Talent Shortage

In one of my posts from February, I predicted that Baby Boomers aren't going to be retiring any time soon. In my current job, I work with a lot of people who are fretting over the coming talent shortage because of the retirement of the older generation. I think that there is a demographic problem in terms of too many older workers and not enough younger workers to backfill, but I don't think that it will be as drastic as the current forecast, which is based on the outdated concept that people retire when they hit 65.

The reason I think this is that most Baby Boomers haven't saved enough for retirement and the government-backed social security system won't give them enough cash each month to support their current lifestyles. Sure, they may change jobs or work part-time, but the talent drain will be mitigated by a shifting view of talent management which deploys older workers into roles they can fill. This may take these roles from younger workers, but they will be re-deployed into the roles that the older workers can't do.

The point of this post is that I opened up the newspaper this morning and there was a story backing up what I predicted: Most boomers not ready to retire.

"...A new Rose Community Foundation study of Denver metro-area residents ranging from 55 to 65 years old suggests that Klein's services will remain in demand. Of the 1,021 people surveyed, only 39 percent plan to retire, with most planning to work either part or full time.

Inadequate retirement savings, stagnating pension benefits and cuts in retirement health benefits will make it necessary for some of them to continue working. Others want to stay active, working in a flexible environment that leaves them time for travel, attending classes and leisure activities. Some want to start their own businesses....

...But the study found that many employers are not recruiting or hiring people in this age group. "Ageism reigns fiercely," the study said..."

The company's that find a place for boomers will be the ones that are able to overcome any talent shortages that might be looming.