Strategies to Retain Retiring Baby Boomers’ Skills and Expertise

By Robert Half on March 31, 2014 at 7:00am

Baby boomers may be nearing – and, in some cases, passing – the traditional retirement age, but CFOs don’t appear worried about their departures from the workplace, recent Robert Half research suggests. Perhaps surprisingly, given the size of this workplace population, nearly two-thirds of financial executives surveyed said they aren’t concerned about losing these employees to retirement in the next couple of years.

CFOs who did express concern about upcoming retirements most commonly cited leadership skills and legacy knowledge as the greatest potential resulting losses to their business. A deeper look at the data revealed differences by company size. At firms with 20 or fewer employees, respondents’ greatest worry is losing leadership, while their counterparts at organizations with 1,000 or more employees fret most about the departing functional skills and legacy expertise.

Keep top performers on board

Whether firms feel the threat of imminent retirements of key employees, they should be making retention – of employees and of skills and expertise – a priority. Businesses need retention strategies for finance professionals, regardless of their positions, and succession plans at every level of the organization.

These steps take on added importance in an environment where the dearth of highly skilled candidates makes replacing a star employee even more difficult.

Benefit from the consultants

Fortunately for businesses, professionals often seek to stay connected to the workforce after they retire. Paul McDonald, Robert Half senior executive director, noted, “Even as they move closer to retirement, many people want to continue contributing their skills and expertise. Companies can take advantage of working with these employees on a consulting basis, who can in turn train other staff members on both the needed technical and nontechnical attributes."

Prepare for the inevitable

What steps can accounting and finance managers take to make sure that when employees do leave, the organization doesn’t lose the expertise they accumulated? Here are four strategies:

  1. Ensure sound succession plans are in place — Replacing a departing employee is a lot easier when his or her heir apparent has been identified and prepared for the role.
  2. Invite retiring employees to work on a part-time basis — There are good reasons to use a small-business consultant. Also consider flexible work arrangements and alternative schedules that give staff additional control over their time.
  3. Facilitate mentor relationships — Establish a forum for experienced employees to transfer their knowledge to their colleagues.
  4. Hone your training options — Well-built professional development programs enable employers to not just build staff members’ skills but also reinforce key knowledge points and practices to be followed. As an added benefit, employees in consulting roles or transitioning into retirement can be excellent trainers.

If you find yourself in need of hiring help for your project or interim management needs, don't hesitate to contact us.

More From the Blog...