Ineos exec: Companies face issues with slow-to-retire workforce
https://www.bizjournals.com/houston/news/2021/05/14/ineos-exec-companies-reitirement-issues.html?utm_source=st&utm_medium=en&utm_campaign=ae&utm_content=ho&ana=e_ho_ae&j=23850027&senddate=2021-05-14
By Joshua Mann – Senior reporter, Houston Business Journal
2 hours ago
As petrochemical companies plan for the future of their workforces, some of them are running into a problem. An increasing number of their older workers aren’t able to retire.
“People were not able to save as much money, they are uncertain of the future, so there will potentially be fewer people retiring,” said Stacy Putman, manager of advocacy, workforce development and strategic projects for Ineos, a London-based multinational chemicals company.
The shift several years ago from pensions to 401(k) accounts as a means of securing retirement is also having a detrimental effect here, as the latter plan leaves potential retirees feeling less secure in their future and less willing to leave the workforce.
"We're starting to see some of the first people retire who are no longer on pensions," Putman said.
Putman was referencing a February report by the National Institute on Retirement Security in which 65% of respondents say they will likely have to work past retirement age in order to save enough money.
That means fewer jobs opening up for the next generation of workers, Putman said. Businesses looking to address this problem could find opportunities to create new departments and roles for incoming workers, she said.
Companies looking to keep pace with the broader shift in energy and manufacturing toward lower emissions and sustainability could also find opportunities to open new roles in those fields, she said.
“It’s really interesting to see the decisions that are going to be made this year and next year — and how that affects organizations from a position of opening up jobs,” Putman said.
Putman was speaking on a Houston Business Journal's May 13 panel on Houston's port and petrochemical industry. It was the latest in the State of Energy series.
Ineos has several Houston-area locations, including the headquarters of its Ineos Olefins & Polymers USA in League City.