Smart recruiting strategies for the decade ahead

In just 7 years, one in five workers in the U.S. will be over the age of 55. One in 5. At the same time, the number of younger workers, between the ages of 25 and 44 will decrease. If you haven’t considered changing your hiring strategy to address the biggest shift in employment ever to hit corporate America, the time has come.

Seventy-six million people who are working today are Baby Boomers, who were born between 1946 and 1964. Seventy-six million people who are and have been paying in to America’s tax system. Seventy-six million people who are in working for companies large and small in every state in the America. Seventy-six million people who have decades of experience, knowledge, and skills that employers can not afford to lose when they reach retirement age.

 

Someone turns 50 years old every 7.5 seconds in the United States.

Luckily for America’s tax system and American corporations, Baby Boomers plan to keep at least one foot in the work world during their retirement years. That’s good news for American companies, who are facing an employment gap that needs to be filled with knowledgeable and experienced workers. The supply of workers left after Baby Boomers retire is destined to fall far short of meeting the hiring demands of corporate America.

In this decade, the highest growth rate in the workforce will be 55 to 64 years old.

Will Boomers stay in the workforce in adequate numbers to help companies meet their employment needs? Considering that the Boomer generation has been called the richest generation that’s ever been, it’s going to take some aggressive recruiting strategies and jobs geared to what Boomers want. Whether Boomers work after retirement, how much they work, and who they work for, are decisions that will remain solely with them. For recruiters and hiring managers who work for corporate America, the rules of the employment game are going to change in a very big way.

CNN Money’s article, Corporations Woo Baby Boomers., addresses some of what today’s top companies are doing to tackle an employee shortage that will be caused as Baby Boomers retire. The crux of the problem for employers is there is more to losing an employee than merely filling a job slot, when a Baby Boomer retires. Every time a Boomer retires, they will take with them decades of experience and knowledge that equals dollars lost for a company. Replacements for the gaps left by retiring Boomers may be best handled by providing younger workers with the mentorship of someone who’s “been there, done that”.

As companies look forward to the decade ahead, they realize that its going to take some frosting on the retirement cake to keep Boomers coming back for more. Offers of telecommuting jobs, part-time work, or a combination of both are just some of the bait being dangled in front of Boomers. Service jobs aren’t going to cut it with experienced Boomers either, who spent decades working their way up the chain of command. The good news for Boomers is that the jobs offered by companies, for executives and managers in many industries, will result in high paying consulting and trainer positions.

Flexible work schedules and high paying positions seems to be a winning combination. But, companies will also be up against foreign companies who will be vying for the attention of experienced and knowledgeable Boomers too. The rapid expansion of foreign economies, like the one in China, are also facing shortages of experienced professionals, particularly in supply chain, logistics, shipping, and manufacturing. U.S. companies who seem to have given up the fight to beat China in the price wars game, will soon be competing with them for experienced Boomers. Foreign companies know where the big fish are and they’re already baiting their hooks to catch some of the best and the biggest. That’s more good news for Boomers. Both American and foreign companies will be competing for their attention, which will result in higher pays and attractive incentives. Boomers may find that the offers will be hard to resist.

So, what should employers, recruiters, and hiring managers do about the Boomer generation, who want lives balanced with work and leisure? Find or create jobs for them that will accommodate them. Hire them as consultants and maximize the value of tapping in to their years of experience. Hire them as trainers to insure that what they know is taught to your younger workforce. Offer them salaries that will make their ears perk up!

If you’re looking for older Americans today-men and women 50 or older-don’t look in a rocking chair and don’t even look around the old fishing hole. You’re much more likely to find people like these on Rollerblades or the Internet: they are inline and online-and mainline. Older people are not sitting off at the margins of our society. They are spectators, not bystanders. They are active, curious, and savvy. They have high expectations in life. –Helping Aging Boomers to Age in Place

Businesses and other organizations will need to do more to adapt to these trends and to the demands of aging consumers. And, so will workers. But, many companies are not there yet. They do not yet recognize the attributes and the value that older workers bring to the workforce. - Committed to doing quality work; Getting along well with others; Having solid performance records; Possessing basic skills in reading, writing, and arithmetic; Being someone you can count on in a crisis; and Being loyal and dedicated to the company. -How Aging Boomers will Affect American Business

“The most visible differences between the corporation of the future and its present-day counterpart will not be the products they make or the equipment they use - but who will be working, how they will be working, why they will be working, and what work will mean to them.” - The New Paradigm of Business: Emerging Strategies for Leadership and Organizational Change , by Robert Haas