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

  • Jonathan Litt was an amazing coach during my job search.

    The thing that stands out to me the most is you can tell he truly cares. He helped me gain self confidence through phone calls and was constantly checking in on me during the interview process. Not only was I able to acquire a great job with the help of Jonathan, but I received incredible insight. He is a very smart guy and is able to effectively explain his thoughts in a simple manner.          

    Thank you so much!

    Jacque J.

    Jonathan Litt was an amazing coach during my job search.
  • Karen Horton is personable, knowledgeable, and was instrumental to my Career Goals.

    Communication and correspondence with her was easy and fast and her feedback always proved very useful during the recruitment process.  With other recruiters I have dealt with in the past, I've usually had the impression that I was merely part of a quota of applications. This was not so with Karen, I am convinced that she had my best interest in mind as well as those of the company she was "hunting" me for.    

    I cannot thank Karen enough for all her assistance in what I am sure will be a long lasting relationship with my new employer.

    Regards,

    Carlos

    Karen Horton is personable, knowledgeable, and was instrumental to my Career Goals.
  • Ross Horton is the definition of what a professional account manager should aspire to be!

    He finds ways to help that best suits his candidate, now that takes passion for helping people! The way that he engages with his clients is truly rare to find. If you have the chance to work with him. Do it!

    Thank you,  Ross Horton and Patrice & Associates!

    Joel Rodriguez

    Ross Horton is the definition of what a professional account manager should aspire to be!
  • Dionne Spriggens is the definition of Dedicated!

    Dionne Spriggens is doing a great job with exceptional service.  Dionne is amazing with her persistence and the positive vibes she brings.  Since I the first time I spoke with her she has been nothing but professional and dedicated.

    I strongly believe that she will be a great asset to Patrice & Associates for many more years to come!

    Best regards

    Bovon L.

    Dionne Spriggens is the definition of Dedicated!
  • Shawn Hoye needs a raise!

    Shawn Hoye went above and beyond in matching me with a position and company that was best suited for me. He is passionate about what he does, and is with you every single step of the way. I would highly recommend Shawn Hoye and Patrice & Associates.          

    Thank you!

    Melissa

    Shawn Hoye needs a raise!