How Organizations Are Harnessing The Wisdom Of Baby Boomers To Combat Skills Shortages

The baby boomer generation is defined by Pew Research Center as people born between 1946 and 1964. This population has given most western economies a pronounced economic premium since the 1970s. A recent report from Bain’s Macro Trends group suggests that the premium is beginning to fade out, however, as growing numbers of boomers enter retirement.

There has been a lot of discussion around the impact of this in a societal context, whether regarding the shifting “dependency ratio” or the rise in healthcare expenditure as large numbers enter into retirement, but the transition of the boomer generation is also likely to have a profound impact upon our organizations.

Foremost among these trends is the skills shortage that is holding back organizations in a number of areas, not least their attempts at digital transformation. For instance, a recent study by Future Workplace and The Learning House revealed the considerable number of roles that currently sit unfilled due to shortages in the labor market.

Stemming the brain drain

So we have a situation where organizations are complaining of a skills shortage, while at the same time, large numbers of baby boomers are heading into retirement, taking their skills, experience and wisdom with them. A recent study from the University of California, Santa Barbara highlighted how damaging this could be. It found that there are two distinct forms of intelligence: fluid intelligence, which is our ability to think logically and process information; and crystallized intelligence, which is gained through accumulated knowledge and experience.  The researchers found that increases in crystallized intelligence were approximately twice as valuable as increases in fluid intelligence.

Some organizations are attempting to retain access to this knowledge and experience by setting up alumni networks. One of the most well-known alumni networks is YourEncore, which was set up in 2003 by Procter & Gamble and Eli Lilly to enable them to tap into the wisdom of older employees who still wanted to offer their experience without working full-time hours.

Back

What Clients Say About Patrice & Associates

  • Darryl Jackson makes you his priority! 

    I would say that Darryl Jackson was very professional and helped me in all aspects of my job search.  Darryl took my resume and made it more attractive and appealing, he was also very attentive to my needs and what my expectations were.  What I feel was a key part of the success in our relationship was the constant communication on his part.  Darryl makes it his business to know his client and always speaks to you in a positive manner.  He tries to make you see the good aspects of each individual employer.  In the future if I would need to seek other employment I truly believe I would look for his availability.    

    Thanks,

    Luis C

    Darryl Jackson makes you his priority!
  • Thank you all for everything Bruce Leininger!

    Bruce Leininger is an exceptional and irreplaceable asset to Practice & Associates.  Bruce took the time and really get to know me, my passions and personality.  He understood my wants when it came to my career move .  He took the time to talk to me and build a relationship with me.  Bruce had a lot of patience and was always in communication with me in regards to different opportunities.  I respected and appreciated his advice and input.  I will always be grateful to Bruce, as he listened with all his heart.  I will always remember what Bruce has done for my family and I and I will make sure that everyone I know who wants a career change only talks to Bruce!                  

    Respectfully,

    Sami Simaan

    Thank you all for everything Bruce Leininger!
  • The professionalism and care from Francisco Chevez was simply fantastic! 

    He was so informative, prepped to give me the best help whether it was by phone or video call, it gave me the confidence and readiness to succeed in my interview and land the job I was looking for.  He was in constant communication with me and the employer for the entire process, it truly felt like he cared for my needs the entire time and made sure they were met as well.  I am beyond happy with Francisco Chevez and Patrice & Associates, they will be with you 100% during the process and even after to make sure everything is going well. Phenomenal job and thank you so much!      

    Regards,

    Gerrie

    The professionalism and care from Francisco Chevez was simply fantastic!
  • Chris Bovio has been helpful through and through. 

    He was polite, professional, and fast acting.  He listened to what I was looking for and was impactful in his decision making.  His communication was open and offered a hand at anytime.  He made the job seeking hunt 10x easier and made it a seamless process.  I would recommend Chris and his services to anyone!    

    Jessica Pritz

    Chris Bovio has been helpful through and through. 
  • I am so grateful for Sarah Straniero and her tenacity!

    I appreciate your help Sarah. You have been professional and helped me throughout this process. Thank you for helping me with the GM opportunity.        

    Andre F

    I am so grateful for Sarah Straniero and her tenacity!