Is Your Business Prepared for Baby Boomers Leaving the Workforce?

Baby boomers make up a large portion of the workforce. They often have upper-level positions and are responsible for making important decisions for many businesses. As these older workers retire, they leave behind a large hole in the job pool some industries aren’t prepared to fill.
A survey conducted by Pew Research Center showed that almost two-thirds of businesses aren’t ready for their baby boomers to leave the workforce. Baby boomers are retiring daily in large numbers, leaving companies unsure how to replace the lost skills. This isn’t something that will be happening years from now – it is going on today.
The difference between baby boomers and younger workers is more than just work experience. Some studies suggest that baby boomers have a better work ethic and written communication skills compared to the employees that are currently entering the workforce. This can mean a lower standard of work across all levels of the organization.
What can your company do to make sure your business doesn’t suffer as baby boomers prepare to enjoy their golden years? You can create a two-prong approach that includes training the younger generation and coaxing older employees to stay longer with the company at a reduced capacity.
By creating cross-training and shadowing programs, younger employees can begin to learn the positions currently held by older workers. This will help employees feel confident to succeed senior employees when the time comes. Your business can also create part-time positions for baby boomers or ask them to assist your organization as a consultant.
These programs will help decrease the impact of the skill drain that will occur over the next 20 years as baby boomers retire. It will also help the older workers by giving them the chance to work less and enjoy their golden years while still feeling a sense of purpose in their work-life.
Creating a flexible work environment will benefit employees young and old as they learn important skills, work in an engaged workforce and feel valued by the company. The baby boomers may be leaving, but the impact they create can be positive if your business prepares now to protect the future of the company. If you need to fill vacant positions at your company, contact us. We can help you with your search for candidates and make sure your company can meet its business goals.

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