Don't Count Out Baby Boomers Just Yet (Infographic)
There is a shift in the workforce, and it's not from the much-maligned millennials.
According to a recent New York Times article, "Nearly 30 percent of women 65 to 69 are working, up from 15 percent in the late 1980s, one of the analyses, by the Harvard economists Claudia Goldin and Lawrence Katz, found. Eighteen percent of women 70 to 74 work, up from 8 percent." The study also found, "If people work when they’re younger, economists say, they’re more likely to work when they’re older."
The workplace might be changing, but its demographic isn't shifting as fast as everyone thought it would.
Two important things whacked me in the face about this article:
1. Employers need to engage employees early in their career.
So, how do you engage your workforce early and well?
1. Have a great corporate culture.
2. Offer valuable benefits and incentives.
3. Give frequent feedback. At Rhythm Systems, we are a firm believer that annual performance reviews don't work. Use Job Scorecards early and often to coach your employees.
4. Set clear goals and success criteria for employees.
2. Don't count out older workers (they still want to work and work hard).
“I really like the fast pace of it, and I like showing the younger baristas that a frail old lady cannot just keep up with them but pass them by.” (Diane
Everyone has been prepping for baby boomers to live longer, not necessarily work longer. This shift will affect work programs, workplace dynamics, and hiring. Baby boomers and millennials already have a strained relationship. It will be critical in the coming years to smooth the gap between the generations and keep both happy.
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