When Baby Boomers Retire What is at Stake?

Leadership

Apr 14

The Baby Boomer generation workforce has made a tremendous cultural, economic, and social impact on not only the work that’s been done from the early 1970’s through today, but also the way we which we work.

Unfortunately, this generation is gearing up to make a mass exit; statistics claim that within the next five years, most will be gone from the workforce.

So, here’s the question – when your Baby Boomers retire, what’s at stake? My answer? Everything is at stake. And here’s why…

When they do leave, they’re taking a lot with them:

Intellectual capital about their respective line of work, industry, or field
Over thirty years of professional experiences and relationships
Solutions to hurdles and challenges brought about by a variety of markets and market conditions from recessions to booms
A deep understanding of their respective company’s traditions and or culture – the life of business that will keep this business going

If you’re a leader, you MUST get your Baby Boomers and Millennials working together now. They’re more similar than you realize. Baby Boomers came to work in the 1970’s because they knew it was the right thing to do; their Depression era parents made that clear and set that strong example. Work was part of a life and a future. Millennials see it the same way – we just use different words to talk about it. Millennials want to make a different at the work they do – they understand that work is part of a larger movement.

That similarity in purpose will align those generations; get them working with and talking to each other and allow you not to lose your Intellectual Capital.

Here’s how to start: Ask a Baby Boomer what their top three critical skills have been in their specific role; then, ask them to think about ‘why’ – that ‘why’ answer will be the bridge to the purpose the millennials are looking for.

For example, if you have a Baby Boomer in a Sales role who can identify the critical skill necessary to develop a relationship with a key customer, you can use that critical skill as a coaching moment for a Millennial – as well as a means by which to continue that relationship.

Make sure you are creating opportunities for these groups to work together. Your Intellectual Capital is crucial to maintain, understand and pass on to the Millennials before the Baby Boomers retire.

My last question for you is this: Are you prepared to motivate and lead millennials? And, how can you engage your Baby Boomers to share what they know to set a strong example?