A void created by retiring baby boomers is growing faster than companies can train replacements from younger generations
In recent years, baby boomers (people born between 1946 and 1964) have stepped back from the limelight to make way for “baby busters” and younger generations infiltrating the workplace.
Yet boomers (now in the 36 to 55 age range) still comprise a large part of Canada’s workforce and one-third of its population. Many of them are also in high demand — particularly early boomers (born pre-1960) in knowledge-based professions.
“Early boomers still have a 400 horsepower engine and a versatile steering wheel, in contrast to younger workers who have the horsepower but lack the finely-tuned steering wheel,” says Rich Stoppler, president of Edmonton-based Executrade Consultants Ltd., and a national director of the Association of Canadian Search, Employment and Staffing Services (ACSESS).
“These boomers can resolve issues quickly because they have seen it, been there and done that 30 times before, in different companies, sectors and economies,” he adds.
Stoppler has noticed these boomers look for managerial roles in business, finance, accounting and sales, where they can capitalize on lessons learned and also leverage the technical expertise of younger employees, who have grown up in the digital age.
Work-life trade-offs
In the “greedy ’80s” the early boomers wanted high salaries and bonuses and were willing to work 60-to 70-hour weeks to attain financial goals. This is no longer the case according to many staffing experts across the country.
“In the past five years, we’ve noticed early boomer executives seeking positions that strike an equitable balance between their corporate and home lives,” says Bill Fretz, director of executive search practice, The 500 Staffing Services Inc. in Oakville, Ont.
“It used to be unheard of for a CEO to leave early to coach their child’s soccer game. Now it demonstrates the flexible work options many organizations must offer to attract and retain top-quality boomer talent,” he says.
He cites a shorter commute, reasonable business travel time (about 25 per cent or less time on-the-road), tangible incentives and recognition opportunities as other value propositions that attract early boomers.
In Western Canada, Stoppler also finds work-life balance a top priority among early boomers and flexibility a key attribute of a desirable employer. Flexibility can entail flextime, working at home, telecommuting and part-time hours.
Fretz finds early boomers are also “drawn to interesting positions with enough authority to feed their egos and room for career progression but again many are willing to make quality of life compromises.”
Contract positions
Jill Peapell, president of Halifax-based Peapell and Associates, has noticed a shift toward flexible part-time options for experienced pharmaceutical sales representatives in their 50s. “During amalgamations, many pharmaceuticals cut veteran representatives with long-term knowledge. They are now re-hiring some of them and offering three-day work weeks.”
Contracts also give boomers the flexibility they desire.
“Increasingly, aging boomers want contract positions that allow them to take an extended winter holiday or spend more time with their families,” Stoppler explains. “On the employer’s side, there is a demand for seasoned consultants, who provide services to two to four firms in different industries, and can apply this experience to practical solutions.”
He notes contracts have been prominent in eastern North America since about 1991 but are only starting to become commonplace in western Canada.
Gradual retirement
Sometimes early boomers fell into careers that may not have been their first choice. Staffing specialists say contracts give them the opportunity to explore different areas. Contracts also help retired entrepreneurs top up their retirement income.
Many of these flexible options also support a movement toward gradual retirement, which entails reducing an employee’s work time without decreasing pension benefits.
Some early boomers have moved into gradual or early retirement by choice or involuntarily through cutbacks, layoffs and packages. Fretz breaks these workers into two groups: those who have not been financially prudent and are actively trying to re-enter the workforce; and those with a solid “nest egg” who can accept retirement but may opt to spend time consulting, doing some work within their area of expertise or purchasing a business or franchise.
The first group are active seekers and easy to recruit, providing they have the requisite skills. Candidates in the second group are tough to find but can be quite desirable.
Enticing them back
Fretz’s firm, The 500 Staffing Services Inc., uses networking, referrals and other direct search methodologies to uncover these potential candidates. Recruiters from The Employment Solution (TES) which specializes in placing IT, engineering and skilled trade personnel follow these channels and also tap into user groups, associations and “payrolling” resources (gained by allowing clients to use its payroll services to compensate their staff) to find hidden talent.
Once identified, these boomers may be enticed back to the workplace but Stoppler suggests recruiters “should only attempt to lure a semi-retired boomer back if they can guarantee the desired work-life balance.
It is better to have them with full drive for six months than stretching them to 10 months — only to watch them leave in frustration.”
Death syndrome
Stoppler references a growing disease called “early retirement death syndrome” — fear that the second you stop working, turn off challenges and a healthy dose of stress, you begin to die psychologically and physically. Returning to the workforce in a full-time or contract capacity may be a good antidote for this disease and help employers attract top performers who have slipped into early retirement.
Fretz is quick to point out that although early boomers may have common attributes, age is coincidental and not a factor in placing a candidate. “Past performance, transferable skills, screening assessments and work style identify a perfect fit candidate — not age,” he explains.
Consequently, times are tough for some early boomers. “As they move up the ranks, many find fewer opportunities near the top and are vulnerable to the axe that often hits middle management,” cautions Bruce McAlpine, president of Toronto-based Keith Bagg Group, and ACSESS. “They can also be unfairly stereotyped as having poorer technology skills, less creativity and reduced drive, compared to their younger counterparts.”
McAlpine says “today’s workforce will continue to shrink as the first wave of baby boomers hits retirement in the next 10 years, and when their supply of seasoned managers dries up, Canadian organizations will feel the pinch.”
He recommends human resource professionals spend the interim focusing on attracting and retaining best-of-breed boomers.
“Besides, people in their 40s and older are likely to have a ‘job-life’ expectancy of more than five years, compared to younger workers who statistics show move every two to three years to grasp new opportunities.”
Leslie Hetherington is a freelance writer and communications specialist with clients in the staffing services industry. Leslie can be reached at [email protected].
Yet boomers (now in the 36 to 55 age range) still comprise a large part of Canada’s workforce and one-third of its population. Many of them are also in high demand — particularly early boomers (born pre-1960) in knowledge-based professions.
“Early boomers still have a 400 horsepower engine and a versatile steering wheel, in contrast to younger workers who have the horsepower but lack the finely-tuned steering wheel,” says Rich Stoppler, president of Edmonton-based Executrade Consultants Ltd., and a national director of the Association of Canadian Search, Employment and Staffing Services (ACSESS).
“These boomers can resolve issues quickly because they have seen it, been there and done that 30 times before, in different companies, sectors and economies,” he adds.
Stoppler has noticed these boomers look for managerial roles in business, finance, accounting and sales, where they can capitalize on lessons learned and also leverage the technical expertise of younger employees, who have grown up in the digital age.
Work-life trade-offs
In the “greedy ’80s” the early boomers wanted high salaries and bonuses and were willing to work 60-to 70-hour weeks to attain financial goals. This is no longer the case according to many staffing experts across the country.
“In the past five years, we’ve noticed early boomer executives seeking positions that strike an equitable balance between their corporate and home lives,” says Bill Fretz, director of executive search practice, The 500 Staffing Services Inc. in Oakville, Ont.
“It used to be unheard of for a CEO to leave early to coach their child’s soccer game. Now it demonstrates the flexible work options many organizations must offer to attract and retain top-quality boomer talent,” he says.
He cites a shorter commute, reasonable business travel time (about 25 per cent or less time on-the-road), tangible incentives and recognition opportunities as other value propositions that attract early boomers.
In Western Canada, Stoppler also finds work-life balance a top priority among early boomers and flexibility a key attribute of a desirable employer. Flexibility can entail flextime, working at home, telecommuting and part-time hours.
Fretz finds early boomers are also “drawn to interesting positions with enough authority to feed their egos and room for career progression but again many are willing to make quality of life compromises.”
Contract positions
Jill Peapell, president of Halifax-based Peapell and Associates, has noticed a shift toward flexible part-time options for experienced pharmaceutical sales representatives in their 50s. “During amalgamations, many pharmaceuticals cut veteran representatives with long-term knowledge. They are now re-hiring some of them and offering three-day work weeks.”
Contracts also give boomers the flexibility they desire.
“Increasingly, aging boomers want contract positions that allow them to take an extended winter holiday or spend more time with their families,” Stoppler explains. “On the employer’s side, there is a demand for seasoned consultants, who provide services to two to four firms in different industries, and can apply this experience to practical solutions.”
He notes contracts have been prominent in eastern North America since about 1991 but are only starting to become commonplace in western Canada.
Gradual retirement
Sometimes early boomers fell into careers that may not have been their first choice. Staffing specialists say contracts give them the opportunity to explore different areas. Contracts also help retired entrepreneurs top up their retirement income.
Many of these flexible options also support a movement toward gradual retirement, which entails reducing an employee’s work time without decreasing pension benefits.
Some early boomers have moved into gradual or early retirement by choice or involuntarily through cutbacks, layoffs and packages. Fretz breaks these workers into two groups: those who have not been financially prudent and are actively trying to re-enter the workforce; and those with a solid “nest egg” who can accept retirement but may opt to spend time consulting, doing some work within their area of expertise or purchasing a business or franchise.
The first group are active seekers and easy to recruit, providing they have the requisite skills. Candidates in the second group are tough to find but can be quite desirable.
Enticing them back
Fretz’s firm, The 500 Staffing Services Inc., uses networking, referrals and other direct search methodologies to uncover these potential candidates. Recruiters from The Employment Solution (TES) which specializes in placing IT, engineering and skilled trade personnel follow these channels and also tap into user groups, associations and “payrolling” resources (gained by allowing clients to use its payroll services to compensate their staff) to find hidden talent.
Once identified, these boomers may be enticed back to the workplace but Stoppler suggests recruiters “should only attempt to lure a semi-retired boomer back if they can guarantee the desired work-life balance.
It is better to have them with full drive for six months than stretching them to 10 months — only to watch them leave in frustration.”
Death syndrome
Stoppler references a growing disease called “early retirement death syndrome” — fear that the second you stop working, turn off challenges and a healthy dose of stress, you begin to die psychologically and physically. Returning to the workforce in a full-time or contract capacity may be a good antidote for this disease and help employers attract top performers who have slipped into early retirement.
Fretz is quick to point out that although early boomers may have common attributes, age is coincidental and not a factor in placing a candidate. “Past performance, transferable skills, screening assessments and work style identify a perfect fit candidate — not age,” he explains.
Consequently, times are tough for some early boomers. “As they move up the ranks, many find fewer opportunities near the top and are vulnerable to the axe that often hits middle management,” cautions Bruce McAlpine, president of Toronto-based Keith Bagg Group, and ACSESS. “They can also be unfairly stereotyped as having poorer technology skills, less creativity and reduced drive, compared to their younger counterparts.”
McAlpine says “today’s workforce will continue to shrink as the first wave of baby boomers hits retirement in the next 10 years, and when their supply of seasoned managers dries up, Canadian organizations will feel the pinch.”
He recommends human resource professionals spend the interim focusing on attracting and retaining best-of-breed boomers.
“Besides, people in their 40s and older are likely to have a ‘job-life’ expectancy of more than five years, compared to younger workers who statistics show move every two to three years to grasp new opportunities.”
Leslie Hetherington is a freelance writer and communications specialist with clients in the staffing services industry. Leslie can be reached at [email protected].
