Mass Exit: Will Companies Survive the Silver Tsunami?
The baby boomer generation represents nearly 80 million Americans that are preparing to retire over the next 15 years. This record number of retirees has caused many to fear that most companies are not prepared to handle this “silver tsunami.”
In 2011, the first wave of baby boomers reached the traditional retirement age of 65. Since then, approximately 11 million Americans become eligible for retirement each day. Now, the challenge for companies is to estimate and react appropriately to how many boomer employees will actually retire at 65. Companies that adapt to these changes and attract not only millennials, but also top talent from the baby boomer generation will be best positioned to succeed.
As baby boomers leave the workforce, taking their experience and business acumen with them, organizations will need to work to retain both baby boomers and millennials. Throw out everything you believe about the aging workforce and create a culture that bridges the generation gap. Companies that do that will not only survive, but thrive.
To find out what makes companies attractive to both boomers and millennials, read the rest of my post on the University of St. Thomas’ blog.
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