. This additional squeeze on skills could be catastrophic – especially considering the current war for talent. Given the current skills gap, finding the right people for the right jobs is becoming increasingly difficult. Now more than ever employers should hold onto their high performers as tightly as they can, as it can take a long time to fill the gap left by senior staff when they leave.”
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