With college graduation season upon us, there has been a lot of talk about whether or not new graduates will be able to find a job after graduation. Fortunately, according to the National Association of Colleges and Employers, employers expect to hire 10.2 percent more graduates this year than they did last year.
Part of the reason for this is that baby boomers (born between 1946 and 1964) are starting to retire. As the largest generation of active workers, baby boomers’ retirement may mean quicker advancement for the Class of 2012 as employers look to fill the void they leave behind, including:
- Shortages in skilled workers
- Loss of institutional knowledge
- Lack of leadership
However, with around 10,000 baby boomers turning 65-years-old every day, it seems that many are not fully prepared to retire. In an April 2012 report, the Insured Retirement Institute found that 64 percent of baby boomers believe they will have to take a post-retirement job as an additional source of income.
According to recent research published by New Millennium, here are the initial steps that some employers are taking to help employees to plan for retirement:
- 52 percent of employers plan to encourage workers to take more accountability for their retirement planning
- 60 percent say they will focus on helping employees become more educated in the resources available to them through employment
Is this enough for employees entering the workforce today?
As employers, we need to think long and hard about how we can help our employees to establish retirement goals and start saving. One way to do this is to offer a retirement savings plan, such as a 401(k). The Department of Labor also has some great resources on how employers can choose a retirement solution for their employees, including some of the benefits to your company.
What are you doing to provide employees with more education and support with respect to personal savings and investments that will last them through retirement?