U.S. employers tap into their knowledge and experience
According to United States Census reports, 7,918 people turned 60 every day in 2006, which amounts to 330 every hour. Contrary to the prevailing belief that retiring baby boomers will decimate the work force, it seems many retired boomers are returning to work in the role of consultants, mentors and part-time employees.
A recent survey by AARP, the American non-profit organization for people over 50, found that 79 per cent of boomers plan to work in some capacity during their retirement years, and many employers are ready to welcome them back.
"There's growing awareness that important institutional knowledge may be lost as large numbers of mid-to-upper-level managers retire," said Michael Jalbert, president of search and recruitment firm MRINetwork.
"It's not just a matter of the job functions they perform, but rather the impact their loss can have on the foundation and culture of their companies."
An increasing number of the candidates that MRINetwork places, particularly in contract situations, come from the ranks of retired baby boomers, said Jalbert.
"This is due not only to the crunch created by the growing gap between new job creation and new entrants into the work force, but also because companies are seeking people with the skills, experience and work ethic of the baby boomer generation."
For the baby boomers, conditions have to be right to induce them to continue working after they take retirement.
"I retired early because I want the freedom to do some of the things I put off during my career," said Harry Huhndorff, a former design engineer with Eveready Battery in Cleveland.
"No one was more surprised than I to discover I could actually earn serious money working as an independent design consultant for companies right in my area. I can take on as many projects as I like, turn down the ones that are not interesting or challenging, and work primarily from home - or wherever I happen to be."
Although workplace analysts and observers have been discussing the effect of large-scale baby boomer retirements for the past several years, Jalbert said many companies have not prepared for the reality.
"It's vitally important that businesses develop bench strength. Forward-thinking senior management is focusing on hiring people, especially in their mid-to-upper level ranks, who are promotable to jobs two or three levels above their current positions."
A recent survey by AARP, the American non-profit organization for people over 50, found that 79 per cent of boomers plan to work in some capacity during their retirement years, and many employers are ready to welcome them back.
"There's growing awareness that important institutional knowledge may be lost as large numbers of mid-to-upper-level managers retire," said Michael Jalbert, president of search and recruitment firm MRINetwork.
"It's not just a matter of the job functions they perform, but rather the impact their loss can have on the foundation and culture of their companies."
An increasing number of the candidates that MRINetwork places, particularly in contract situations, come from the ranks of retired baby boomers, said Jalbert.
"This is due not only to the crunch created by the growing gap between new job creation and new entrants into the work force, but also because companies are seeking people with the skills, experience and work ethic of the baby boomer generation."
For the baby boomers, conditions have to be right to induce them to continue working after they take retirement.
"I retired early because I want the freedom to do some of the things I put off during my career," said Harry Huhndorff, a former design engineer with Eveready Battery in Cleveland.
"No one was more surprised than I to discover I could actually earn serious money working as an independent design consultant for companies right in my area. I can take on as many projects as I like, turn down the ones that are not interesting or challenging, and work primarily from home - or wherever I happen to be."
Although workplace analysts and observers have been discussing the effect of large-scale baby boomer retirements for the past several years, Jalbert said many companies have not prepared for the reality.
"It's vitally important that businesses develop bench strength. Forward-thinking senior management is focusing on hiring people, especially in their mid-to-upper level ranks, who are promotable to jobs two or three levels above their current positions."
