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In our newsletter this month, Ruth Fennell brings a unique vantage on the value of retaining "Baby Boomers" in your workforce as well as strategies to accomplish that goal. After years in the corporate Training and HR environment, Ruth opted out of the corporate track. Like so many Boomers, she needed to reengineer her lifestyle so she would have the flexibility to care for aging parents. Now recognized nationally as an expert in issues related to caring for seniors, Ruth is an active realtor, an instructor and speaker specializing in issues related to caring for seniors. She is also a Certified Senior Advisor (CSA), helping families work constructively with a variety of issues stemming from aging family members.
| The Boomers |
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Retaining and Recruiting Boomers.
Baby Boomers, those born between 1946 and 1964
and who comprise about 45% of the nation's
workforce are choosing to leave the workforce in
startling numbers. Like many others, you may have
planned for their departure at the "standard"
retirement age of 65 and are developing Gen X or
Gen Y to pick up the baton when that day comes
around. Yet time may be shorter than you think.
Across America, Baby Boomers are trading in high
paying, high stature jobs--long before they reach the
magic age of 65--for situations that provide more
flexibility, less stress, and the opportunity for genuine
work/life balance. These Boomers, who for decades
have excelled at the corporate political maneuverings
and jumped to the whims of corporate leaders, say
they need to take control of their lives to meet the
needs of both children and aging parents. Others
simply want to follow their dreams or find a job
position that "gives back."
Have you thought about the impact the Baby
Boomer's departure is having or will have on your
organization? Many organizations will find that
strategies to retain Boomers will help the
organization. Other organizations have not thought
about the potential problem or solutions yet. Is it
possible such strategies could help your
organization?
The Boomer Corporate Value.
Though some employers grouse about the above-
median salaries that Boomers tend to earn, there is
no disputing their value to the corporation. The 78
million Boomers bring with them intellectual capital
that cannot be bought at any university - it comes
only through time and experience. Want to know
why a process works - or doesn't work? The "School
of Hard Knocks" attended by virtually every Boomer
will likely provide the answer. Do you want to
understand your company's heritage? Ask a Boomer.
Need to know more about your industry? Chances
are a Boomer will have the most complete and
insightful picture.
Boomers head associations, committees,
companies,
regions and departments - and they know the other
movers-and-shakers across the community and your
industry. (They probably know the names of children
and spouses as well.) The Boomer network is
immense and powerful.
Getting back to those salaries, Boomers have paid
their dues and do tend to make the higher-than-
average salaries. They also control over 70% of the
U.S. economy. If you want to know what people will
be buying and what they will be investing in (so your
company can profit from those trends) listen to your
Boomers. They are the buyers and investors. All
these are reasons to keep "Boomers" in the workforce
as long as possible. How can we do that?
Strategies to Retain and Recruit
Boomers
Sonia is the anchor of
her firm's accounting department, working long days,
every day for the last 26 years. She knows the
nuances of every account, the intricacies of the
customized software, and how to read industry
trends. Sonia knows what happened 5 years ago, 10
years ago - 132 weeks ago, if you want to get that
specific--and she knows why it happened. She can
also forecast what will happen next week and hit it
spot-on 90% of the time. Like many her age, Sonia
married late, had children late. At 52, she is raising 8-
year-old twin boys, caring for one parent in her home
and another in an assisted living facility. Today
Sonia comes to a startling realization: even on a
good day (when the twins' allergies aren't acting up
and there are no notes from the teachers, when both
parents' meds are stable and the caregiver shows up
on time) she can't do it all and do it well.
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