Companies in UAE are preparing for a significant skills gap n the next two to five years as baby boomers retire, according to newly released research from recruitment specialist Robert Half UAE.
Businesses in UAE are having to consider how they are going to accommodate the needs and demands from younger generation X and Y professionals as baby boomers look to retire. Not only will the expectations from employees shift, there is also concern that there will be a negative impact to businesses as skills are not passed on.
Companies in the UAE are already preparing for the loss of skills from experienced professionals by increasing training and professional development programmes (36 percent), enhancing employee benefits to retain baby boomers (32 percent), hiring mid-level talent to develop a skills pipeline (29 percent), increasing mentoring programmes/knowledge transfer (29 percent), hiring senior-level talent to replace retiring employees (28 percent), developing succession planning strategies (23%), offering flexible and/or part-time work arrangements to attract and retain baby boomers (13 percent).
Gareth El Mettouri, Associate Director of Robert Half UAE, commented: “As the baby boomer generation head closer to retirement, there is a concern that valuable employees will leave creating a knowledge gap within the business. With the region already facing a skills shortage, it’s important for businesses to start developing a robust succession plan now, with a strong emphasis on attracting and retaining skilled professionals in order to maintain competiveness.
“Companies should look to develop mentoring schemes to help foster a knowledge transfer from senior employees in an effort to avoid losing invaluable information and skills from the workplace. As younger generations progress through the workforce, it’s important to understand and acknowledge the different age and skills gaps as it will allow businesses to plan effectively and secure their succession planning strategies.”
Robert Half offers the following strategies to retain the skills and experience of retiring baby boomers:
1. Start preparing now. Develop a succession plan that identifies looming skills gaps and priority areas for recruitment.
2. Assess all levels of the business. Don’t focus solely on senior-level roles. It’s important to have a strong leadership and management structure in place for key roles at all levels.
3. Begin mentoring schemes. Work with employees and leadership to develop mentoring programmes, additional career development or education to ensure skills are passed on and career paths are visible within the business.