Baby Boomers, born between 1946 and 1964, are retiring at a slower pace than generations before them, either due to necessity or desire. According to a recent study by Pew Research, 66% of pre-retirement age boomers are in the workforce and 45% are planning on working into their 70’s and even their 80’s. 29% of retirement age boomers are still working, compared to 21% and 19% of the two previous generations at the same time in their lives.
Boomers are often regarded as the most loyal generation, offering their loyalty in exchange for good wages and decent benefits. They’re ambitious, work-centric, and value those qualities in others. The oldest members of the generation have been in the workforce for 45 years or more, the youngest for approximately 30 years, meaning they are well established in their careers. They hold high level positions and are more engaged with their jobs than younger generations, as they have finally reached their lifelong desired positions. By hiring and retaining the boomer generation, companies can benefit from their expertise and mentoring. This experienced generation has much to offer and can be uniquely useful in a multigenerational workplace. Employers should maximize the talent, experience, and soft skills of this group before they retire, and provide them with the tools they need to enter their golden years with success.
What They Add
Expertise
Since they’ve been in the workforce for as long as some Millennials and Gen X have been alive, Boomers are a wealth of knowledge. They witnessed and worked through the dot-com boom, the rise of technology. And they remember what the workplace was like before technology took over. They can provide an interesting perspective on a variety of workplace topics because at this point, they’ve most likely seen it all.
Mentorship
Employers can take advantage of the knowledge and years of experience boomers possess and help to instill those nuggets of information into the Gen X and Millennials who will be the eventual replacements to their current positions. Their work-centric, loyal attitude are soft skill qualities that Millennials would benefit from learning at this point in their careers. Gen X, who are looking to fill the high level leadership positions currently held by Boomers, can learn a great deal about executive level leadership, training, and mentoring.
What They Want
Boomers are typically motivated by promotions and professional development. They want to address concerns or improvements in the company, so employers may wish to provide a structured communication system to express their ideas. If your boomer employee has reached their ceiling with the company, consider showing their value and an appreciation for their expertise and knowledge, as they are often times motivated by praise. Because of their impending retirement, they’re also looking for employers to offer 401(k) matching, sabbaticals, and catch-up retirement planning.
As this generation ages in the workplace, employers should consider adapting policies to ensure their comfort until retirement. Older employees may develop limitations that employers must provide reasonable accommodation to these individuals in keeping with the Americans with Disabilities Act (ADA). Accessible work facilities, service animals, ergonomic and adaptive equipment, and flexible work schedules are some of the services employers can provide. Although most workplaces already offer such accommodations, it’s important to ensure each employee is offered the support they need.
Employer Responsibility
Learning and Development
Boomers, just like any other generation, are keen to improve their job skills. Younger generations are typically tagged as being more tech-savvy than older generations, but as boomers continue to engage in and join the workforce, their need for tech skills will continue. Employers would benefit from supplying these workers with learning and development investments.
Ageism
Tackling ageism hasn’t been an employer focus until recently. With five generations now in the workforce, it’s important for employers to facilitate an accepting and positive atmosphere with teamwork stretching across generations. The World Health Organization has flagged workplace ageism as a persistent issue. Changing attitudes and culture is sometimes difficult but an important message for HR teams to communicate in the coming years.
Baby Boomers are motivated by money, high positions, and praise. They value acknowledgement, job titles, high levels of responsibility, and communication. Essential to the upcoming generations, Boomers possess a wealth of knowledge and expertise to pass down to Gen X, Millennials, and Gen Z. Baby Boomers are still several years out from retiring, so employers can utilize their skills to enhance the next generation of high level and executive employees, while providing education to Boomers and creating a positive work environment for all generations.
—–
This blog is part of a series on generational differences in the workplace. Critical Research is committed to providing educational information for our clients and readers. We are here not only to service your background screening needs, but to educate on hiring practices, policies, and current events. Please contact us for more information on how we can help you make smart hiring decisions.