Three in four employers (74%) reported in a 2009 MetLife survey that they are primarily concerned about experiencing a knowledge drain as older workers retire. Cynthia Mallett, VP of MetLife said “With emerging Retirement Model study, we were surprised to find the extent to which the knowledge drain is both a “today” and “tomorrow” issue for employers, even while conventional wisdom might suggest that the effect of workers now delay retirement-primary out of financial necessity-could lessen immediate concerns about the knowledge drain”.
More than one third of employers are considering implementing, or have already implemented, phased retirement programs at their organization. Many employers are setting up flexible work arrangements to accommodate the aging workforce and manage the knowledge drain.
Marc Freeman, founder and CEO of Civic Ventures says “the country needs them (older workers) to work to sustain economic productivity and growth and to fill vital roles that demand their skills and experience”. According to an another survey, some 54 percent of workers ages 65 and older say they are completely satisfied with their job, compared with 29 percent of employees ages 16 to 64.
Unfortunately, for those people need to extend their career because of insufficient retirement funds or for health insurance reason many of them may not as enthusiastic and will be reluctant to transfer their knowhow to younger coworker for job security.
Our members however extend their career only to help other people. They are healthy and having already sufficient retirement funds. When people are not forced to work they are definitely happier and enthusiastic. They realize that many people’s welfare depends on their donations therefore will have good work ethics. Most employees very close to retirement age are with decades experience and know how that are very valuable to the company.
Without the need of job security, our members will be willing to teach younger colleagues most if not all of their knowledge, techniques and experiences without any reservation since it coincide with their reason of delayed retirement to help others. This will bring very good results to the companies that our members working for.
For those younger employees who decide to join the Movement to help other people in the future, they definitely are more optimistic, more confident, prefer steady work, more loving for their work and will treat coworkers more friendly.
If any of our member does not perform up to company’s standard, they can still be disciplined or let go just as regular employee.