Boomers May Not Retire, but They Can Still Quit

By Kel Gratke

Kel Gratke is a Generation Xer.

Next year, the first of the 80 million Baby Boomers will turn 65—retirement age. Way to go, job well done! Visions of golf courses in Florida or Phoenix come to mind, but that concept may not be the reality for a majority of Boomers. Rather than heading south, many Boomers are finding themselves heading back to the office.

A recent Pew Research surveyed adults ages 62 and older who are still working. A total of 33 percent said they are not confident that they will have enough income and assets to finance their retirement, up from the 25 percent who said that in 2009. And among workers in their 50s, about six in 10 say they will have to do the same. In other words, they’re staying put—for now.

This news might make employers think, “Great! The Boomers are staying, resulting in less turnover, less need for training, and we no longer need to spend all that time and effort recruiting. And on top of that, these Boomers have the drive and work ethic to stay until the job gets done.”

Not so fast.

Boomers may be forced to stick around due to a disappearing savings account and an iffy economy, but they could still leave from their current job in search of a better one if the conditions aren’t just right. And if Boomers haven’t burnt out already, working past their much-anticipated retirement could definitely drive them over the edge. As unemployment rates start to fall and companies with extra-lean staffs start to hire again, a burnt-out Boomer could jump ship if he or she finds a better option.

Boomers are also taking a cue from their Millennial children who from day one are demanding meaningful work. As Boomers coach their Millennial kids and watch them enter the workforce with an optimistic, can-do attitude, it is reminding Boomers that they too were once optimistic—and perhaps they could recapture that can-do spirit. Boomers will want to do something that they enjoy and that makes a difference.

The problem is that, while many employers realize the critical value of their experienced workforce, it is not always reflected in their training and engagement programs. While most companies dutifully provide training and development opportunities for new hires, they often skip past the Boomers who are thirsty to learn more. If companies want to keep the Boomers' priceless knowledge and work ethic around, give them some of the training and development that they crave. Help them feel valuable, too. And push them to take some much-needed time off to remedy that burdensome burnout. It may not be retirement, but some vacation time could be the next best thing.

The key is to realize that while Boomers may not be able to retire, they still have the ability to leave. Smart employers are helping Boomers reinvent themselves, keeping the learning process going on both sides.

Comments

[JDevane]

Couldn't have said this better!