Companies could face '˜mass exodus' of senior staff

A survey of 2,000 adults by recruiter Randstad found that a third planned to retire early and that Belfast is one the three top cities the issue could affect.

Three out of four believed there was pressure for older workers to retire at state pension age.

Those planning early retirement said they felt they would not be wanted by their employers when they were older.

Mark Bull, chief executive of Randstad, said “The baby-boomers are nearing retirement, and we could have a huge skills shortage on our hands if these senior, established staff exit the workforce en masse.

“This additional squeeze on skills could be catastrophic - especially considering the current war for talent.

Given the current skills gap, finding the right people for the right jobs is becoming increasingly difficult.

“Now more than ever employers should be holding on to their high performers as tightly as they can, as it can take a long time to fill the gap left by senior staff when they leave.”

Workers in Belfast, Liverpool and London were most likely to retire early, said the report.

TUC general secretary Frances O’Grady said: “This report is a reminder of how important it is for government and industry to plan for the long term.

“This planning must include significant investment in the skills and development of workers - both as part of the Government’s industrial strategy, and in the business strategy of any company that wants long-term success.”