This year, the first crop of baby boomers turns 60. And as 76 million Americans move closer to retirement, the country is on the verge of a demographic shift that the Bureau of Labor Statistics estimates will result in a 2.3 million person labor shortage over the next eight years.

The shortage is about much more than sheer numbers, however. As members of the baby boomer generation exit the workforce, they will be taking with them valuable skills and years of knowledge and experience, initiating what CFO Magazine calls the “boomer brain drain.”

To stem the expected exodus and retain some of their most valuable resources, many companies are offering those employees approaching retirement some attractive alternatives including:

• Reducing work hours while retaining full benefits
• Restructuring jobs
  
• Allowing telecommuting and job sharing
  
• Creating mentor roles for older workers to serve as expert resources for younger workers
  
• Bringing retirees back in for special projects or busy seasons

Such creative options allow companies to hold on to skilled workers and facilitate the transfer of knowledge. At the same time, the more senior employees are able to continue to make a contribution while enjoying a slower pace.

Whatever strategy companies adopt, if plans aren’t already in place, development should start soon. As more workers begin to retire, the competition for qualified employees will tighten and companies that aren’t prepared will find themselves short on staff and on skills.

As accounting and finance recruitment specialists, Acsys, Inc. works with an extensive network of skilled professionals that have a wide range of experience to meet the needs of companies across all lines of industry. Our team of staffing experts works to provide clients with the latest trends in accounting, finance, recruiting and retention.Together with our sister company, Accountants Inc., we conduct in-person interviews with over 4,000 hiring managers each year, discussing the issues they feel are most critical to their business. How companies are dealing with the pending retirement of baby boomers is just one of the topics covered in this year’s survey, which is now underway. To find out how your company can participate in the survey or to help you meet any current project or direct hire recruiting needs, contact your local Acsys, Inc. representative today.