Skills shortage looming as baby boomers retire, recruitment specialist warns
Time and attendance and workforce management systems will become increasingly important for firms that try to plug the skills shortages set to be created by the baby boomers who will retire over the next two to five years.
Born after the-Second World War and before 1965, baby boomers are associated with the soaring post-war birthrate and the last generation to experience and take advantage of regular improvements in the socio-economic landscape and also represent a bulge in the workforce that will soon be at retirement age.
Recent research from leading recruitment specialist Robert Half UK reveals that 74 percent of finance directors are concerned that the skills gap resulting from widespread retirement of baby boomers will have a negative impact on their organisation over the next two years. An even higher proportion (77 percent) say that the departure of older workers will have a negative impact over the next five years.
Finance directors in small businesses looking further ahead are the most concerned about losing their experienced baby boomers, with 84 percent predicting that the departure of older professionals over the next five years will have a negative impact on their business.
Companies are already preparing for the loss of older workers by increasing training and development programmes (45 percent), enhancing benefit programmes to retain baby boomers (32 percent), hiring mid-level talent to develop a skills pipeline (27 percent), increasing mentoring programmes and knowledge transfer (25 percent), hiring senior-level talent to replace retiring employees (22 percent) and offering flexible and/or part-time work arrangements to attract and retain baby boomers (16 percent).
Tensor Time and Attendance System are the perfect skills management solutions
Beside checking attendance and worked times, the Tensor WinTA Time and Attendance suite also includes a dedicated HR module. Tensor Personnel allows you to record a vast amount of personal information about your company staff, including here basic details, course attendance, educational history, language skills, professional institute memberships, skills, etc.
Moreover, WinTA.NET supplies the relevant managers with information on employee’s absences through warning email notifications or via hardcopy reports. After that, the intelligent employee management system would rapidly identify missing employees that are expected to be at work and then informs you via automatic email reporting reports distributed by email.
Tensor’s range of products offer both a high level of reliability and good value for money, which means that companies who do decide to implement our solutions will immediately see the returns, without taking a hit as far as their balances are concerned.
If you’d like to find out more about the range of workforce management and Time and Attendance solutions supplied by Tensor, just contact us or Book a Demo, our representatives will be more than happy to answer any questions or queries you might have.