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Who are baby boomers?
Baby boomers are the people born between 1946 and 1964. This is the generation that comes right after the silent generation and makes up a major part of the population especially in developed countries.
People of this generation were born in the post-World War II era which saw a major spike in birth rates. The period was often referred to as the baby boom and that’s what they’ve named after.Generation X is the generation born between 1965- 1980 and these employees are currently between 41-56 years old. This is the generation that comes right after the baby boomers. A lot more hardworking and self-reliant than other generations, they are also known as the latchkey generation.
Generation Y is the generation born between the 1980s up to the mid-1990s and these employees are currently in their 20s and 30s. Also known as the digital natives, this generation had a lot more access to technology than boomers and is also known to have had a more protected childhood.
How can you build a retention policy for baby boomers?
Even though baby boomers are the generation that is next in line for retirement, they come with massive amounts of knowledge and experience and the younger generation can often learn from that. This makes it essential to retain them and here are a few ways you can do that.
Prioritizing senior employee engagement
Having worked for most of their lives, baby boomers would like to enjoy flexibility in their work schedules. A good example of the flexibility that suits baby boomer employees is a phased retirement option which lets them work a part-time job and enjoy partial retirement.
Creating a senior-friendly workplace
Employers must resolve the issues that commonly lead to the early retirement of baby boomers despite their will to continue working. Giving them a workplace that takes care of their health needs, offers them wellness benefits, and gives them access to an emergency elder care plan is another way to retain baby boomers.
Supporting their post-retirement plans
Discussing post-retirement entrepreneurship in the pre-retirement conversation with baby boomers can make them feel like the organization cares for their financial security. Organizations can also consider retaining baby boomers in the workplace via a partnership or joint operating agreement.