Talent Retention vs. Baby Boomer Retirements–Why You Should CarePosted: April 11, 2012
Two separate articles on the RecruitingTrends web site today (April 11) touch on different aspects of the same topic, and it’s something you might want or need to pay attention to–regardless of your age or career situation. Basically it seems that job market improvements are causing difficulties and concerns for employers who fear losing key employees; at the same time, massive numbers of baby boomers have started retiring, a trend that’s expected to continue and maybe even accelerate over time. This could potentially mean better/more opportunities for you going forward, depending on your career field, industry, and so on.
Talent Retention Issues and Employer Actions
According to one of the articles, “2 Out of 3 Companies Trying to Retain Talent,” two-thirds of employers are starting to implement programs to retain as many of their most talented workers as they can (source: an OI Partners’ survey). Here are some of the stats reported by the survey:
- 90% concerned about high-potential employees
- 72% worried about front-line workers (sales and service)
- 60% apprehensive about middle managers
- 45% uneasy about senior-level executives
The article quotes OI Partners’ chair, Steve Ford, as saying that “companies are most concerned about losing employees who they have designated as their future leaders and those who directly work with customers. Job opportunities have already increased for these levels of workers….”
What does this mean for you? If you’re in one of the following careers or occupational fields, you might be particularly marketable and attractive to companies that are looking to hire: operations and production; sales and marketing; customer service; accounting and finance; information services.
Possible Impact of Baby Boomer Retirements
The second article, “SHRM-AARP Poll Shows Organizations are Concerned about Boomer Retirements and Skills Gaps,” mentions Pew Research Center data indicating that over the next 20 years or so, baby boomers will retire at the rate of 10,000 per day! In spite of this fact, about 71% of the companies polled by SHRM/AARP haven’t yet begun serious strategic planning assessment to study the impact they could face from losing employees 50 and older so they can try to figure out what to do about it.
Is your current company doing anything to help prepare? If you’re targeting other companies for your next job, do they have any plans or programs in place? These are potentially significant questions for you to be asking. Preparations could include “increased training (45%); developed succession planning (38%); hired retired employees as consultants or temporary workers (30%); offered flexible work arrangements (27%); and designed part-time positions to attract older workers (24%).”
Talent Retention and Baby Boomer Retirements: What the Future Holds
Those of you who are old enough will remember the following quote from a cartoon character: “We have met the enemy and they are us!” (Walt Kelly, Pogo, 1971) One way of interpreting this is that we can be our own worst enemies. Sometimes that’s because we don’t plan for the future or make plans and don’t take the steps necessary to carry them out. Companies are, after all, made up of individuals, so they’re at least as fallible in this regard as an individual might be. If the talent retention and baby boomer retirement situation gives you an opportunity to enhance your own employment or career situation, make sure you’re ready to take advantage of it.