Senior Spotlight: Recognizing the Importance of Retaining Boomers In Workforce
Two words: Knowledge. Transfer.
“More and more baby boomers are riding off into the sunset, and the workforce will never be the same.” (The San Diego Union-Tribune) The labor shortage is very real for a number of reasons, and one of those pertains to the unbalanced workforce trend. With the US birth rate declining over the last 20 years, families getting smaller and the ‘gig’ economy impacting generational career growth – we may be saying goodbye to a workforce that we may never replicate. Yet life expectancy is increasing, Baby boomers are working longer and many are not looking to retire soon. And the San Diego Union-Tribune reports there is something we should do about it.
Plan for a knowledge transfer. Journalist & author Phil Blair has drawn attention to the advantages of having Baby Boomers on the payroll, namely “a reliable workforce that can help you with knowledge transfer and mentorships.” Employees over age 50 are 5X less likely to change jobs compared to those aged 20-24, plus a Gallup Poll reports that Baby Boomers are the least stressed and most engaged of any employee age bracket.
With decades of hard work invested into their careers, unrivaled depth of knowledge and experience and a longer retirement timeline – there is a lot we can and should learn from Baby Boomers, and Blair suggests 3 ideas how:
(From the ‘Why hiring and retaining baby boomers is a critical strategy for employers’ as published on 9/16/24 in the San Diego Union-Tribune)
1) Capitalize on millennials’ desire to advance in the organization. They’re more inclined to recognize the expertise of baby boomers, and they also know that learning from them will likely lead to new opportunities.
2) Encourage a give-and-take ecosystem that opens opportunities for millennials to share technical knowledge with baby boomers.
3) Consider offering flexible schedules and part-time work to anyone considering early retirement.
What is refreshing about the advice above is that it’s just that – recommended action. We too often hear about the silver tsunami, a retirement wave, a lack of career employees… but there is something we can and should do about it. Truly ‘see’ our experienced workers for who they are, the value they bring and implement strategies to embrace the knowledge they have. Plan to pass it on.
A legacy isn’t just something we leave to our families; it’s the contributions we make over the course of our lives – and might be just as valuable as the other things we pass down the line. Do you agree? 😉
Cheers to being older, wiser & willing to share it,
Bobbi
Bobbi Decker
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www.bobbidecker.com
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