This blog is part five of a blog series culminating in the release of a white paper on the subject to our subscribers. Please stay tuned as we continue this series.
What’s the next great boomer revolution? Demographers already see signs of the boomers’ next act of defiance: keeping a tight grip on the helm in American business well beyond midlife. Coupled with the dearth of younger talent coming up in the age ranks, factoring in the longer anticipated work cycle of boomers, and the need for boomer-centric management models is evident. We refer to the cornerstones of this new management model as “the Four R’s”, retention, redeployment, recruitment, retirement. Capping the Four R’s is the hot “S” button of succession. Recalibrating these functions is not a matter of accommodating the so-called Me Generation. It’s central to successful transitions within the organization and assuring a solid foundation for future economic health and vitality. The “Four R’s” are, in brief:
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Retention. Businesses cannot afford to be complacent about retaining boomers, given the anticipated shortage of 35- to 45-year-olds during the next thirty years. The elongated work cycle that boomers will create can fill the elongated need within organizations to keep their talent in place. But what will workplaces have to put in place to keep boomers loyal to their existing organizations in the face of increasing competition for seasoned leadership, technical knowledge and just plain worker power?
Redeployment. Most boomers have been in their careers a long time. Many are ready to tackle fresh challenges, learn new skills, and find new ways to fit work to their lives. For management, this presents both a challenge to find creative ways to keep them and an opportunity to use their talents in other ways, such as offering flex-time, virtual offices, a switch in work status from employee to independent contractor and so on.
Recruitment. If you think that by retaining the boomers you have you won’t need to hire more, keep in mind that smaller pool of younger talent currently available. Boomers will take recruitment wars to new levels as the brunt of the leadership shortage hits full-force both in the public and private sector.
Retirement. Sooner or later (and in some cases, the hard numbers are already upon us) boomers will finally be passing the baton and getting on to the next phase of their lives. The responsible organization will not only prepare for the transition of power within the organization, but support the forward movement of boomers.
Succession. Younger generations say they’re eager to take their turn at the wheel. But will the next generation be properly groomed to step in, and up? What is the responsibility of each of the generations to ensure that this takes place as efficiently and effectively as possible?
Eileen Marcus and Carol Orsborn