Advance Consulting, Inc.

SEPTEMBER 2005

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The Looming Workforce Shift—How To Prepare For The Retirement Of Baby Boomers

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October 4-5, 2005

QUOTE
“We are defined more by what we don't know about ourselves, than by what we do know. Change offers us the chance to discover what we don't know and therefore helps us reach our potential.”

Mimi Welch
The U.S. Census estimates that there are over 80 million baby boomers, born between 1946 and 1964. This large demographic group has already started to leave the workforce, a trend that will significantly accelerate over the next 2 to 10 years. Adding to the difficulty - there are only 44 million Generation Exers (individuals born between 1965 and 1977) available to fill their shoes.   The disparity in figures could create a large number of vacancies for organizations unprepared for this impending workplace shift.
To ensure that organizations are not struggling to fill this void, it is important for them to plan now for the inevitable retirement of their baby boomer employees.   Below are some areas to consider for succession planning and transition.

Anticipate the Problem—examine your workforce demographics and identify future gaps. Now is the time to look at the numbers and determine how the baby boomer exodus will affect your company.

Identify Future Executive Candidates—work with current executives to identify future leaders. Decide which employees should be groomed to move your organization forward.

Coach and Train Current Executives to be Strong Coaches—the current Senior Managers must be ready and equipped to provide coaching and mentoring for the younger executives. They need the proper tools and skills to impart their knowledge to the next generation of managers and leaders.

Develop New Talent—mentor, train, and coach executive candidates. This new talent will be asked to take on more responsibilities and will need the support and skills to do so effectively. Develop programs where current executives coach and mentor younger executives. Senior Managers can pass on invaluable insights and knowledge.

Transfer and Capture Knowledge—often retiring executives constitute a great loss to an organization because they take with them a valuable storehouse of knowledge gained through years of experience. While it is not possible or practical to record all of this knowledge, it is possible to identify critical knowledge areas, “capture” the knowledge, and document it in usable formats that can be shared with other executives and managers in the organization.

Build and Maintain the New Executive Team—as the new executive team changes and reforms, it is important to continuously build and maintain alignment. With each new addition to the team, adjustments will need to be made to ensure the success and ease of the transition.

Retain Current Employees—strive to be the best company to work for and put a strategy in place to make your jobs more attractive than your competitors’. Provide training and career paths that will make your employees want to stay. The goal is to keep employees and not fight for the shrinking talent pool.

At Advance Consulting, we understand the needs and challenges organizations face as they prepare for the retirement of baby boomers. We have a proven method for succession planning and transition that addresses the areas mentioned above, including staff development, coaching, knowledge management, and team development. If you would like to learn more about our services, please contact us at (831) 372-9444 or email us at   advanceinfo@advanceconsulting.com.

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Advance Consulting is a professional development company that provides state-of-the-art consulting services, workshops, seminars, and speaking engagements throughout the U.S. and internationally. Find out more at www.advanceconsulting.com, send us an email at advanceinfo@advanceconsulting.com, or call us at (831) 372-9444 for more information.