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Blog by: Garry Watts, CPCU, CRM

Statistics being published about the baby boomer generation retiring each year are staggering.  As I was doing research I came across articles that referenced the “silver tsunami” that is coming.  Here are just a couple of statistics I will share: 

  • 6000 Americans turn 65 every day according to the US Bureau of Labor and Statistics
  • by 2012 last year there was a total shortfall of nearly 3,000,000 skilled workers in America due to retiring baby boomers
  • by 2020, that number rises to 10,000,000 just in the manufacturing sector, not including other sectors all across America.   

The risks for business owners are numerous.    Here are some risks to think about for retiring workers, and a few risks if those baby boomers continue to work:

  • Leadership gap in perpetuating your business
  • Intellectual capital  loss
  • With the loss of intellectual capital, the lack of ability to innovate quickly
  • Financial costs to  daily operations
  • Loss of clients
  • Brand damage
  • Heightened age discrimination law suits
  • Retired workers may be unprepared for retirement socially and financially
  • Increased health care costs
  • Technology changes and the challenge of  keeping workers trained and up to date
  • Increased sick time

So let me ask you, what process do you have in place to address some, or many of these risk issues?  Organizations are going to need a long term strategy to deal with the complexity of this risk.  Proactive planning is the key and so is a Risk Advisor that can take you through the process.  

Posted 2:51 PM

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