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Baby Boomer Retirement: Is Your Company Ready?

Is your company ready for the retirement of the baby boomers at the office? You might think that your company is ready, but be sure to read this post to make sure you truly are prepared. Baby boomers are retiring at an alarming rate these days and they will continue to retire over the coming years. Prepare your company for their retirement by following the steps outlined in this post.

 

Understand the Impact on the Office

One of the first things you need to do is understand the impact that baby boomers have on your office as you prepare for them to retire. You should have the HR department compile a list of employees who are eligible to retire within the next three-to-five years. Not everyone on this list will actually do so, but you need to plan as if they will. Determine which department will be affected by these future retirees and begin to create hiring plans to fill those positions when they become available.

 

Mentor Younger Workers

Companies should have a mentoring program in place already, but if your company does not, it should create one immediately. The youngest employees at the office need to be mentored by the baby boomers who might retire in the near future and by others who have been with the company for a prolonged period. The mentoring program should pair a younger worker with a baby boomer for a period of six months to one year. They should work together on projects and the baby boomer should show the younger worker how to handle the responsibilities and intricacies of the job.

 

Create a Transition Plan

It is very important that your company create a transition plan. This should include a budget for making new hires and for training remaining workers. Is it possible to keep the positions open of those who retire or can you fill them using contract workers? All of this needs to be addressed in your company’s transition plan.

 

Retain Some Baby Boomers

It is also a good idea to retain some baby boomers if at all possible. Not everyone who reaches retirement age will intend to retire. This means that they might want to stay with the company for as long as they seem fit to work. Negotiate with these employees and let them know they are still wanted around the office.

Preparing for baby boomers to retire is a process that should be started as soon as possible. Do not wait for your company to be bombarded with boomers who are preparing to move into a new phase of their life.

Contact the experienced staffing team at Halpin Personnel to discuss the best options to plan for baby boomer retirement.

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