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The Sonic Boom: Impending Retirement of Baby Boomers Expected to Cause Major Impact

Tuesday, April 1, 2014
EAST GREENWICH, RI – Now is the time for organizations to make preparations for the impending retirement of the Baby Boomer generation of employees, according The Society for the Advancement of Consulting® (SAC).

Go After New Talent Now

"The ability to swiftly secure top talent that can replace the retiring baby boomers will result in an enormous amount of pressure on organizations, especially the ones that are taking a wait and see attitude. This is not the time to wait and see. This is the time to go after the talent you’ll need to keep your business running," notes Roberta Matuson, president of Northampton, Mass based Matuson Consulting.

Matuson is known globally as The Talent Maximizer® and is the author of the newly released book, Talent Magnetism. "When it comes to hiring, there is blockage in the arteries of most companies, which, if left untreated, will surely result in the death of many businesses. As an expert in the field of talent maximization, I have the advantage of being able to quickly diagnose areas where obstructions are occurring and with laser like focus can clear the pathways so that talent can easily reach hiring managers." She adds, "Top candidates seek healthy work environments. Get your company checkup now, before it’s too late and bring in tomorrow’s superstars today."

Succession Planning is Critical

Dr. Maynard Brusman, a consulting psychologist, executive coach and workplace expert specializing in emotional intelligence and mindfulness-based leadership development, notes, "Succession planning is critical in preparing for the transition of Baby Boomers to retirement. Perhaps you’ve noticed the term ‘brain drain’ more and more in the popular media. This term is being used to describe the anticipated loss of skilled talent from our workforce as members of the baby boom generation begin to retire. The younger Gen X and Gen Y (New Millennials) are growing impatient to ascend to leadership responsibilities."

According to Dr. Brusman, "Sitting at home through a 20-or 30-year retirement is no longer an option for an increasing number of Baby Boomers. Some are looking to do something else because they have to for financial reasons. Many Boomers are reimaging their work lives and embarking on entirely different careers after retirement. Baby Boomers are finding second or ‘encore’ careers as an option and many are becoming entrepreneurs or working at non-profit agencies. They’re expected to live longer than any previous generation, and many hope to continue working in a desire to feel alive and engaged contributing to our growing economy."

Training, Development and Mentoring are Key

"My clients are just beginning to see the impact of the retirement of the baby boomers; however, they haven’t seen anything yet," points out Lisa Anderson, President of LMA Consulting Group, Inc. in Claremont, CA. "The skills gap will continue to worsen as experience walks out the door, as minimal training, development, and mentoring have taken place in recent years.

"Those executives who focus on the fundamentals of performance management, succession planning, and training and development will have the opportunity to leapfrog their competition as baby boomers retire, because they’ll have the "right people with the right skills and experiences at the right place at the right time," she said.

Less Retirement than Reinvention

"We are seeing many Baby Boomers start second and third careers at an age when their predecessors were retiring," according to marketing expert Linda Popky, president of Redwood Shores, CA-based strategic marketing firm Leverage2Market Associates. "This creates an opportunity for a plethora of new products and services aimed at an audience that is both seasoned and tech-savvy, mature and adventurous.

"Those Boomers who have achieved a degree of financial stability can afford to be choosy when it comes to both employment opportunities, as well as brands they prefer to purchase. They expect to stay active and engaged well into their 70s, 80s, or even 90s. Smart marketers will jump on the opportunity to build relationships with their customers that will stay strong for decades to come," she said.

Impact Overrated?

According to SAC CEO Alan Weiss, PhD., "The ‘Baby Boomer’ phenomenon is overrated and misunderstood. Retirement is a concept based on math that doesn’t work for the Boomer generation, and many will continue working. Technology and efficiencies have reduced workforce size, so a smaller cadre can replace those who leave. The surprise impact may be a plethora of entrepreneurial ventures by boomers, and small business is the leading generator of jobs in the US."

 
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