How can we leverage the strengths of baby boomers in the workforce? What impact do aging baby boomers have on our younger employees?
In 1967, the Beatles – a favorite boy band among the baby-boomer recorded a song titled ‘Will you still love me when I’m sixty-four’. Turns out that question is quite outdated. According to AARP, 10,000 baby boomers turn 65 every day. That means 7 baby boomers a minute are turning 65.
Baby Boomers in the Workforce
According to CNBC, 10,000 baby boomers are retiring every day. What does this mean? This means that organizations are losing access to that valuable institutional knowledge at an alarming rate.
The window of opportunity is closing. You might think that baby boomers in the workforce are staying as long as they can. We don’t consider 65 that old anymore. Baby boomers are living longer. They are more active. They are healthy and also, financially they want to continue to contribute to their retirement account. 65 percent of baby boomers plan on working past the age of 65! However, the way baby boomers work has changed.
Baby Boomers Staying in the Workforce
We always call baby boomers ‘the generation that lives to work‘. But now, baby boomers have flipped the tables and they really are the generation that is working to live! They’re working part-time. Work-life balance has become a priority and they also are focusing more on their hobbies. Focusing so much on their hobbies that those hobbies have now become their new career pursuits.
I recently interviewed a baby boomer who retired from human resources. She now works in a gardening shop, because gardening was always her passion that she pursued over the weekends. But now, she has retired and she works in a gardening shop and that is her new calling.
It is vital that we tap into the baby boomers knowledge before they take their skill sets and move onto different pastures.
How are Baby Boomers Affecting the Workplace
What can older workers teach our younger workers?
One of the most important skills set that baby boomers can pass along is how to manage your work.
I know that when I first began my career, I struggled with how to manage my time. It took a long time to do simple things because I didn’t really know how to prioritize well.
Baby boomers have learned how to prioritize. Younger people have a lot on their plate. They’re balancing their careers along with their children. Sometimes they are also coordinating with the spouse’s chaotic schedule. They may have a difficult boss or challenging clients. They’re also trying to move up the ladder.
Baby boomers have learned to prioritize and how to delegate. The fine art of pushing back when presented with unreasonable demands. They can help younger employees prioritize when it comes to finances.
Baby Boomers Working with Millennials
In one of my earlier segments, I discussed how Millennials are the most financially concerned of all generations. Well, baby boomers are a great generation to tap into about wise decisions when it comes to finances.
One of the biggest regrets I hear from baby boomers is that they should have started saving
sooner! What better opportunity for millennial to learn how to save and how to prioritize their spending.
What Can Millennials Teach Baby Boomers?
Well, they can teach them how to build their network!
After we turned 50, we stop building our circle of contacts or friends. Our children are grown, so we don’t have that connection with other young parents.
We’ve maybe retired, but we’re pursuing other activities and we tend to let our circle sort of stay the same. Young people, they’re in that mode of building their circle and their connections. And what a wonderful opportunity to learn how to build your circle!
As we age, it becomes more and more important that we really bring in diversity into our lives.