It's been all over the news lately, like in the Wall Street Journal. http://www.civicventures.org/news/releases/index.cfm?date=2010_03_22
Yes, that's right. There's a recession now, but in less than ten years, we'll see a labor shortage due to Baby Boomers retiring. So, if you're a Baby Boomer you may be thinking, "but I can't afford to retire!" And if you're an employer, you may be thinking, "I can't afford for the majority of my workforce to retire."
Good news for both of you. Boomers don't want to retire completely and studies have shown that when they stop working completely (losing their social circles and purpose), they reduce their lifespan. They want options on working, like working fewer hours or having more flex-time options. For example, they're wondering if they can work sometimes 30 hours a week, so they can have a little more time with the grandchildren.
Employers, if you're savvy, you can start asking your older employees *now* what they want to increase their engagement so they stick around. It's more than just a succession plan (who's necessary for your business to survive). It should include a mentor program, where Boomers are encouraged to spend time with younger workers and provide them information. They want to! Studies have shown that Boomers want to use their experience and skills, and this honors what they bring to the job. Also, you may notice your Gen Xers in middle management, this mentorship provides them opportunities to learn leadership skills from your Boomers.Better still, because everyone is involved in the ways they want to, you may notice productivity going up.
If you're an employer in the Portland-metro area, contact us. We're eager to discuss options with you.
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