Should baby boomer retirement be a concern for your company?
Posted by Kim Provencher at 9:20 PM

There has been much buzz about the aging workforce and baby boomers retiring. I came across an article, Preparing for Baby Boomer Retirement from Chief Learning Officer magazine that does a nice job of explaining why it should be a concern for all organizations. A massive portion of the labor force will be retiring in less than six years. For the first time in decades the labor force will grow at the same rate or slower than the population. There won't be enough people to fill jobs unless older workers are encouraged to work longer. Those companies that find ways to attract and retain their older workers will be able to survive the storm. Now is the time to develop a comprehensive long-term strategy to achieve success.

While the stakes are high and the issues complex, those companies that think through the data, come up with the right questions and craft a long-term comprehensive strategy now not only will survive this historic wave, but also will have the potential ride its crest. Useful demographic information, insights into associated data and a set of comprehensive questions will help you lay the foundation of a strategic plan to position your company for opportunity and growth as the retirement wave approaches.

Mounting a comprehensive strategic plan for the entire organization must involve your peers and the CEO. While you may be the one to reveal the dimensions and significance of this demographic shift, the CFO and the senior vice presidents of sales, marketing, R&D and HR are key players in crafting a comprehensive and long-term strategy. It is the very comprehensiveness of this strategy and its buy-in at all levels that will ensure that your company will ride the crest of the baby boomer wave and not be swallowed by it. Both alternatives are a matter of choice—one informed, the other not. Make that choice now.