Baby boomers are not working past 65 as previously expected. A Gallup Poll finds that by age 68, only about a third of boomers in the US are still in the workforce, including just 16 percent who are working full time and this trend can be found in Australia also.
Since Baby Boomers currently hold nearly a third of all jobs and more than half of leadership positions, their exit is likely to create a significant brain drain. With the new leaders coming through we see a massive gap in experience.
Baby boomers are born between 1946 and 1964, are the second largest population of small business or franchise owners. Boomers make up 41 percent of small business or franchise owners, second only to Gen X, at 44 percent. Twenty-three percent of boomer small business or franchise owners are women, while 77 percent are male.
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Baby Boomers’ Business Characteristics
- Strong work ethic, aren’t afraid to put in a hard day of work.
- Self-Assured, this generation is independent and self-assured.
- Competitive. Baby boomers like competition.
- Goal-centric.
- Resourceful.
- Mentally focused.
- Team oriented.
- Disciplined.
Despite being near retirement age, many of your Boomer employees can still be eager to learn. Many are also keen to staying stimulated and challenged for as long as possible, as well as explore new opportunities and responsibility. In fact, 7 out of 10 Baby Boomers believe they don’t get enough learning or training opportunities from their employers.
Find out what they’d like to learn, and as long as it’s relevant to their job role, provide a personalised development plan that will help them achieve this. Provide them with specific training and new work projects and opportunities to enhance their skills.
However, some of this group may be planning an imminent retirement. Also, many may have less interest in development opportunities or learning new skills. So encourage an open and honest dialogue. That is, one where you can both discuss their priorities and objectives. Basically, this will help you find appropriate ways to ensure they’re happy, engaged and motivated at work.
