Baby Boomers Are Retiring! How Will Your Business Adjust?

Baby Boomers Are Retiring! How Will Your Business Adjust?

Currently, the youngest Baby Boomers are turning 58 in 2022, while the oldest are turning 76. That puts the majority well within the traditional retirement age range. Once 2030 arrives, every Baby Boomer will be 65, a classic threshold for leaving the workforce. By 2032, they’ll all be at full retirement age based on Social Security guidelines. While eight to ten years may seem a way off, it’ll arrive faster than you’d expect.

Plus, due to the pandemic, some who initially planned to work longer decided to make an early exit. In some cases, this was spurred by layoffs. In others, events like the Great Resignation played a role.

Regardless of the reasons behind their decisions, companies have to adapt to the exit of Baby Boomers from the workforce. If you’re not sure how to prepare, here are some tips.

Cultivate Internal Talent Pipelines to Fill Leadership Roles

While hiring outside candidates is always an option, cultivating internal talent pipelines for leadership positions is often a better choice. It allows you to mold the managers of tomorrow, ensuring they’re equipped to fill vacancies as Baby Boomers retire.

Plus, by supporting the advancement of your employees, you’ll have an easier time positioning your company as an employer of choice. Along with boosting retention, this makes recruitment easier. As a result, you’ll have a simpler time connecting with top talent when the need arises.

Ideally, you want to use a multi-faceted approach. Consider coupling traditional training methods with informal options. For example, matching Baby Boomers with a mentee can be a great way to capture knowledge that may otherwise leave the company.

Adjust Roles to Fit Baby Boomers’ Lifestyles Long-Term

Today, retirement doesn’t necessarily mean a complete exit from the workforce. Instead, many retirees simply want to scale back, allowing them to spend more time on recreation while having a reliable source of income beyond retirement savings.

Since that’s the case, adjusting roles within your company can help you keep certain skills in your workforce. You can create part-time positions with reduced responsibilities, allowing those who want to partially retire to remain on staff, just in a different capacity. Flexible schedules may also help keep them on board, as well as remote work opportunities that align with other retirement goals, like traveling.

Partner with a Staffing Solutions Provider

In the coming years, companies may need reliable solutions to fill vacancies resulting from Baby Boomer retirements, traditional turnover, and everything in between. Whether you need a long-term employee in a full-time role or a temporary hire to help manage peak season demand, working with a staffing solutions provider is wise.

With a staffing partner, you’ll gain access to recruitment experts. Additionally, you’ll have support to ensure you can plan for current and future needs strategically, making it easier to maintain full productivity even if the unexpected occurs.

If you’re ready for a reliable workforce management partner, the team at GSG Talent Solutions wants to hear from you. Contact us to learn more about our services today.


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