The baby boom generation is approaching retirement in record numbers, and organizations across the country need to brace themselves for this large shift in talent resources. The good news, however, is that more employees approaching retirement than ever are willing to stay on afterwards in a part time capacity. This willingness to stay on after retirement can be a life saver for some organizations whose talent pools are going to be badly drained.
Whenever you think of the talent that resides in your organization, it may concern you to know that the most skilled and knowledgeable workers in the office are all dreaming of faraway beaches soon to come. Because of the effect that the baby boom retirement is bound to have on widespread industries, organizations with an eye on the future know they need to be prepared.
How can an organization prepare for the loss of so much of its talent pool? Simply waiting and hoping for the best is by far not the best solution out there. Working to integrate new talent is an essential process that will only become more important as the baby boomers retire from their positions. Hopefully, some experienced workers will be willing to work part time in order to help train new talent in their positions.
As a human resource manager, it is absolutely essential that the process of talent integration be looked at early on. It is important to identify areas where a shortfall is likely, and begin hiring or retraining existing employees to prevent that gap from ever forming. A talent shortage at the wrong time can really put a dent in company productivity, so it’s crucial that this shortage never occur.
This is a great opportunity to look within a company. Wherever possible, use the exodus of the baby boomer generation as a tool for creating opportunity for more junior employees. Junior employees will love the opportunity to move up and experience new responsibilities within the organization.
It may not be entirely possible to cover a talent shortage with existing employees. In that case, it may be necessary to hire intermediate to high level employees to cover the shortage. The more people may be hired at a lower level, the better. Higher level positions are best filled with existing employees if that is at all possible.