What Practices Can Help Retain These Mature Workers ( Veterans And Baby Boomers )?

The aging of the U.S. population is affecting the demographics of the work force. Between 2000 and 2010, the age group experiencing the greatest growth will be those aged 55-64; by 2005, people aged 55 and over are projected to be nearly 20% of the working age population, compared to 12.5% in 1990 (Barber, Crouch, and Merker 1992; Barth, McNaught, and Rizzi 1993). For a number of reasons, including financial need, longer life expectancy, and a desire to continue working, the number of individuals aged 55 and over in the work force is continuing to grow (Hall and Mirvis 1994). It is no longer unusual for individuals to retire from one job, begin drawing a pension, and seek new employment: since 1984, both the full- and

Companies need new strategies to utilize the strengths of each employee. Once boomers do retire there will be a large void in the workforce since there is so many of them. This will create another change in business culture because younger people will be needed to fill those spots.

Costa, D. L. (1998). The evolution of retirement: Summary of a research project. The American Economic Review, 88(2), 232-236. Retrieved from https://search.proquest.com/docview/233045640?accountid=41759

Upon reflecting on the three main generations that comprise the workplace today, a few differences emerge. “Baby Boomers” grew up in a time when movements were prominent, the Vietnam War occurred, key figures were assassinated, the Watergate Scandal occurred, and television was introduced (Twenge et al., 2010; Schullery, 2013). Overall, “Baby Boomers” seem to exhibit a distrust of authority, value hard work, and want to enjoy their achievements (Robbins & Judge, 2015; Twenge et al., 2010). As such, they are results driven and give their utmost effort (Robbins & Judge, 2015). “Generation X” grew up in a time of computers, divorce, two career parents, MTV, and economic uncertainty (Twenge et al., 2010; Robbins & Judge, 2015). For the most part, they seem to exhibit the workplace behaviors of independence and a lack of commitment to employers (Twenge et al., 2010). They value a balance between work and life and place more focus on extrinsic rewards such as monetary compensation (Twenge et al., 2010). “Millennials” grew up in prosperous times with technology dominating the era and over-protective parents (Robbins & Judge, 2015; Schullery, 2013). Generally, they seem to place a greater value on employee benefits, leisure time, teamwork, and open communication (Society of Human Resource Management, 2004; Twenge, 2010; Myers & Sadaghiani, 2010). In addition, they have also been given the labels of “self-centered” and “entitled” (Myers & Sadaghiani, 2010).

As generation Y, the first group to come of age in the new millennium, grows and matures, they have entered the workforce at an increasingly high rate, making them the fastest growing segment of the United States workforce (Dorsey, 2010, pg. 15). These “youngsters” are typically in their early 20’s to early 30’s, still in the early and formative stages of their careers (Wain, 2013, pg. 308). Joining these Millennials in the workforce are those known as Generation X, consisting of the middle generation born from around 1965-1984 (Wain, 2013, pg. 308). At the far end of the age-workforce spectrum sit the Baby Boomers – those born between the years of 1946 and 1964 (Kaifi, Nafei, Khanfar & Kaifi, 2012, pg. 89). And finally, the oldest generation still trying to eke out their last paychecks before retirement is the Traditionalists, born between the years of 1937 and 1945 (American Medical Writers, 2012).

The four generations presented in this paper are: The Veterans, The Baby Boomers, Generation X, and the Millennias. The Veterans, also known as seniors or traditionalist, were born between 1925 and 1945 (Andrews & Boyle 2016). These individuals lived through the world wars, overcame economic hardship, and have chosen to continue to work past the common retirement age. This group of individuals believe they work out of

One of the characteristics they possess is their general mistrust for authority and large systems. Their values were shaped mainly by a rise in civil rights activism, Viet Nam, and inflation. Baby Boomers are more optimistic and open to change than the Silents, but they are also accountable for the “Me Generation”, a quest of personal fulfilment that often shows up as a sense of entitlement in today’s work force. Due to the dot-come bubble burst, when the internet started to catch on and investors were putting large sums of money into websites without even looking at their business plans, the retirement savings of Baby Boomers were destroyed. (Investopedia.com) Now many of them find themselves having to work longer than they intended. According to www.amanet.org, a recent survey of 2,001 people born in this era reported that 63% plan to work at least part-time in retirement, while 5% said they never plan to retire either because they like to work or because they need the money to replace lost retirement

Whilst a large amount of information exists in terms of generational cohorts, not all findings are supported by empirical research to link the concept of work engagement to the different generational cohorts. The conventional belief that older people are less engaged and do not find meaning in their work has been proven to be a misconception, which highlights the danger of stereotypical beliefs. The findings suggest that older employees are still very valuable resources and can contribute significantly to the organisation’s success, but have different needs and values than other age groups. The results of this study indicated a significant difference between the Baby Boomer generation and the other two cohorts, but no significant difference

Twenty or so years ago, the question of personal growth in retirement hadn't really entered the mainstream consciousness. To most people a generation ago, retirement was an ending, not a beginning. But as with everything else they've encountered, the Boomers are challenging that view of retirement.

“Baby Boomers ranked the highest when it comes to being a productive part of their organizations (69% of respondents agree), "hardworking" (73% of respondents agree), a "team player" (56% of respondents agree), and mentoring others (55%)” (Giang, 2013). In view of the aforementioned citation, it delivers a perspicacious frame of reference into the purpose of this case assignment. A case assignment that will be evaluating the aging workforce from a human resource (HR) mindset. Along with a deliberation, of the increased worthiness baby boomers provide a company. When said, company is acquiring contemporary employees with unique skills. In their efforts, for compensating for the impending loss, they will have to endure upon the departure

However that is not the case in today’s society amongst seniors. Seniors still have the desire to work or they actually have to work in order to sustain their own well-being. In this article it discusses the motive for what drives seniors to continue working, “Polling of CARP members shows that about half of seniors want to work and half need to work, Eng says. Those who choose to work enjoy the sense of engagement and contribution that paid employment brings” (Luke, 2014). This context ties in with the age stratification theory, which states that it “focuses on the movement of age cohorts over the life course” (Novak et al., 2014 p.26). Seniors wish to continue working which will cause conflicts between two age cohorts. Age cohorts are defined as a group of people born in the same period of time (Novak et al., 2014 p.26). Baby boomers are individuals born after World War 2 and the younger individuals are either from the MTV generation or boomerang generation Younger generations whom are searching for job opportunities will be facing further competition. The notion of old age in previous is to stop working and retire. However this article states that “The idea in the past that at a certain age you just quit — you stop working, stop dressing, stop getting engaged in politics — is changing,” The agenda for seniors now is to continue working rather than

It’s important that we should have this mentioned. I believe that there is a disconnect between educational standards and organizational demand for skills such as technical and engineering skills as well as soft skills that facilitate integration into the workforce. Therefore, if we look at the fact that the workforce currently has a lot of baby boomers in place. Baby boomers are ages 53-71. This group of people in most cases are equipped with soft skills. With that being said, the baby boomers have the ability to be a team player, the know how to communicate, in some instances able to show adaptability, problem-solving, and critical thinking capability. However, they may lack the educational, technical, and engineering skills need to maintain

After retirement a good percentage of retirees still need to work or would like to work (Harper & Shoffner, 2004). An awareness of the older worker’s developmental and social challenges are important for understanding post career decisions (Harper & Shoffner, 2004). Usually older workers are in Erikson’s developmental stages of generativity versus stagnation or integrity versus despair (Harper & Shoffner, 2004). Older workers, after retirement, may find it difficult to maintain involvement in things such as social contact with co-workers which may loose appeal over time (Harper & Shoffner, 2004). Other concepts with this group include mental and physical capabilities and social attitudes about the aging worker (Harper & Shoffner, 2004). Maintaining

“The number of employees over the age of 55 has increased by 30 percent; however, the number of 25- to 54-year-olds has only increased by 1 percent” (Claire, 2009). In 2008 the eldest of the 77 million baby-boomers turned 62. Estimates are that by the end of the decade about 40 percent of the work force will be eligible to retire. As people begin to reach the age of retirement there may be not be enough new employees to fill the gap (Clare, 2009). Companies need to find ways to attract Boomers and Millennials. Companies that want to attract Boomers and Millennials need to be creative in their culture, HR policies and work environments.

The world’s labor force primarily consists of three major generations: the “Baby Boomers,” “Generation X,” and “Generation Y.” The “Baby Boomers” were born during and after the 2nd World War (1940 to 1960). This generation has a legacy of expertise, “old-fashioned” autocratic management, and healthy productivity. “Boomers” are known to work hard, remain loyal to their employers, and receive promotions on the basis of hard work and high skill. Technology was rather limited (Hewitt and Ukpere, 2012).