What HR Departments Need to Know About Baby Boomer Retirement

While it’s common knowledge that the Baby Boomer era has dominated the labor force for quite some time – only now are they finally getting eclipsed by Millennials – their retirement has been weirdly dismissed.

This is a challenge, especially for HR departments, since it is predicted that approximately 10,000 SENIORS will leave the workforce every day for the 10 years at least, an event known as The Metallic Tsunami.

The Impact on HR

It’s a no-brainer that HR must oversee the offboarding process of many of these retirees, adding an tremendous tension to organizations as new market leaders are developed to replace them, but it is also very important to HR to comprehend how to properly relieve Baby Boomers into the next stage of their lives.

Consider it. Baby Boomers have been around in the workforce for about five years or longer. That is clearly a long time to be working. It becomes part of who you are, how your day’s organized, who you talk to. All of the sudden retiring is a surprise to the machine for many, which is a bummer because a lot of men and women work exclusively to retire someday.

The Hidden Problem

We’re told from an early on age to begin saving for pension. Baby Boomers, generally, have heeded these suggestions by using financial planning services like TIAA Cref as well as others to save the suitable amount to retire on comfortably.

So, rather than the financial concern, Baby Boomers are facing a complete different beast: the approach to life change.

Like mentioned above, it’s very difficult to move from working every day to presenting no set timetable even though that liberty is one of the key reasons people want to stop working to begin with.

How Is This An HR Problem?

Two ways, generally. The first is that HR will there be to help employees. This simple objective means that if you have an infant Boomer who’s up for old age, it’s important that you be sure you do what you can so that employee can transition into their new lifestyle as stress-free as is possible. In short, it is the right move to make.

The second reason is that without aid from HR, some SENIORS will become “reluctant retirees,” meaning that they will simply postpone healthcare retirement life until later life because they don’t want their life-style to change.

Reluctant retirees create an enormous problem for organizations bigger and small because they stagnate organizational growth by not allowing new skill and ideas in. Which means that Millennials will exit the business quickly instead of developing their management to 1 day dominate. Without this constant, healthy churn of new expertise, all areas of business get started to suffer.

The Solution

The solution to all of this is simple: old age lifestyle planning. In essence, HR departments need to work one-on-one with forthcoming retirees to determine what aspects of the move they are most anxious about.

Then, typically using another service, HR can create a plan that addresses these issues before they lead to the retiree becoming reluctant. A simple plan would be to have the retiree utilize a coach to ensure they know what they will do using their newfound leisure time, how to structure their days and nights, and how they can continue a purpose-driven life after work.

By making an idea, you help ensure that the worker, who spent some time working tirelessly for the company for a possible half-century, transitions in to the retirement they deserve. Not only will this help your business develop new market leaders and steer clear of stagnation, it’s also just the right move to make.