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| Hiring, Terminations and Retention |
| Retirng Baby Booners a Boon: Temporary workforce benefits from older workforce |
We’ve been warned about the impending retirement of 76 million Baby Boomers for years. The government is worried about Social Security costs, manufacturers are worried about record numbers of retirees (and not enough young workers to replace them), and white-collar companies are worried about the loss of highly-skilled, experienced mentors for their younger workforce.
But the temporary staffing industry and our clients have lots of reasons to be optimistic about the mass retirements that will begin next year when the oldest baby boomers (those born in 1946) begin to retire: We’re guessing that many of them will be willing to put in a few hours a week as a temporary employee, and that means we can help you gain access to their expertise, their mature people-skills, and their superb work ethic even after they have retired.
More than 40% of the U.S. labor force will reach the traditional retirement age by the end of this decade. Some sectors will be harder-hit than others. The Platte River Power Authority in Fort Collins, Colorado, for example, expects to lose 80 of its 200 workers to retirement within the next five years.
There won’t be many qualified workers to fill the vacancies. Because it takes four years for technicians to complete an apprenticeship, and because other stretched power plants are already working hard to hold on to their current employees, the skilled laborers needed to fill the void will be few and far between. That scenario could be frightening if it weren’t for the fact that companies can think ahead and develop strategies that will help them cope.
One proven tactic is to use temporary workers. Many retired workers are willing to return to work on a temporary basis as long as an employer offers flexible work arrangements so these seasoned employees can work part time, or take longer vacations. As you assess the retirement picture at your firm, please contact a member of our team to discuss a potential partnership that will allow us to help you take advantage of the “booming” pool of exceptional older workers.
Source: Greene, Kelly. “Bye-Bye Boomers? Employers May Face Exodus As More Retire.” Wall Street Journal CareerJournal.com Executive Career Site. September 29, 2005. <http://www.careerjournal.com/hrcenter/articles/20050929-greene.html>. October 4, 2005.
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