Baby Boomers: Business or Bust

It seems every other business article published lately deals with the topic of the looming skilled labor shortage due to the retirement of our population’s Baby Boomers. Apparently, we are approaching imminent doom and gloom as our workforce ages.

Not so, says Bill Byham in his new book, 70: The New 50. Byham argues that there is much that companies can do to accommodate their valued aging workers, including rewriting position descriptions and reassigning work hours to make the job more appealing. Another option might be to appoint these individuals as job coaches, so they have the opportunity to pass on their business knowledge before leaving the company.

However, arm-twisting aside, some workers voluntarily make the decision to continue working beyond the previous standards. “Some 60% to 70% say that they want to work into their sixties and seventies because they will miss the camaraderie and the challenge of work, or because they can’t afford to retire.”

Businesses aren’t the only ones happy to see their workers stick around longer either. The government also benefits as delaying retirement helps overcome Social Security deficits.

Read the interview with author Bill Byham at BusinessWeek.com.

Posted by Shelly Paul, Career Management Coordinator, The H.S. Group