Boomers in the Workforce: Addressing the Age Gap & Retaining Valuable Talent

With appreciation, communication and flexibility, companies can keep knowledgeable older employees in the workplace.

Boomers in the Workforce.

Brad Schurman points out a sobering reality based on some pretty simple math. There are not enough members of the Gen X, Y and Z generations to replace the coming tsunami of baby boomers leaving the workplace.

But there’s some good news — many baby boomers are proving hesitant to leave the workforce, or even choosing to return, and many employers are coming to the realization that they need to woo and engage this key workforce demographic. 

Why Older Workers Are Essential to a Thriving Workforce

Schurman is founder and CEO of Washington, D.C.-based Human Change (formerly The Super Age) and the author of “The Super Age: Decoding Our Demographic Destiny.” Companies can’t rely solely on young talent anymore, Schurman says, noting that Gen Z is a relatively small cohort with only 69 million members, while the 65-plus demographic is growing at an unprecedented pace of 4 million a year. 

Megan Gerhardt, a professor, generational strategist,  founder of Cincinnati-based Gentelligence and author of “Gentelligence: A Revolutionary Approach to Leading an Intergenerational Workforce,” agrees. “Demographically speaking, the over 65 population is the fastest growing segment,” she says. “When we think about the number of people we need to replace our baby boomers when they do decide to retire, the numbers just aren’t there.”

Some companies are recognizing this impending shortage and are taking steps to get ahead of the curve by signing initiatives like AARP’s Employer Pledge Program. In fact, more than 1,000 companies have made the pledge to promote equal opportunity for all workers, regardless of age.

“Considering the amount of knowledge on the brink of walking out of the door —  knowledge about the job, the company, the processes, the culture and so on — companies would be wise to retain boomers as employees,” says Jennifer Libby, a district manager with Insperity, an HR solutions company headquartered in Kingwood, Texas. “The key to keeping boomers is the same for retaining any employee — place an emphasis on what motivates them.”

The first step in building a workforce and workplace that engages the boomer generation is recognizing that a problem exists, Schurman says. “You have to acknowledge that the labor market is tight. You can’t necessarily get young talent like you used to. But there’s a pool of workers that exists either in your current employee mix or your future employee mix.”

The next step, Schurman says, is “really engaging with your current and even some of your prospective employees to figure out what they want.”

Creating a Boomer-Friendly Workplace: Key Needs and Preferences

Generally, Libby says, boomers value “flexibility in a workplace that provides positive relationships with leadership and colleagues, which enrich their professional lives and allow boomers a final opportunity to influence younger co-workers — and possibly influence the future direction of the company.”

Boomers in the Workforce. Portrait of smiling senior man discussing ideas in business meeting with young colleagues in office copy space

But don’t make assumptions about what’s important to this generation. To find out specifically what boomers’ needs and preferences are, the advice is simple: “Ask them,” says Jim Cichanski, founder and chief human resources officer at Alpharetta, Georgia-based Flex HR, an HR outsourcing and consulting firm. And keep in mind that everyone is different. 

“One boomer may want to continue full time, while others want to slowly move to retirement,” Cichanski says. Be proactive in broaching the subject of what their work preferences may be, even after “retirement,” he says. “Don’t be afraid to approach the subject, not to push them out but to retain them. (You don’t want to get a) surprise letter one day that gives two weeks’ notice that they are retiring, just to find out all they wanted was Fridays off or a day off in the middle of the week.”

What you learn may be very simple. That was the case with BMW, Schurman says. He explains that in 2008, a BMW executive recognized that the pipeline of young workers was drying up. So, he went out to speak with his employees in the manufacturing plant in Germany. He asked a simple question: “What can we do to make your work life better?” The responses were surprisingly simple and cost-effective. For instance, workers requested stretching stations, orthopedic shoes, cushioned flooring and magnifying glasses at workstations. An investment of about $50,000 made it all happen, Schurman says.

“They immediately saw improvements in worker satisfaction, worker retention and product quality improvements,” he says. Their efforts became the gold standard for how businesses engage people later in life. The success was so profound, he says, that it influenced other companies in the industry, like Porsche, to take similar steps.

However, Schurman acknowledges, even companies like BMW that have done groundbreaking work in creating a generationally diverse workforce have sometimes missed the mark in their communications. BMW, he says, has “put out some very ageist ads.”

The Importance of Age-Inclusive Communication in the Workplace

These types of communication missteps can occur even among generationally attuned companies, illustrating the need for ongoing attention to the alignment of all aspects of operations — from internal practices to external messaging, Schurman says. There shouldn’t be different messages being sent to different audiences. The messages need to be aligned, and they need to be inclusive.

Consider recruitment messaging. “All too often, businesses get in their own way by using coded language that suggests —sometimes explicitly, sometimes implicitly — that they want young people filling these jobs,” Schurman says. Terms like “digital native” or “fast-paced environment,” while seemingly age neutral, can suggest a preference for younger workers. And, he adds: “The single most ridiculous thing an employer could ever say to an employee is ‘You’re overqualified.’” That, he says, is often code for “too old” and is dismissive of the value of extensive experience. 

All company communications, including those created by external agencies and contractors, need to be evaluated with an age-inclusive lens to avoid perpetuating ageist stereotypes or discouraging older people from applying to or engaging with the company, Schurman says.

Showing Appreciation to Boomer Employees: Simple Yet Powerful Strategies

Supervisors and managers play a critical role in ensuring that boomers are engaged, Schurman says. “Much like with other forms of diversity, leaders really need to challenge their managers, in particular, to address their age bias,” he says. “This is the hard one. Because just like sexism, homophobia, transphobia and racism, these things are buried down deep inside of us. Because they’re buried down so deep, we may not be outwardly anti any of those groups, but we’ve been trained to have a negative bias against them.” This is especially true in the case of older adults, he says. 

But, just as with other forms of diversity, teams and companies benefit from older workers’ perspectives, Schurman says. “They always do better,” he says. 

Boomers in the Workforce. Group of colleagues in conference room applauding a team member. Celebration of achievement and collaboration. Corporate teamwork and accomplishment marked by warm praise.

One very simple yet extremely impactful way to engage boomers is to make sure they understand how much they are appreciated.

A recent survey by Canva highlights the power of recognition in the workplace — 81% of employees who felt appreciated at work reported high job satisfaction. Based on 1,500 responses from business professionals in the United States and Australia, the survey also revealed that 94% of employees who feel highly appreciated love their workplace and 91% love their jobs. Of those who reported feeling unappreciated or neutral, only 18% love their workplace and only 33% love their jobs. 

Unfortunately, Canva’s survey also revealed that only 56% of employees feel appreciated or very appreciated at work — and 12% feel unappreciated. Importantly, 77% of Gen Z feel their employer recognizes them in ways they value, compared with 75% of millennials, 68% of Gen X and 60% of boomers.

That represents opportunity. 

In addition to taking steps to ensure that boomers (and others) feel appreciated, companies today are increasingly, and creatively, focused on ways to provide flexibility.

Embracing Flexibility: Key to Retaining Boomer Talent

Not all boomers are looking for standard roles in the workplace, says Stephen Greet, CEO and co-founder of BeamJobs, a New York-based company that offers tools for job seekers. Employers have an opportunity to retain boomers’ knowledge by thinking creatively about the types of roles they might fill, he says. “I’ve seen companies rethink roles to keep boomers on board by creating positions that allow them to directly shape strategy, guide teams or mentor new leaders,” he says. “Project-based work or advisory roles can be particularly effective, as they let boomers have a significant impact while providing flexibility.”

Flexibility is as important, if not more important, to this age cohort as it is for others, Cichanski says. “We find they want flexibility so they can move to semi-retirement. Things like a reduced work schedule or only working two, three or four days a week. Or providing extra time off without pay may help those who are getting older but do not totally want to retire. If they can work from home, and businesses want to provide that option, that can be a winner.”

Libby agrees, adding that, “in addition to flexible hours and possibly some remote work, flexibility could include a phased retirement that provides a part-time salary, some benefits and perhaps a less stressful job.” Working remotely can be particularly valuable to “snowbirds,” who like to migrate south to avoid cold winters, she says.

Matthew Vohs, CEO of O50C, an Elstree, England-based recruitment agency that specializes in finding employment for people over 50, points out that just because workers are nearing retirement, or planning for retirement, doesn’t mean they actually want to fully retire. Retirement planning workshops, Vohs says, can be a good way to not only help employees plan for retirement but also to inform them about other types of roles and opportunities that may be available. 

“It’s a great incentive for those aged 50 and over to know their employees are still looking to work with them and encourage them to stay with the company, especially if the company has the budget to put toward further training and investment in their employees,” Vohs says. 

Additionally, don’t assume that even when employees do retire, that they “want to hang up their proverbial hats entirely,” Libby says. There may be other ways to keep them engaged with the organization, she notes, such as developing an alumni network to extend the knowledge-sharing process or bringing retirees back for projects or as consultants.

Companies can also play an important role in helping to bring together employees from different generations to drive conversations and develop relationships.

Building Stronger Relationships: Fostering Connections Between Generations in the Workplace

Organizations can and should capitalize on opportunities to bring workers of all ages and backgrounds together, Gerhardt says. One way she’s seen organizations do this is through intergenerational employee resource groups. Instead of having groups focused on individual generations, bringing generations together can help to spur conversations — and understanding, she says.

Boomers in the Workforce. Creative, fashion studio.

Greet points to the use of “boomer-led innovation labs” as opportunities to bring boomers together with younger team members to tackle specific business challenges. “Boomers’ industry knowledge and younger employees’ fresh perspectives combine to drive creative problem-solving,” he says. Creating purpose-driven milestones that give boomers specific goals to work toward, such as leading a knowledge-sharing initiative or developing a formal training module, Greet says, allows them to make a measurable impact and leave a lasting mark on the organization.

Knowledge transfer is also an important consideration, Gerhardt says. “My work is in championing all generations in the workplace. But if we specifically think about our baby boomer population, we’re talking about significant amounts of experience, wisdom and organizational knowledge that comes from four-plus decades in the workplace,” she says. 

Many boomers indicate that they haven’t shared most of what they know. Why? “They don’t feel like people are interested or, when they do try to offer advice or perspective, they’re blown off or patronized for having a viewpoint that people might consider not relevant,” she says.

One opportunity that Gerhardt believes has significant potential is mutual mentoring programs. Unlike mentoring or reverse mentoring, mutual mentoring programs serve two purposes. “It serves the purpose of allowing our baby boomer generation to pass on the knowledge and wisdom,” she says. “And, because of two-way knowledge transfer, it also provides continual development and learning opportunities for baby boomers.”

In addition, mutual mentoring programs build relationships, Gerhardt says. She points to LinkedIn research that shows that organizations are “falling into generational echo chambers.” The LinkedIn study indicates that 20% of Gen Z workers “haven’t had a single direct conversation with someone over the age of 50 in their workplace in the last year.” Yet, 70% of these same workers indicate that “productivity and morale could be improved by better communication between colleagues of all ages.”

Earlier this year, Gerhardt wrote an article for Harvard Business Review on intergenerational friendships at work and their importance, not just for employees, but for the organizations they work for. In it, she writes: “Managers must help their employees see generational diversity as an opportunity rather than a frustration. Intergenerational workplace friendships may be the linchpin to help us all make that vital shift in perspective.”

Libby agrees. “The bonus of encouraging multigenerational interaction and exchange is that it fosters an atmosphere of mutual respect and collaboration and dispels preconceived, stereotypical attitudes,” she says. “Eliminating intergenerational prejudice is a win-win for all concerned.”

Read more BedTimes magazine feature stories.

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