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Robert Half: CFOs unconcerned about baby boomer retirements

March 21, 2014

The Bureau of Labor Statistics reports one-fifth of the U.S. workforce has passed or is nearing retirement age, but many executives aren't too concerned with losing baby boomer employees to retirement in the next couple of years, according a recent survey by Robert Half International Inc. (NYSE: RHI). While 31 percent of chief financial officers said they were worried about this possibility, 63 percent reported being unconcerned.

CFOs were asked, “How concerned are you about losing employees from the baby boomer generation to retirement in the next two years?” Their responses:

  • Not at all concerned: 42 percent
  • Somewhat unconcerned: 21 percent
  • Somewhat concerned: 25 percent
  • Very concerned: 6 percent
  • Don't know/no answer: 6 percent

Of the CFOs concerned about baby boomer retirements, 39 percent cited leadership as the greatest potential loss to their business due to the retirements and 23 percent cited legacy knowledge.

“Although losing baby boomers to retirement may not be a universal concern yet, employers, as a best practice, should prepare themselves for the exit of experienced professionals from the workforce,” said Paul McDonald, Robert Half senior executive director. “Mentorship and succession plans can be effective means of passing on legacy knowledge, and retaining and developing a company's next generation of leaders.”

The survey is based on interviews with more than 2,100 CFOs from companies in more than 20 of the largest U.S. markets.