Through everything that’s been happening in the employment marketplace during the past few years, specifically the pandemic and everything that went along with it, something has gone largely unnoticed.
The members of the Baby Boomer Generation are still getting older—and they’re still leaving the workforce in droves.
According to the Pew Research Center, over the next two decades, 10,000 Baby Boomers will turn 65 years old every day. That’s right . . . every day.
As you can imagine, this is only making the talent and worker shortage in this country and around the world even worse. As if the Great Resignation wasn’t enough, we’re still in the midst of the Great Retirement, in which the workforce continues to lose workers at an alarming rate.
Unfortunately, some companies have done no workforce planning at all to help them negate the effects of the Baby Boomers retiring. As a result, they’re not as prepared as they should be. They weren’t prepared before the pandemic, and they’re even less prepared now.
However, there is something that employers can do about this current and future crisis. There are organizations that are addressing the issue by hiring retired employees as consultants or contractors, a trend known as “retiree re-staffing.”
There are many benefits associated with this approach:
- Companies retain the experience and expertise that might have otherwise been lost.
- Companies can arrange to have that knowledge and expertise transferred to less experienced workers.
- Employees can maintain a flexible work schedule, which is quite important to them at this point in their career (and life).
- Employees can earn money to supplement their retirement income.
In some cases, older workers have discovered that they really can’t afford to retire, or at least retire completely. In other cases, workers who have retired completely have become bored and wish to re-join the workforce in some capacity. After all, you can only go fishing and/or golfing so many times.
So . . . what’s your organization’s plan for combatting the ongoing retirement of the Baby Boomer Generation? How do you plan to meet the challenges of the growing talent and worker shortage? Have you aligned yourself with an experienced recruiting agency that can help you find the best job candidates in the employment marketplace?
Don’t focus only on those people who are actively looking for a new opportunity. Also seek to identify passive candidates, those who are not looking but represent the top 5% to 10% of the candidates in the job market.
Contact The Doepker Group today to find out how we can help your organization!