Millions of Baby Boomers will no longer be in the workplace as they will be retiring soon. This will have a direct impact on the workplace. Boomers who entered the workplace many years ago will affect the workplace with their departure because they bring a lot of expertise, skills, knowledge, talent and years of experience to the table.
Corporate dangers of Baby Boomers leaving the workplace are:
Loss Of Expertise
The workplace will get affected by the loss of expertise once the baby boomers leave the workplace. With years of experience, baby boomers know exactly what they are bringing to the table and once they leave, the workplace will struggle directly because there will no longer be people who have years of experience and expertise in the field.
Loss Of Skills
The higher the experience a person has, the higher the skills they bring to the table. Therefore, once the Baby Boomers retire, the workplace will struggle from a loss of skills. These skills are generally missing in the new generation entering the workplace. Skills are important and they benefit the work in a positive manner. Baby Boomers have an incredible amount of experience and have worked hard to attain these skills. As a result, they may cause a loss of skills to the workplace, jeopardizing the workplace with a lack of skills.
Loss Of Knowledge And Talent
Baby Boomers are fully equipped with knowledge. They are well rounded in whatever they do and they bring a lot of expertise and talent to the table. Therefore, once they leave the workplace, this will cause a loss of knowledge; knowledge that is integral and vital to the company. It will also lead to a loss of talent because baby boomers have a lot of experience in their field and their leaving the company may negatively impact its overall well-being.
Loss Of Experience
Another major impact that Baby Boomers leaving the workplace is that it will lead to a loss of experience. Baby boomers have a lot of experience because they probably entered the workplace many years ago and therefore, they bring a lot to the table. On the other hand, once these boomers leave, they will have a negative impact on the company simply because the company will have to deal with the major setback of losing experienced professionals. There is nothing better than having someone who has a lot of experience and boomers leaving the workplace will mean a loss of experience in every way.
Companies Will Have To Spend More On Training
Lastly, Baby Boomers are experienced professionals and once they leave the company, companies will have to spend more on the training of new hires. Training costs are high and companies will have to invest in new employees to replace the expertise and experience that Baby Boomers bring to the table.
Boomers leaving the workplace will have negative impacts on the company in every way. Them leaving the company would translate into a loss of experience, skills, talent, higher expenditures and more.
How do you help Baby Boomers navigate a successful departure?
Baby Boomers typically identify their value based on what they do for a living and what they own. They are struggling to leave the work place because they see it as “lost personal value”. Employers won’t talk about exiting because it is a sensitive issue, so baby boomers are left to navigate their potential departure with a lot of head trash and all alone.
How will you successfully leave the workplace?
My Exit Strategy™ is a program designed to help you and your baby boomers exit the workplace successfully. It has three elements:
• MyExit Plan™
• MyExit Agreement
• Knowledge Protection System™
MyExit Plan™ creates clarity and dialogue through three tools. It directs the retiring employee toward where they are heading vs what they are leaving. It gives them energy and excitement to move to the next phase of life.
MyExit Agreement is the conversation tool to help the employee and employer have the critical conversations that need to be had to help the retiring person have success in their last years on the job and into retirement.
Finally, the Knowledge Protection System™ is a tool to extract knowledge that will be lost when they leave. However, it is primarily a psychological tool used to help the exiting employee be “ok” with leaving because they have left their legacy and knowledge. Now it is ok to leave.