Colloquially known as “boomers” on TikTok, baby boomers have had a hand in societal changes via peace & anti-war protests, the women’s liberation movement, the space race, and more. The term references the generation born between 1946 and 1964, marking the two decades after World War II. They have been marked by life events such as the Cold War, the September 11th terrorist attacks, and, most recently, a global pandemic. The largest generation to date, these are resilient people and have contributed greatly to the workforce over the past 50 years. However, as they start to retire en masse, they leave us with a profound gap in knowledge transfer and further exacerbate labor shortages across industries.
Now, as Generation Z enters the workforce with completely different values and motivators than previous generations, companies need to be prepared with the proper tools to successfully transition baby boomers out of the workforce without massively disrupting business. For this reason, companies will need to quickly pivot to prioritize retention and develop robust succession plans.
Hard sell on retention
To offset the negative impact of all baby boomers retiring at the same time, you can appeal to their fiercely loyal character trait to try to retain them a bit longer as you work to transfer their knowledge to younger workers or document it for future reference.
One strategy to convince older workers to stay longer is to offer part-time opportunities, job-sharing arrangements, and flexible schedules. These options allow baby boomers to reduce their hours while still contributing their expertise at times that suit them. Most importantly, ask these workers what they want and need to stay longer. Whether that be transportation benefits or financial planning assistance, this can further incentivize them to stay and can help companies lessen the cost of turnover.
Make mentoring meaningful
Companies should encourage baby boomers to pick up formal mentorship roles to bolster the next generation of workers and pass on their knowledge and skills before retirement. These programs can include traditional one-on-one mentoring to build the skills and abilities of individuals identified in succession plans across time. Organizations should also consider other types of mentoring, such as having baby boomers hold master classes to reach larger groups of employees at once.
Another option is flash mentoring, where the mentor meets with an individual in one or two sessions to focus on a targeted skill, such as writing or presentation skills, or building project plans. Regardless, mentoring is another important way to foster the future growth, longevity, and success of the overall business and its people.
Successful succession plans
As much as you could prioritize mentorship programs and retention, shifting budget to reflect that, these employees will eventually retire. This is why it’s just as important for employers to establish robust succession plans beyond listing potential replacements for those retiring. These plans should include comprehensive training and development programs for individuals identified as successors. This proactively ensures a smooth transition and minimizes the disruption caused by retirements.
Regardless of whether your company has a lot of baby boomers or not, this is a great practice to have in place to ensure business continuity following any retirement or other departure.
Preparing for the next generation
As baby boomers exit the workforce, it is an excellent time for companies to focus on retaining and developing their Gen X workers. Gen X, born between 1965 and 1980, will be the next wave of retirees in the coming years. By investing in their development and job satisfaction now, organizations can avoid similar knowledge transfer challenges in the future.
The aging workforce is cyclical. Generations enter the workforce, they work for about 50 years, and then they retire. Baby boomers are shaking things up as they can be attributed to a very large—if not the largest—portion of today’s workforce, presenting a unique set of challenges for employers as they retire in large numbers. However, by focusing on quality retention and succession plans, you can set your company up for years to come.
While baby boomers are the current retirees, in as little as 5 years, Gen X will be the next, so it will be increasingly important to find ways to elongate the lifespan of an employee in the workforce to prevent and lessen future knowledge loss. By proactively addressing these issues, companies can ensure a smoother transition between generations and maintain their competitive edge in the evolving workforce landscape.
Kara Yarnot is vice president of strategic consulting services at HireClix, a recruitment advertising and consulting firm.