Baby Boomers Decide to Stay On The Job

So AARP has recently released a study that says that nearly one in five Baby Boomers aged 55 to 64 planned to delay retirement because of the economic downturn. Not terribly surprising and it’s likely that this trend will continue.

This study tells us two things that impact employers and the workforce.

1. Employers will need to increase their understanding of Generational differences in the workplace and provide training to HR departments and all levels of management. In corporate America, it’s becoming increasing likely that if you are a 55 yr old manager with 30 years experience that you will report to a Gen X or Gen Y senior manager twenty years younger than you! Generations have different values and work orientations that they bring to the workforce. To effectively manage a profitable operation, managers and employees need to understand these differences and the similarities.

2. Even if 20% of eligible Baby Boomers decide to stay in the workforce for a few years to ride out the economic downturn, the remaining 80% of Baby Boomers who elect to retire or seek nontraditional employment will cause a devastating chasm in the ability of employers to fill their critical jobs that require experience and advanced skills.

Employers: What Must You Do

Acknowledge that a multi-generational workforce is desirable and here to stay. Seek out professionals to help your management team understand generational differences and how you can leverage the experience and skills of your Baby Boomer generation workers. Hint: mentoring.

Acknowledge that you must become a Boomer Friendly employer. Do this by realizing the bottom-line significance of retaining your best workers and being able to attract the best talent.

You will be an Employer of Choice if you embrace a culture and policies that are flexible to the needs of experienced workers who want to work at something satisfying and rewarding- for less than 80 hours per week!