As Boomers Retire, Are Companies Prepared?

Nancy Anderson
Posted by in Career Advice


Hiring experts believe baby boomers are leaving the labor force at a rate of 10,000 per day. That means companies must fill voids left behind by these retiring workers. Employers need to do more than just replace workers; they need to replace the wisdom, experience, skills and knowledge associated with these older workers. Fortunately, there are several things companies can do to mitigate issues presented by this unique challenge.

Employers should cover three areas of leadership development. These items refer to strategies to take companies to the next level.

1. Trends to Strategic Vision

Baby boomers as leaders learned how to use trends to create a strategic vision for the company. These leaders relied on skills, experience and instinct to make decisions, set priorities and move the company forward with measured, daily steps. Younger supervisors and managers stepping into these roles must learn how to set strategies based on trends they see in the industry and in their company.

2. The Only Constant Is Change

Due to several factors, including technology and the global economy, the pace of change in business continues to accelerate. Baby boomers had to deal with that as they stepped into higher leadership roles, and young workers must face the same challenges at a quicker pace. Supervisors, managers and executives must develop strong mental aptitude so they can adjust to rapid changes. This includes dealing with collaborations, strategic partners, engagement with employees and market forces.

3. Customers Are Job One

Supervisors need to focus on customers and how customers interact with the company. Rather than calling into customer service as baby boomers did, younger people may utilize live chat, FAQ pages, videos or social media to contact customer service. In addition to these modules, leaders must determine what customers want the most and then implement that strategy.

Developing leaders before the loss of retiring workers becomes a huge problem represents a real investment companies should make sooner rather than later. These three things should occur in a firm's development strategy.

Building Skills

Employers should train leaders on skill-based learning and action learning. This training is a low-risk investment because it allows supervisors to grow their minds by thinking about real-world scenarios they may face in the future.

Reaching Higher

Companies should incorporate vertical development as a way to help leaders move beyond their limited thinking. This means combining coaching and mentoring, with baby boomers as the mentors, as they place their charges in actual settings that help them stretch their minds. Consider an executive putting a much younger worker front-and-center during merger and acquisition negotiations.

Practice Makes Permanent

Newly minted leaders must practice their craft to make lessons sink in better. That way, mentors can correct any thinking before they retire and leave the workforce. Leaders must manage their time, leverage their huge network and always improve their skills as they move forward. When workers develop muscle and mental memory, the leadership concepts become second nature and almost instinctual.

Baby boomers are retiring at a frenetic pace, especially since the strong economy means better nest eggs with investments in retirement accounts. Companies should invest in their futures by training the next generation to step into more advanced roles to alleviate any issues brought on by this labor shortage.


Photo courtesy of Ambro at FreeDigitalPhotos.net

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