Executives Delay Retirement Plans According to Korn/Ferry Executive Quiz
Results Reveal that More than Half of Executives Plan to Retire After Age
Concern About Losing Baby Boomers from the Workforce Increases
Regardless of retirement age, the survey results reveal that the majority (63 percent) of executives are planning to work later in life than they expected just three years ago. Only 25 percent of executive respondents have not changed their retirement expectations recently. When asked if their company provides adequate retirement benefits, 53 percent of executives said no, 39 percent said yes and a surprising eight percent said they were not sure of their company's retirement program.
While executives may plan to work until later in life, results also show that companies are increasingly concerned about losing critical knowledge that resides in Boomer-age employees. Forty-eight percent of respondents said their companies are either very concerned or somewhat concerned about losing critical knowledge as Boomers retire, up seven percent from 2004.
"While Boomers are planning to stay in the workforce longer than
originally planned, there is still a real sense of urgency for companies to
benefit from their experience and ensure that this knowledge is handed down to
the next generation of leaders," said Joe Griesedieck, vice chairman and
When directly asked if the economy was to blame for altering retirement plans, executives were split. Nearly half (48 percent) said yes - whether it be a delay in retirement age (32 percent), change in savings strategy (14 percent) or taking early retirement (two percent). The remaining 52 percent believed the economy has not had a direct impact on retirement plans.
The Korn/Ferry International Executive Quiz is based on a global survey of
executives registered within the firm's online Executive Center,
ekornferry.com. Respondents from 70 countries, representing a wide spectrum of
industries and functional areas, participated in the most recent Executive
Quiz in April and
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