Talent Turmoil as Baby Boomers Bid Bye Bye

by Gregg Gregory

 

 

Are you getting ready to retire in the next 5 years?  If yes then you are in the segment of the population referred to as the baby boomers – but I am not telling you anything you did not already know.  The potential challenge is what the boomers are leaving behind – a talent turmoil where many organizations will not be able to fill the void in retiring workers.

 

By the year 2020 the bureau of labor states that 16% of the entire US population will be at least 65 years old.  A vast number of senior managers will eligible to retire by the year 2010.  The challenge is that more senior team members are retiring from the workforce than there are younger workers entering the workforce.  What is your organization doing to work towards filling the vacuum by these retiring workers?

 

According to many studies there are several areas of concern for leaders to be aware of.  Probably the biggest challenge will be the fact that employees are finding it easier to job hop and with a shrinking workforce the jobs will become more easily available and thus harder to keep quality talent and thus reducing performance.

 

Next is the fact that the retiring boomers take with them enormous amounts of knowledge that has not been effectively or even efficiently imparted on the next generation.  This in part due to the fact that many boomers have worked from “an afraid for their job” mentality and the fact that many of the next generation have worked from a “we know it all mentality”.  Both of which have been incorrect.

 

You also have the challenge of rising costs – pension costs in larger organizations and the rising health care costs are making it difficult for smaller companies to stay competitive.

 

While the likelihood that any one company will have this perfect storm hit them many organizations easily expect at least one or two to significantly impact the way they currently do business.   What can you do about this, starting today? 

 

Reducing Turnover

 

First and foremost you cannot stop someone from leaving or even be upset with them for choosing to advance their career.  With that being said you can stay on top of industry trends and stay ahead of the curve when it comes to retention plans in your industry.

 

Do a survey of your employees about what they would like to see in their workplace.  With rising fuel costs many are now looking at alternative work schedules or telecommuting.  How important is that and can it be done in your environment? 

 

The biggest thing you can begin doing immediately is evaluating why your employees are leaving.  This can start tomorrow and begin a study on the reasons employees are leaving and notice the trends.  To understand this a little bit better take a look at a previous G-force article.

 

http://www.teamsrock.com/articles/WhyDoEmployeesLeave.htm

 

Transference of Intelligence

 

A huge factor is the culture of it is OK to help others and not be so single minded that someone is out to get your job.  This can actually work on two fronts – It can make the knowledge flow easier to the next generation – It can also be a huge factor in keeping the boomers around a little longer and the fact that you can offer training to the next generation may be so astounding that the next generation will want to stay because they are continually learning and growing.

 

How long does it actually take for a new employee to develop the “intelligence” of a retiring worker?  What is interesting is that much of the transference is not something that can be taught like simple operations instructions, rather it can take years to transfer this kind of intelligence by modeling and working so closely with someone.  I know from my own experience that I simply learned a lot from just watching others do their job and in particular I learned massive amounts from my father. Even when he was not actually showing me how to do something, I was still learning and I am sure you were too.

 

The secret here is to start the ball rolling now and get the culture in place to show the next generation that the organization is committed to the growth and that this growth is coming from the next generation employee.

Gregg Gregory is an award-winning speaker, sales trainer, and executive coach who delights audiences, electrifies managers and leaders, and transforms teams. Gregg Gregory is the recipient of the coveted CSP designation from the National Speakers Association, in recognition of his accomplishments in speaking and training.

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