Did you know that approximately 10,000 US baby boomers are turning 65 every day until 2030? That’s a lot of people ready for retirement! It’s important for your company to plan how the workforce will be impacted when these baby boomers actually retire. Our team at High Profile has created this post to help your organization answer the looming question, “Is your company ready for the baby boomer retirement?”
Baby boomers are the population born between 1946 and 1964, meaning members of this group range from 50 to 68 years old. As baby boomers reach retirement age, the US workforce will be facing a major shift. It’s important that your company is prepared for opportunity and growth during this time.
Start by asking basic demographic questions about your company’s workforce. What are the current ages, positions, years in position, and anniversary dates for your employees? Other questions you should ask to help prepare for the future include:
- What is your company policy on retiring? Is early retirement encouraged or discouraged?
- What programs can be put in place now to capture critical knowledge of baby boomers who will be retiring?
- Will your organization face a labor shortage that may impact your ability to provide services?
- How will you train the young workers taking over for baby boomers, keeping your business successful?
These questions should give you an idea of the areas you will need to focus on as the baby boomer generation begins to retire. According to a recent survey conducted by AARP and the Society for Human Resource Management, 72 percent of HR professionals saw the loss of baby boomers as a problem or potential problem, yet only 5 percent of organizations have implemented policies and practices to address the issues of their potential losses. This survey focused on strategic workforce planning for companies in preparation for potential skill gaps once baby boomers leave the workforce.
Creating a strategic plan to address the issue of retiring baby boomers should involve HR professionals and C-suite executives. This strategy should be long-term and address the needs of your company and industry. The more information you have the better. Contact one of our recruiters today for help with preparing your company for baby boomer retirement.