Welcome!

News Feed Item

Many Executives Unconcerned About Near-Term Baby Boomer Retirements

Survey Finds Chief Financial Officers Who Are Worried Fear Losing Leadership, Legacy Knowledge

TORONTO, March 20, 2014 /CNW/ - More than one-fifth of the Canadian workforce has passed or is nearing retirement age, according to Statistics Canada, yet research suggests many executives aren't too concerned with losing baby boomer employees to retirement in the next couple of years. Only 26 per cent of chief financial officers (CFOs) interviewed for a recent Robert Half survey said they were worried about this possibility. Sixty-four per cent of financial executives reported being unconcerned.

Among CFOs who are worried about losing baby boomers to retirement, executives most commonly cited legacy knowledge (29 per cent), functional skills (18 per cent) and leadership (16 per cent) as the greatest potential losses to their organization.

The survey was developed by Robert Half, the world's first and largest specialized staffing firm, and conducted by an independent research firm. It is based on interviews with more than 270 CFOs from a random sample of Canadian companies.

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 47%
Somewhat unconcerned  17%
Somewhat concerned 9%
Very concerned 17%
Don't know/no answer 10%
Total 100%

CFOs concerned about those retirements also were asked, "What is the greatest potential loss to your business due to the retirement of baby boomer employees?" Their responses:

Legacy knowledge 29%
Functional skills 18%
Leadership 16%
Nontechnical attributes (e.g., soft skills) 14%
Contacts outside the organization 1%
Don't know/no answer 22%
Total      100%

"As a best practice, all organizations should prepare their operations for the departure of experienced professionals, be it to retirement or otherwise," said Greg Scileppi, president of Robert Half, International Staffing Operations. "Properly-developed succession plans can ensure that legacy knowledge, functional skillsets and leadership will stay with the firm."

Scileppi added that implementing programs that allow professionals to transition into retirement can be a win-win situation for the employee and the employer. "Despite approaching retirement, many dedicated employees want to continue contributing to their teams with the expertise they've gained over the years," he added. "Businesses can benefit from this as well by working with these employees on a consulting basis to train staff members on technical and non-technical skills, keeping the knowledge within the company while supporting employees through a smooth transition."

About Robert Half

Robert Half is the world's first and largest specialized staffing firm, with more than 345 staffing locations worldwide, and offers online job search services on its divisional websites, all of which can be accessed at www.roberthalf.ca. Follow Robert Half on Twitter at twitter.com/RobertHalf_CAN, and gain insights on the latest financial hiring and salary trends at www.roberthalf.ca/salarycentre.

 

SOURCE Robert Half Finance & Accounting

Image with caption: "Robert Half survey finds Chief Financial Officers who are concerned about near-term baby boomer retirements fear losing leadership, functional skills and legacy knowledge. (CNW Group/Robert Half Finance & Accounting)". Image available at: http://photos.newswire.ca/images/download/20140320_C6072_PHOTO_EN_38147.jpg

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Cloud resources, although available in abundance, are inherently volatile. For transactional computing, like ERP and most enterprise software, this is a challenge as transactional integrity and data fidelity is paramount – making it a challenge to create cloud native applications while relying on RDBMS. In his session at 21st Cloud Expo, Claus Jepsen, Chief Architect and Head of Innovation Labs at Unit4, will explore that in order to create distributed and scalable solutions ensuring high availa...
Cloud adoption is often driven by a desire to increase efficiency, boost agility and save money. All too often, however, the reality involves unpredictable cost spikes and lack of oversight due to resource limitations. In his session at 20th Cloud Expo, Joe Kinsella, CTO and Founder of CloudHealth Technologies, tackled the question: “How do you build a fully optimized cloud?” He will examine: Why TCO is critical to achieving cloud success – and why attendees should be thinking holistically ab...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...