95 per cent of Australian chief financial officers (CFOs) and financial directors have admitted they are worried about a skills gap following the retirement of the baby boomer generation (born between 1946-1964).
The annual study conducted by recruitment company, Robert Half, surveyed 300 CFOs and finance directors to find that 92 per cent also felt that the retirement of the generation will have a negative impact on their company within the next two years.
According to the study, 97 per cent of finance leaders are taking measures to counter the issue. Respondents declared they are making commitments to invest in the next generation and are supporting them through measures such as training and professional development programs (44 per cent), mentoring programs (36 per cent) and succession planning (29 per cent).
“With the baby boomer generation retiring over the coming years, companies risk facing a skills and talent shortage. In order for companies not to lose the expertise and know-how of their experienced employees, companies have to make talent management a priority,” said Robert Half senior managing director APAC, David Jones.
“A thorough inventory of the core skills that organisations have in-house and the ones they will have to replace, is an important first step. For the expertise that is not available internally, companies must look for new employees that possess the necessary skills and expertise,” he added.