LOWER POTTSGROVE PA – Employers’ worries may not end when the economy rebounds, an executive recruiting firm says, because that’s when they’re likely to lose their best help to retirement.
Baby boomers who thought they had planned adequately for financial security decided to postpone their retirement when the economy faltered, housing values plummeted, and stock portfolios shrank. Postponed doesn’t mean abandoned, warns Management Recruiters International Inc. (MRI), a search and recruitment organization.
“Many would-be retirees are staying put for now, since they either don’t feel like they have the money or aren’t able to sell their homes for the prices they were expecting,” says MRI President Tony McKinnon. “But it won’t last long once the economy is back on track.”
Companies small and large, like those in Lower Pottsgrove and elsewhere, need to be thinking now about succession planning for the exodus of many senior people, McKinnon thinks. What they have now, he adds, is an extended window of time for those plans.
The best-prepared employers, according to McKinnon, are using the situation to ensure institutional knowledge and experience are transferred to their newer hires – something they may not have had the luxury of doing earlier.