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It’s not far off until 2010, the year that the Boomer wave, or tsunami as it’s been called, will occur.  Basically, 2010 is the year when one in six people will be over the age of sixty-five.  If statistics are correct, 10,000 Boomers will turn 65 every day.  And the wave will continue for years.  This is going to have serious implications for businesses, no matter what size.  Two years ago, a study was done by Boston College’s Center on Aging that found that only 25% of U.S. businesses were prepared for this wave.  The study was done at a time before the economic downturn, where most of these Boomers, as well as Traditionalists, would retire and leave the workforce for travel or a new career.  The study had predicted that 70% of the Boomers would remain in the workforce. That study was two years ago before our financial crisis.  Meaning, more older workers will be remaining in the workforce.

From an organizational perspective, this will create a dilemma on talent management.  We know that the older worker has a lot of attributes that are attractive to companies, such as good work ethic, loyalty, good communication skills, and  dependability.  Companies are finding a lot of younger workers lacking in these skills.  With businesses fighting to stay alive, they are realizing that they don’t have time to groom a lot of these younger workers and are relying on the older workforce to carry them through. 

It will become important for organizations to look to retain these workers and to tap into keeping them engaged and performing at high levels.  Here are five ways to retain and engage the Boomer workforce:

1. Give them responsibility - older workers enjoy being productive and having responsibility for tasks and projects; they are usually able to multitask and problem-solve due to having these SKA’s

2. Acknowledge them - older workers have a lot of information and experience and want to be acknowledged and validated for their skills, knowledge and abilities; praise and recognition work

3. Give them a title and authority - older workers, by virtue of their SKA’s and experience want to lead and be given a title to go along with that authority and thrive on the recognition and status that goes along with them

4. Provide them with job sharing and job redesign - older workers enjoy variety so varying their schedule or job will keep them engaged and loyal to the organization; other ways may be working from home or job sharing

5.  Provide them with work-life balance - older workers value their time and home and time for leisure activities; providing them with altered work schedules or creating a relaxed work environment will keep their interests and involvement in their work.  Wellness programs are one way to do this

It is not too late for organizations to formulate plan to keep these valuable employees.  But time is running out.  Being aware of the steps above, and implementing them, will equip businesses with a workforce that will take them successfully into the future.