Talent shortages have become a major problem for companies of all sizes over the last couple of years. With baby boomers making up a significant portion of the entire workforce and many beginning to retire in large numbers, finding enough qualified candidates to replace these workers will continue to be an ongoing challenge for business leaders.
Without a proactive strategy to address this impending demographic shift, leaders risk losing the knowledge, experience and skills these employees have cultivated over decades. Below, 10 Newsweek Expert Forum members each share one recommendation for how companies can begin preparing for workplace changes as baby boomers retire.
1. Take a Multistep Approach to Recruitment
Baby boomers are around a third of the workforce with an estimated 10,000 retiring daily. To proactively address talent shortages due to baby boomer retirements, companies can start focusing on strategies to recruit and retain diverse talent. Refresh training and development programs, provide flexible work arrangements and build effective succession plans. The old ways of working will not work for new talent. - Lillian Gregory, The 4D Unicorn LLC
2. Use Assessments to Take Stock of Staff Traits and Skills
I am a big proponent of personnel assessments. Currently employed boomers could take comprehensive self-inventory to determine which qualities made them successful in their positions using more than just DISC assessments. This will create patterns for new hires to immediately fit in. Companies should also employ boomers as part-time consultants to improve communication and make transitions smoother. - Paula Oleska, Natural Intelligence Systems
3. Encourage Documentation
Encourage employees who are about to retire to document their workflows, processes and any critical information. This will help create comprehensive knowledge repositories for the organization. To make this information easily accessible to current and future employees, you can utilize digital platforms, intranet portals or knowledge management systems. - Tammy Sons, Tn Nursery
4. Create Apprenticeship and Internship Programs
Embrace apprenticeships and internships. Cultivating your own early-in-career talent pipeline will make it easier to identify future employees and diversify your candidate pool. Also, focus on first-line manager promotions. The more diverse—including generationally diverse—your first-line managers are, the more sustainable your business will be. - Karen Mangia, The Engineered Innovation Group
5. Focus on Training Younger Generations
Part of the role of every senior manager and employee is to train the people who will succeed them. If the company can get some interns who might want to work for them, do so. Sometimes these fresh graduates learn the ropes and stick around, becoming the younger generation who inherits the company from you. - Zain Jaffer, Zain Ventures
6. Offer Flexible Work Arrangements and Phased Retirement Options
Encouraging flexible work arrangements and phased retirement options can help retain valuable baby boomer talent while also allowing for smoother knowledge transfer and succession planning processes. This approach promotes a seamless transition, maintains productivity and retains institutional knowledge within the company, ultimately helping to effectively mitigate talent shortage. - Anna Yusim, MD, Yusim Psychiatry, Consulting & Executive Coaching
7. Implement Knowledge Transfer Programs
Implement knowledge transfer and cross-functional programs where experienced baby boomer employees mentor younger staff. This will facilitate the sharing of critical skills, insights and company-specific knowledge before retirees leave. It also ensures that invaluable expertise is not lost and helps prepare the next generation of workers to fill these roles effectively. - Gergo Vari, Lensa
8. Form Cross-Generational Mentorship Programs
I would suggest a cross-generational mentorship program where younger employees are paired with baby boomers to facilitate the transfer of skills, knowledge and company culture before retirees depart. This ensures invaluable insights and experience are not lost but instead become a lasting legacy within the company. - Dr. Kira Graves, Kira Graves Consulting
9. Invest in Employee Development
Treat culture as a differentiator. Proactively investing in your employees and their development is key. There is so much change going on in the world, so committing to advancing your environment as well as the skills and capabilities of your employees is foundational. These investments will help retain and attract new talent while also preventing talent gaps, even in the wake of generational shifts like this. - Steve Smith, Zayo
10. Leverage Mentorships to Upskill Current Employees
Mentorships and apprenticeships are old ideas but bringing them back could be a good way to develop young talent using current boomers who are in key positions. Companies can form a fast track for current employees to rise and fill these positions. At the same time, recruit college students interested in the field for one- and two-year apprenticeships. - Baruch Labunski, Rank Secure
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
