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Small Businesses Excelling at Planning for Aging Workforce

With the employment paradigm shift in full swing, small business owners are making good preparations for retiring workers. More than 19 million American workers reach traditional retirement age of 65 in the next three years.

Twenty-eight percent of the small-business owners in a recent survey have planned for knowledge transfer from these experienced older workers to other workers.

Conducted February 12-26, 2008, a survey of 404 owners of small businesses revealed their plans for dealing with an aging workforce. The trade group, whose members manage human resources responsibilities for small businesses, believes these firms are more attuned than some larger ones to the demographic impacts on their competitive advantage.

"For a small business, losing even one seasoned knowledge worker affects them competitively," says Milan P. Yager, NAPEO's executive vice president. "These business owners want to ensure that seasoned workers convey their knowledge, or even continue working longer if possible."

The owners also know their own value and will not let themselves get caught short when it's time for them to leave, Yager noted. Looking to their own retirement, 35 percent of the surveyed business owners say their own retirement plan is solid, and another 10 percent will have a plan in place by year-end. Half report their retirement savings goal is at least $1 million, and seven in 10 have set a savings plan to reach their goal.

One in five nurses on the United Kingdom (UK) professional register is aged 50 years or older. Over the next few years, the profession will lose, through retirement, many of its most experienced practitioners. The significance for policy makers and for employers of this age-shift is two-fold. Firstly it is clear that greater numbers of nurses and midwives are reaching, or soon will reach, potential retirement age. Secondly many more nurses are now reaching their middle years and they are likely to have different requirements and attitudes to nursing work.

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