What Labor Shortage? Baby Boomers Aren’t Going Anywhere

I’m a baby boomer. I also happen to be one of many boomers not planning to retire just yet. My career has been dedicated to helping businesses achieve higher levels of performance and profitability. The work is fun, rewarding and fulfilling, both professionally and personally.

Lately we’ve been reading and hearing reports that the shifting demographics are bound to change the American workforce. While a labor shortage is predicted due to this shift, I disagree for a couple of reasons:

1. Many baby boomers have not planned for retirement, and they cannot afford to retire.
2. Others—like me—are not interested in retiring.

Today’s business leaders are faced with managing four generations in the workplace.

By effectively managing these four generations, organizations will be rewarded with (1) an increased-knowledge base, and (2) an orderly transfer of this valuable knowledge.

I recently discussed this subject with some people in their early-to-mid 60s. They are not looking forward to retiring. One said, “What kind of meaningless existence would that be for me? I want to continue contributing. I want to be a part of a social network.  I like to be stimulated, and I like learning new things and work provides all that.” 

Most people I know say they expect to continue working as long as they are physically able. In fact, a Society of Human Resource Management (SHRM) article noted that the U.S. Census Bureau reports the number of Americans still in the job market past retirement age has risen by half.

Apparently we will not experience a labor shortage, as a result of aging, anytime soon. So dealing with the multi-generational issues poses a distinctively different challenge for business and management.  The four generations represented in today’s workforce have varied values and expectations, which can sometimes baffle the best of managers.  Here are some of my observations that may provide some helpful insights:

• Baby boomers in general are very hard-working. They also expect certain levels of respect.
• I also anticipate that, in this stage of their lives, many boomers will seek part-time working arrangements because they have other things in life they want to accomplish and other things that they want to do and see. While they don’t want to sever ties with work entirely, they also do not want to work 60 or more hours a week. 
• Many companies demand that people work long hours and expect them to be available seven days a week and/or at night. Studies show that most organizations do not provide the flexible work arrangements that appeal to mature people.
• We have executive-level professionals, many of whom possess an aggressive managing style.  These managers are often younger that the baby boomers they manage; they need to be aware of and accommodate these experienced workers’ needs.  In addition, these managers need to realize the value of these workers’ experiences and knowledge and how much they contribute to the company’s bottom line. 
• Managers need to plan for the orderly transition of the experienced workers’ knowledge base to the next generation of workers, which can often be accomplished by retaining the older workers on a part-time or consulting basis.
• Finally, organizations should not underestimate the value of preparing for this valuable knowledge transfer within their workforces.  Not doing so will have a major impact on productivity and financial successes.  Organizations also need to develop managers to effectively lead these four generations in innovative ways.

Note:  If you are concerned about success in hiring contact me by phone at (602) 357-4399 or by e-mail at ken.kasner@gmail.com

I happen to be one of many baby boomers not planning to retire just yet. My work is fun, rewarding and fulfilling, both professionally and personally.