Executives Delay Retirement Plans According to Korn/Ferry Executive Quiz



    
    Results Reveal that More than Half of Executives Plan to Retire After Age
64

    Concern About Losing Baby Boomers from the Workforce Increases

    
    LOS ANGELES, May 21 /PRNewswire-FirstCall/ -- The reality of deflated
retirement savings accounts may be causing global executives to re-evaluate
how long they stay in the workforce.  The latest Executive Quiz released by
The Korn/Ferry Institute reveals that a majority - 52 percent - of executives
plan to retire at age 64 or higher, a jump of  eight percent compared with
results collected in 2004 when Korn/Ferry last surveyed executives about
retirement plans.

    Regardless of retirement age, the survey results reveal that the majority
(63 percent) of executives are planning to work later in life than they
expected just three years ago. Only 25 percent of executive respondents have
not changed their retirement expectations recently. When asked if their
company provides adequate retirement benefits, 53 percent of executives said
no, 39 percent said yes and a surprising eight percent said they were not sure
of their company's retirement program.

    While executives may plan to work until later in life, results also show
that companies are increasingly concerned about losing critical knowledge that
resides in Boomer-age employees.  Forty-eight percent of respondents said
their companies are either very concerned or somewhat concerned about losing
critical knowledge as Boomers retire, up seven percent from 2004.

    "While Boomers are planning to stay in the workforce longer than
originally planned, there is still a real sense of urgency for companies to
benefit from their experience and ensure that this knowledge is handed down to
the next generation of leaders," said Joe Griesedieck, vice chairman and
managing director, Korn/Ferry. "Implementing programs to facilitate a seamless
information exchange from one generation of executives to the other continues
to be a critical issue impacting corporations worldwide."

    When directly asked if the economy was to blame for altering retirement
plans, executives were split. Nearly half (48 percent) said yes - whether it
be a delay in retirement age (32 percent), change in savings strategy (14
percent) or taking early retirement (two percent).  The remaining 52 percent
believed the economy has not had a direct impact on retirement plans.
    

    Methodology
    
    The Korn/Ferry International Executive Quiz is based on a global survey
of executives registered within the firm's online Executive Center,
ekornferry.com. Respondents from 70 countries, representing a wide spectrum of
industries and functional areas, participated in the most recent Executive
Quiz in April and May 2009.
    

    About The Korn/Ferry Institute
    
    The Korn/Ferry Institute was founded to serve as a premier global voice
on a range of talent management and leadership issues. The Institute
commissions, originates and publishes groundbreaking research utilizing
Korn/Ferry's unparalleled expertise in executive recruitment and talent
development combined with its preeminent behavioral research library. The
Institute is dedicated to improving the state of global human capital for
businesses of all sizes around the world.
    

    About Korn/Ferry International
    
    Korn/Ferry International, with a presence throughout the Americas, Asia
Pacific, Europe, the Middle East and Africa, is a premier global provider of
talent management solutions. Based in Los Angeles, the firm delivers an array
of solutions that help clients to attract, develop, retain and sustain their
talent. Visit www.kornferry.com for more information on the Korn/Ferry
International family of companies, and www.kornferryinstitute.com for thought
leadership, intellectual property and research.
    




    




For further information:

For further information: Asia Pacific: Carol Lo, +65.6231.6219,
carol.lo@kornferry.com, or EMEA: Juerg-Herbert Baertschi, +44 20 7312 3178,
juerg-herbert.baertschi@kornferry.com, both of Korn/Ferry International; or
The Americas: Kevin Oates, +1-310-584-8331, kevin.oates@ketchum.com, for
Korn/Ferry International Web Site: http://www.kornferry.com

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KORN/FERRY INTERNATIONAL

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