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Survey: Retiring Baby Boomers To Cost Companies Millions

An ATS survey of manufacturing executives indicates companies feel the worker shortage will cost U.S. manufacturers at least $52 million each.

PEORIA, Ill. -- The combination of the baby boomer retirement and a lost generation of factory workers are aggravating a costly skilled labor shortage for U.S. manufacturers, according to a survey by Advanced Technology Services, Inc (ATS).

The survey asked 100 senior manufacturing executives representing companies with revenue between $10 million and $1 billion what the anticipated retirement of 40 percent of their workforce over the next five years would cost them.

The respondents said the shortfall will cost their companies an average of $52 million each, and up to $100 million for the nation’s largest companies.

Eighty-one percent of respondents said they would be affected by the shortage, up from 68 percent three years ago.

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