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Retirement and The Lost Workforce

This year, a large number of the baby boomers will be turning 65, a ripe age for retirement. This proves to be a challenge to organizations everywhere because of the financial implications of providing retirement benefits, losing experienced and highly trained employees and replacing the lost workforce.

A survey conducted by Challenger Gray & Christmas Inc. provides a different perspective. In the said survey, human resource executives were confident that companies will not need to worry about labor shortage because baby boomers are predicted to put off retirement. This is in conjunction with a Merrill Lynch retirement survey which found out that about 76% of baby boomers do not seek traditional retirement. They would rather take lessons and additional training so that they could shift to a line of work different from their current one.

If the aging workforce is going to stay, how should executives adjust?

Sometimes, executives label the older segment of the workforce as more reliable but also, more difficult. When changes need to be implemented, baby boomers generally are more often than not resistant because they have the prevailing idea that what worked then will also work in the future. This is not true. Many businesses have to do restructuring and remolding their mission, goals and strategies in order to keep up with the times. The key to convincing them to change is to practice good communication. Listen to them and get their feedback.

What can you do for them?

First, erase your assumptions. Do not just box older workers into the “aging” group without seeing their abilities and experience. Second, do not relegate them to the background. Treat them as your employees – with fairness and respect. Third, be clear about directives. Be detailed about plans and strategies because the older workers might be confused with new terminologies and models in the business. Third, retrain them, if their skills are lagging behind. Lastly, meet their needs. Older people need motivation to maintain and improve performance. They also need financial security. Make sure that they have medical insurance and financial coverage. Make necessary adjustments if they need flexible hours.

What can they do for you?

They can share their experience. They can also share their wisdom. Let them become mentors. Let them showcase what they have learned during their years in the company to new employees. Together with the leaders of the organization, they are the ones who truly know the values and the culture of the company.

Age connotes experience and wisdom. As the aging workforce stay in the company, make sure that the company is flexible enough to handle their current needs and their needs once they indeed leave the company.

~ Written by Gary Sorrell, Sorrell Associates, LLC.
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