I recently blogged about the Truth about Millennials in the Workforce. I hope that I displaced some of your misconceptions and offered you a new perspective on this misunderstood generation. Now let’s take a look at baby boomers and what lies ahead for this group of workers.
The U.S. Census defines baby boomers as people born during the Post–World War II era between 1946 and 1964. For boomers like myself, our careers are likely winding down. We’re thinking about retirement. Yet, many baby boomers are choosing to stay in the workforce. About 35 percent of workers continue to work past the age of 65. The reasons for staying employed vary—from financial need to wanting to work.
There is also a concerted effort by employers to keep skilled professionals in the workforce, creating more of a phased approach for the exit of those within retirement age. Businesses are trying to Stave off the Brain Drain, because there are not as many qualified professionals ready to assume the positions of those retiring. Companies are creating flexible work hours, additional benefits and more opportunities for those reaching retirement. Anything to keep older workers engaged so they can train and mentor younger employees.
However, this trend will surely have a ripple effect down the road. The prolonged rate at which people are retiring will certainly impact opportunities for younger generations, who will now have to wait longer to gain seniority.
But what I find most interesting is some of the commonalities between the two generational spectrums—millennials and baby boomers. While the millennials make demands for life/work balance and company authenticity, baby boomers are looking for much of the same. I think both groups can find common ground on many things, learn from one another’s experiences and work together to create a more skilled and happier workforce.
Are you baby boomer who is choosing to retire later? What would be your advice to millennials and vice versa? As always, I’d love to hear your thoughts.