Research and statistics centers have been studying the exodus of Baby Boomers since the mid-2ooos. According to Bloomberg, this exodus trend plateaued for most of 2016, but picked back up again towards the end of the year. Bloomberg writer Luke Kawa states,” The number of Americans aged 65 or older without a disability that aren’t in the labor force rose by 800,000 in the fourth quarter of 2016.”
Nowadays, we are living longer than ever before. Baby Boomers face decisions and situations their parents and relatives never did and are changing the rules just like they did when they entered the workforce. Due to longer life expectancy, Boomers will likely find that they are able, creative, and fruitful for years longer than their parents. They feel younger than their parents did at that age and don’t feel the need to be retired for more years, especially with the pressure of finances for a longer period of time.
With age comes new priorities. Their goals are changing from being at the top of the corporate food chain, confined in an office, to desiring to make a difference in the world and being a part of something bigger. Forbes writer Robert Laura describes this change as, “In the past, retirement was defined as freedom from the workplace. Now boomers are redefining it as freedom in the workplace.” Freedom IN the workplace could mean changing jobs, changing fields, or starting a new business venture. The possibilities are endless.
Contrary to popular belief, there isn’t one right way to retire. Everyone’s retirement story, desires, and plans are different. Working and retirement doesn’t have to operate in a linear format, but rather writing new chapters. “People won’t just retire once, they will retire multiple times from different areas of life,” argues Laura. “They will no longer see longevity or their careers in a linear format, and will be encouraged to use their financial resources to create the best possible life now, instead of just letting it just sit there with them in their rocking chairs!”
These changes will likely put more pressure on human resource departments and professionals because of the Baby Boomers’ wants and needs in the workplace. These needs and desires include more flexible hours, time off, or pay for their experience and expertise. Finding the right balance between a sense of semi-retirement and being an employee will be a challenge for many HR departments and Boomers. Consider developing an employee retirement program that covers training in multiple bases, such as starting new businesses, overall wellness, volunteering to make the world a better place, and more. So college kids may say baby boomers are the worst generation but we know better they have made and will continue to make the world a better place.
Even if you have a human resources department, there are many reasons to consider outsourcing specific HR functions. Contact us today to find out how we can help you take care of your most important asset – your people! Corban OneSource can provide the expertise and support you need to ensure your employees are happy and productive. We understand that every business is different, so we offer a range of services designed to meet your specific needs. We specialize in companies with 75 to 6,000 employees.