Benefits March 6, 2008

Small Biz Owners Planning for Boomer Retirement 'Brain Drain'

March 6, 2008 (PLANSPONSOR.com) - Twenty-eight percent of the small-business owners in a recent survey have planned to have older workers transfer their professional knowledge to younger colleagues.
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A news release from the National Association of Professional Employer Organizations (NAPEO) about its survey on the potential for a “brain drain” when baby boomers retire, said respondents in the current survey also reported they had more older workers this year than last.

This year 21% said at least 5% of their workers are ages 60 to 64, up from last year’s figure of 16%. In addition, more businesses this year said older workers are putting off retirement – 37%, versus 18% in 2007.

“For a small business, losing even one seasoned knowledge worker affects them competitively,” said Milan P. Yager, NAPEO’ s executive vice president, in the announcement. “These business owners want to ensure that seasoned workers convey their knowledge or even continue working longer if possible.”

Conducted February 12-26, 2008, the survey of 404 owners of small businesses reveals their plans for dealing with the aging workforce. The National Association of Professional Employer Organizations, NAPEO, sought to examine the plans of owners of small businesses nationwide that are served by professional employer organizations.

More information is at http://www.napeo.org/newscenter/research.cfm .

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