No matter the business or industry, planning and being prepared for the future is important to any company. After all, failing to prepare is preparing to fail. An imminent challenge that all businesses need to begin planning for is the mass exodus of Baby Boomers from the workforce. Having now dominated the workforce for the past several decades, they have shaped the modern business landscape that we know today. With this comes a question…what do you do when the Baby Boomers are gone?
The youngest Boomers are currently turning 50, meaning their generation will be non-existent from the workforce sooner rather than later. An AARP study in 2011 indicated that 76 million Baby Boomers will be facing retirement over the next two decades, representing a large chunk of not just employees, but business leaders. So, with so many Boomers heading for the exits, who will replace them? Enter millennials, the generation often described as open minded and flexible at home and in the workplace. A far cry from the Boomers, who are known for holding one to two jobs over the course of their career and sticking to strict, steadfast planning. With such a difference in business and personal philosophy, how do companies bridge the gap? It’s expected that over 25% of current millennial workers will be taking over management positions due to so many Boomers retiring. Will they be ready to handle the responsibilities? Here are a few strategies you and your company can use to make this transition as seamless as possible.
1. Find what experiences your Baby Boomer leaders have in common with one another
Perform experience reviews on Baby Boomers in managerial positions in your company. After doing this, you will notice that they all had common experiences that shaped their skill sets and ways of thinking. Use this knowledge and expose your future leaders (millennials) to similar opportunities to get them on track to becoming leaders of tomorrow.
2. Find what natural talents your top performing Baby Boomers possess
Natural talent is one of the key factors when considering who to move into a leadership role. Use talent based assessments to identify and document the talents of your top performers. Take note of these talents and keep an eye out for them when hiring or considering a current employee for a leadership role.
3. Create a “Future Leader’s Instruction Manual”
Companies need to give their new leaders a way to look back and use the knowledge and processes of the Baby Boomers. Create a plan to capture and store employee knowledge so that it is easily accessible. As more Boomers leave the workplace, companies need to establish a way of retaining their processes in ways that can be communicated effectively to young employees.
4. Have your Baby Boomers and Millennials start working together ASAP
Place Baby Boomers in mentoring and coaching roles. This will eliminate any gap in the workplace and the chance for Boomers to transfer their knowledge and skills to their younger coworkers. Furthermore, you can implement intergenerational project teams to promote broader, continuous learning and skill building experiences.