Have you heard of the Silver Tsunami? It’s been making the rounds in the media lately but very people are paying much attention. If you’re an HR professional, this isn’t a good thing because the Silver Tsunami is one of the biggest HR problems happening today and there’s no stopping in sight.
Here’s what you need to know:
What Is the Silver Tsunami?
The Silver Tsunami is a name given to the wave of Baby Boomers exiting the workforce en masse right now. Current reports show that an average of 10,000 Baby Boomers retire from organizations across the US every day. That insanely high rate is supposed to continue for at least the next ten years, possibly more.
Obviously, this poses a lot of problems for businesses and the HR departments that support them. There’s going to be a lot of turnover in the next couple of years, and departments have to be ready to weather the storm.
Millennials Are Taking Over
This giant void left by the Baby Boomers is being filled quickly by millennials who are currently taking over the entire workforce. It is estimated that millennials will eclipse Baby Boomers in shear workforce numbers in the next couple of years, making them the largest working generation.
As this transition of power takes place, HR departments will need to do two things to succeed: develop their millennial talent now because they are here now, not some unknown time in the future, and help Baby Boomers make their exit as smoothly as possible.
There’s this weird idea out there that millennials are this far off revolution that hasn’t hit the job market yet, but it has. Millennials are here right now and they are going to be for a really long time. Organizations need to recognize that and start developing these leaders so that they are prepared to move up the management ladder.
How to Make the Switch
There are a few ways for HR managers to help their organizations make the switch between generations. One is to implement retirement lifestyle planning, which helps retirees understand what to expect when they leave the workforce, which is vital for them to step down successfully.
A strong leadership development plan is also a must to help millennials fill the roles left open by the Baby Boomers.
One of the coolest solutions to both is to have millennials and Baby Boomers work together to share ideas. Think about it. Millennials are technologically-driven and motivated to use tech, social media, and other new ideas to build businesses. Baby Boomers have developed the interpersonal skills to manage people and have also been involved in business for a long time, knowing it inside and out.
Together, millennials can help Baby Boomers start new projects when they retire and Baby Boomers can help train millennials to take over jobs. It’s also important that these generations talk to one another because they have a lot in common: they both like to work and they’re both highly motivated. Bringing them together is good for them and your business.