This is the year we’ve all been waiting for–the year that Baby Boomers will start turning 65.
Check out this ABC News report on the Boomers’ big birthday that aired on New Year’s Eve.
For years our nation’s leaders have been concerned about the arrival of 2011. It’s long been predicted that this will be the year that launches our nation’s enterprises into a downward spiral comprised of retirement waves and talent turnover. Some have even referred to it as ‘the perfect storm’ that will leave organizations at risk of losing critical knowledge and unable to fill valuable positions vacated by the Boomers.
The recession of recent years may have softened the blow that was once expected, as some Boomers will opt to prolong their retirements.
Nonetheless, this year alone 2.8 MILLION Americans will turn 65. That’s one Baby Boomer turning 65 every eight seconds, and 7,000 Baby Boomers turning 65 each day!
That’s bound to make some waves in our workforce, not to mention our healthcare system.
Between now and 2030, 78 million Boomers will retire. This year marks the beginning of the end of the workforce as we have known it. The passing of the torch to generations who aren’t interested in the same careers, don’t have the same work ethic, and remain largely unengaged, frustrated, or overlooked at work.
The next generations aren’t prepared to pick up where the Boomers leave off, which will leave our nation’s workforce and industries vulnerable and unable to compete in a global economy.
This year, every business should resolve to focus on the future. Take the time to succession plan and develop your next-generation leaders now – before time runs out.
Looking for a game changer at your next event or a strategy unique to your organization?