Analysis and discussion of issues that impact business

The Baby Boom generation turns 60 this year. As reported by the AP, many of the boomers in the work force aren't that interested in leaving it. Companies are beginning to consider the possible effects of this.

A survey conducted for financial services firm Merrill Lynch & Co. found that 71 percent of adults hope to work in retirement, with many looking for part-time jobs or an opportunity to move in and out of the work force — perhaps during a period as a long as 10 years.

Earning money is just one of the reasons, and it ranks third, the study found. The two leading reasons are to remain mentally and physically active, and many want to try new professions.

It could get crowded around the water cooler soon.

Estimates put the "baby boom" at around 77 million strong.

Asked how prepared their companies were for boomers reaching retirement age, just 24 percent said their companies were “on track” to deal with the retirements. Some 27 percent said they were “in the midst of preparing,” 17 percent said they were just getting started, and 31 percent said their companies hadn’t given it much thought.

At one time, I imagine the business community imagined 77 million retirees at or near the age of 65. It looks like that won't even be close. But there's an interesting side note.

“Levels of awareness of the importance of keeping experienced workers are rising,” he said. “After the baby boomers, there’s a trough. ... Many industries are going to need to retain these workers.”

So, this "trough" will need to be filled by boomers who want to stay in the workforce. But could there be higher costs involved?

(Cynthia Hayes, head of employer plan solutions at Merrill Lynch) said that some “pioneer” companies already were moving to attract older workers with programs such as telecommuting, more-flexible work schedules and opportunities for coaching and mentoring. Other attractions can be phasing in retirement or giving part-time and seasonal workers better access to health insurance, she said.

Things to consider as the leading edge of the boomer envelope hits 60 this year.

While 70 percent of the companies said they had identified areas where they might lose highly skilled workers, setting up systems to retain older workers was not a priority. Instead, most companies were focused on modifying their benefits packages, assessing how to attract younger talent or changing compensation packages to help retain workers.

So much to do, so little time to do it.