The findings of a new report on age and retirement benchmarks in the U.S. workforce, showed that 18% of the U.S. workforce is likely to retire within the next five years. The six industries studied ranged from a low of 9% reaching retirement age in the hospitality industry to a high of 28% in public administration. Other industries included in the study were manufacturing, healthcare, education and retail.
While there is no guarantee that everyone who reaches the average retirement age will actually stop working, the research indicates several industries could be facing a significant loss of skilled talent over the next five years. This retirement data provides a critical glimpse into the future of a company’s workforce. Businesses will want to assess how their own workforces compare to the averages and consider strategies for recruitment and training in order to replace the significant loss of knowledge, experience and company culture that can be expected.
The number of workers reaching retirement age in the next five years varies widely across industries. Public administration and healthcare services can expect large numbers of employees to leave the workforce, given the fact that workers in these industries have average age of 47 and 43 respectively. By contrast the average age for hospitality workers is 34 and for retail 36.
From: ADP, Inc.
Follow the Magazine:
(After you have filled in your email address in the column at the right hand side of the screen, a confirmation email will sent to your email address. You will have to confirm it before subscription begins)
Follow us on Twitter:
Like us on Facebook:
**As part of the Magazine’s drive to reward subscribers/followers, we will be providing subscribers/followers special access to exclusive content which will not be otherwise available to normal visitors. Please be sure to subscribe to the Magazine. Many visitors have given us positive comments that they will be bookmarking the site, but as the system is unable to capture a working email address to which the passcodes for exclusive content will be sent, they will miss out on this content. Do note that passcodes are locked to each exclusive content, not a one-for-all access, so do provide a working email address that you check regularly so as not to miss out on them!