Baby Boomers Leaving the Workplace
Posted July 3, 2013 & filed under Job Search, Uncategorized
America’s work force will soon experience significant changes as the oldest baby boomers celebrate their 65th birthdays this year. According to the Oregon Employment Law Letter, nearly 70 million people will retire within the next decade which guarantees massive impacts on several industries across the country. A nationwide study conducted by inc.com revealed that only 33% of the 578 surveyed organizations have researched how the change in demographics will affect their businesses.
Although this change is inevitable, steps can be taken to make the transition less painful.
The best way employers can prepare, is by establishing succession plans. When baby boomers retire they are not only taking their skills and good work ethic will them, they are also taking large amounts of valuable information. The most useful information goes beyond duties and responsibilities that their position entails. Most baby boomers are extremely knowledgeable about the innermost workings of the organization they work for. Developing proper training programs will result in transferring knowledge and information from the retiree to his/her successor. Establishing mentoring programs or offering bonuses that are contingent with properly training less experienced employees are great ways to ensure a baby boomer’s replacement will be well equipped for their new position.
Employers also need to realize that millions of retirees equal millions of new jobs. In fact, there will be several million more jobs than applicants which will greatly influence the hiring process.
Employers will have to raise the stakes in order to outshine their competitors. Companies may want to consider offering annual bonuses or more vacation time in efforts to attract more qualified candidates. Hiring managers also have to realize that an abundance of jobs may result in positions being more difficult to fill, so hiring someone who is slightly under qualified may become more probable. To compensate, employers must transform their companies into learning institutions and offer the very best training to their new hires in order to succeed.
As for the baby boomer generation, they continue to be trail blazers even when it comes to retiring. Many baby boomers have opted for untraditional work arrangements such as part time, or telecommuting. These alternatives allow for an easier transition into retirement for both employer and employee. Being flexible and open minded to such options can be beneficial to both parties.
Many employers appear to be in denial about the inevitable exit of the baby boomer generation. They can run, but they can’t hide. Those who prepare and educate their staff regarding the upcoming changes will surely have the most favorable outcome.
By: Kara Lyons
