First was the Great Resignation. Now, the job trend making the headlines is the Great Retirement. But what is it, exactly? Keep reading to find out.
What Is the Great Retirement?
If you pay attention to the news you may have heard about the Great Resignation, the phenomenon that has workers leaving their jobs at levels never seen before in the United States.
Now there’s another “great” trend that employers have to keep in mind: the Great Retirement.
According to data from the Pew Research Center, the number of Baby Boomer workers (those born between 1946 and 1964) retiring increased in 2020 more than in previous years.
This may mark the end of an era, since Baby Boomers’ work ethic and values are an important part of the work culture in the United States.
While at the moment there’s no data available about the reasons leading older workers to retire at higher rates than before, it’s safe to assume that there’s an overlap with the causes of the Great Resignation, namely, a combination of health concerns related to the pandemic and a desire for a more satisfying work-life balance.
What To Do?
The Great Retirement poses complicated challenges because the experience and drive of older workers is a valuable resource to many companies.
However, it’s important to remember that there are three generations of workers ready to fill that void: Generation X (those born between 1965-1980), Millennials (1981-1996), and Generation Z (born after 1996).
A simple way to adjust to this trend is to create an organization culture that takes into consideration the needs and expectations of younger workers.
This means emphasizing mentoring, offering clear opportunities for professional growth, and promoting a positive work-life balance.
Finally, since health concerns are likely one of the factors driving the Great Retirement, companies should also consider ways to create a safer environment by taking advantage of the possibilities offered by remote work technology.
This may help to not only attract new talent, but also retain older employees who were reluctant to continue working.
More Tips and Ideas
At the ONE Inland Empire Chamber of Commerce, we are always looking for ideas that help foster the growth of your business. Here are some previous posts to help you do just that:
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Interested in learning more about the ONE Inland Empire Chamber of Commerce? Contact us today by email (firstname.lastname@example.org), telephone (951-280-3902), or social media. We look forward to hearing from you!