What is this?
Understanding Baby Boomers in today's complex workplace is never a simple proposition, but ditching tired HR jargon like silver tsunami is a great place to start. As it turns out, they actually hate that phrase and its ilk, used to describe their assumed impending mass retirements. NPR writes that, although people over 65 are the oldest employees in the workforce, they still feel and act young. As a result, they consider terms like silver tsunami, the golden years and seniors to be irksome.
Approximately two-thirds of Boomers are now retired, and Pew Research states their workforce presence is now 44.6 million. While members of Generation X and Millennials now account for over two-thirds of the workforce, it's still vital for CHROs to account for Baby Boomers' role in the workplace, absorb their thoughts about retirement and assess how they differ from other generations.
Who Are Baby Boomers?
Individuals born between 1946 and 1964 represented the largest generation to date in U.S. history, and as The Atlantic writes, they're not exactly "retiring to Florida to play mahjong." Unlike the generation before them, known as the Silent Generation, Baby Boomers have never been categorized as passive. Instead, they are defined by their purpose. Their values include "high expectations" and "pushing hard" to reach goals and make changes in the world.
How Are They Different From Other Employees?
As the Harvard Business Review highlights, HR leaders can anticipate the first period in history when "five generations are working side-by-side." While Millennials and Generation Xers account for the majority of the workforce, Generation Z (born after 1997) and the "traditionalist" (those born before 1946) are also represented in some capacity.
Members of Generation X, born between 1965 and 1980, are "cautious" and "conservative," especially when compared to the bold personalities of many Boomers. They tend to be highly educated, self-sufficient and remarkably adaptable to diverse experiences. By contrast, Millennials (born between 1980 and 1997) are highly ambitious and idealistic, but sometimes lack focus. Both Gen-Xers and Millennials prioritize a balance between life and work, in stark contrast to Baby Boomers, and use technology and flexible work arrangements to both enhance their work production and diminish their physical presence in the office.
How Do Boomers Fit Into the Workplace?
Baby boomers are famed for their work ethic and commitment to getting the job done. In fact, as Entrepreneur highlights, boomers are known to ask how they can help "improve" the work ethic of Generation Xers and Millennials. Although inter-generational friction can be a normal by-product of different upbringings, it's safe to say that the work-life balance of boomers traditionally includes a little more "work" than "life."
Between work ethic and sheer years of experience in the workplace, Boomers often represent a walking trust of organizational knowledge. Unlike their younger colleagues, older workers were less likely to switch employers throughout their careers, according to Inc. In addition to the talent-specific concerns of filling positions vacated by Boomers in critical leadership and technology roles, HR leaders should also value their older workers' organizational knowledge. By establishing strong knowledge management and transfer programs, such as documentation, job transfers and mentor relationships, HR leadership can ensure that Boomers' critical experience and knowledge isn't lost the day they take retirement.
Boomer Retirement Trends
Between the lasting economic impacts of the recent great recession and expanding lifespan expectancy, many Boomers aren't exactly cleaning out their desks the moment they turn 65. In fact, the percentage of individuals between ages 62 and 64 who are "working or looking for work" has increased over the past decade, according to USNews. The trend toward delayed retirement among Baby Boomers could be the result of better health later in life, or it could also be a necessity for Boomers still trying to fund their retirement and pay off debt.
As Baby Boomer employees balance their love of productivity with financial realities, CHROs should understand that yesterday's one-size-fits-all retirement plans aren't a given for today's retirees. Providing flexible workplace arrangements, including part-time schedules and the opportunity to telecommute, to Baby Boomers who are delaying retirement can bridge the talent gap in a tight employment market.
It's critical for modern HR leaders to remember that generational trends and stereotypes may not reflect the whole truth, but can still be be helpful to keep the workplace inclusive of all age groups. By facilitating knowledge transfer and relationship-building between Baby Boomers and younger employees, CHROs can maintain success at a workplace increasingly looking to the future.
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