Baby Boomer Retirement: Are You Ready to Replace Retiring Talent?
Companies across the country are having to deal with retiring baby boomers. Is your company prepared to replace these employees? Many companies think they are prepared while others know they are in a little bit of trouble. When baby boomers begin to retire, it means that companies may be left with a significant number of empty positions. This is a lot of talent to replace simultaneously. So, what is the best course of action to take? We will discuss some of the top baby boomer replacement strategies in this post.
Conduct an Age Profile
One of the first things your company needs to do is conduct an age profile of the workforce. This will help a company understand what areas will see attrition when retirements start pouring in each year. When an age profile is conducted, the company will be able to prepare for replacing talent. There will be no surprises when a group of baby boomers at the company retire when an age profile is conducted.
Have a Retention Plan in Place
An excellent option is to have a retention plan in place at your company. This plan should attempt to keep baby boomers in the office past their retirement years so you do not lose their experience and knowledge. The retention plan could include a new bonus structure, added perks, or even a promotion to a higher position. Keeping baby boomers on the job is one strategy to increase your planning time in order to create a better transition plan for the future.
Mentor the Youth at Your Company
Make it a point to mentor the younger employees at your company from the beginning. When you create a mentoring program at work, you will lessen the burden of the retiring baby boomers. By mentoring your younger employees you show them how much they mean to the success of your company and how much you value their input.
Create a Transition Plan
Your company must have a plan for transition in place to prepare for the retirement of baby boomers. This means that you need to have a budget for new hires or for training current employees. Can you succeed with new full-time employees or can you get away with using contractors and freelance employees? Use this plan to identify which employees on the payroll will be able to help create a smoother transition when baby boomers retire.
Contact the experienced Renton recruiters at Smart Talent today to discuss the best strategies to replace baby boomers at your company as their retirement approaches.