Ownership is the key distinction of privatization according to this focused definition of privatization (Klingner et al, 2010).
Privatization is viewed as an option for providing services to the community and the decision to privatize should be made by the government reflecting the government to deliver public goods and services by the private sector creates a balanced evaluation of the financial and non-financial issues with the needs of the community.Market-based competition basis. Privatization is characterized by little involvement by the government and collaborating with private service providers. Government stops providing a service directly and relies on the private sector to deliver the service (Klingner et al, 2010).
Human resource managers are facing an imminent mass exodus of senior workers, the likes of which has never been seen before. These workers will need to be replaced due to death or retirement. Some organizations might lose up to 50% of their seniors in the next two to three years.
This exit will strain the governmental entitlement programs, company benefit, pension plans, and press the concern on empty chairs in offices across the nation. The smaller size of Generation X (25 – 38- year-olds) along with their high rate of turnover and the transitory nature of their work force lately will lead to a shrinking pool of replacements and competition for those employees will increase. Demographic realities seem to suggest a possible shortage of labor in the coming decades (Klingner et al, 2010).
Many Boomers will maintain their positions after their typical retirement age due to longer life expectancy. The likelihood of new legislation increasing the age for Social Security benefits, the high costs in living, recent losses in pension and IRA accounts attached to the stock market could make older employees delay their