Are Baby Boomers starting to retire at last?
For the last 10 years we have been told that the baby boomers, born between 1946 and 1964, will be retiring, causing a shortage of workers moving towards 2020.
Has that happened? Not in large numbers thus far, however we are now starting to see this materialize. I have noticed that many senior finance executives are now saying, “Enough is enough; I now want to get out and enjoy life while I am able.”
I was recently surprised to learn that there are 5825 people in Canada aged 100 years old or over. Wow! No wonder people are still working; 70 is the new 50.
We are now beginning to see a shortage in quality candidates at the CFO level in small to medium size companies $20M – $400M. The companies that have not made contingency plans for succession planning are finding it difficult to promote from within.
As niche executive search practitioners in business since 1985, we are a valuable source for companies of this size. We know it has been extremely important to keep in touch and build relationships with the younger executives that will be the senior executives of the future.
There will always be senior executives that will not want to retire but just tone down and work a little, but at the end of the day we will be seeing a shortage of good quality candidates, creating a candidate driven market!