Baby Boomers, born between 1940 and 1960, have always been a mighty force in America’s economy and that should not expect to change as they begin to age. The Occupational Outlook Handout, 2010-2011 Edition on the Bureau of Labor Statistics website states, “As the baby boomers continue to age, the 55 and older age group is projected to increase by 29.7 percent, more than any other age group.” So what does this mean for employers? Will these Boomers be leaving their jobs en mass? Maybe not.
Never ones to slow down, Baby Boomers can be expected to continue working far past the traditional retirement age of 65. What they want from the working world, however, is expected to change significantly. Working to supplement their retirement rather than working to climb the corporate ladder will be the call of working for the Baby Boomers. While still wanting to have a job many are turning to part time or consulting work, rather than the standard 40 or 60 hour workweek.
The New Baby Boomer Retirement
In her article How Baby Boomers Will Change Retirement on about.com, Sharon O’Brien discusses the myriad of options and opinions Baby Boomers have of what retirement means to them, and how they will approach it. While some look forward to the chance to start a business or work part time, others want leisure and relaxation. Regardless of which reason they give it seems the majority assume they will continue to work, just not as they have in the past.
Instead of defining success by working hard to achieve money and status, many Baby Boomers now want to work simply for additional income and medical benefits. Workaholics by nature, Baby Boomers may simply shift from being busy at the office to being busy continuing their education, or golfing, or volunteering and do not necessarily want a traditional job to get in their way.
So what does this mean for the employer? Hiring consultants, offering part-time work or job sharing opportunities may become the norm. Those business owners who are not able to adapt to part-time workers may have to find even more creative opportunities. For example, rather than a workplace filled with employees who show up willing to work a 60 hour week to succeed, managers may find they have one Gen X’er who works 40 hours and one Baby Boomer who works the additional 20 to make up the difference.
Baby Boomers have driven change in America for 60 years and they do not look like they are ready to stop now. If they say part-time work is the new way to retire then employers will need to be ready to adapt.
Kelly Sharp - Kelly Sharp holds a Master's degree in Education and a Bachelor's degree in Communication, and has been involved in training in a variety ...
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