boomers at work: still shaping the job market in the mid 2020s.

Born between 1946 and 1965, the Boomer generation spans a wide age range. Now, in 2024, we're seeing Boomers at work well into their golden years. The youngest are pushing 60, while the oldest are nearing 80. But don’t think the older generations are ready to hang their hats.

In 2024, Boomers are still making waves in the workplace. Many choose to stay in their jobs longer or take on part-time gigs in retirement. Working alongside different generations, Boomers bring valuable skills and experience in a tight labour market.

So, what’s driving this trend? For some, it’s a financial necessity. For others, it’s a desire to stay as active and engaged as younger employees. Whatever the reason, Boomers are redefining what it means to be ‘retirement age’.

boomers are changing what retirement means

Boomers are rapidly approaching the age when visions of retirement dance in their heads (if they’re not already there.) At the same time, the world of work is dramatically evolving. Reaching age 65 is no longer a death knell for your career. Many Boomers are opting to continue working well into their golden years, with many saying their post-65 working years are some of the best of their careers.

boomers at work: what does this mean for employers?

As Boomers opt to leave the workforce and enjoy retirement, employers will find themselves engaged in a struggle to find talent as retirement attrition shrinks the labour pool. While this means lower unemployment among younger generations, it also suggests increased taxes for higher in-demand services and infrastructure maintenance. The ‘dramatic greying of Canada’s demography,’ as the Globe and Mail calls it, has serious implications for every facet of our world: the national economy, government policy, health care and social supports. The world of work will not go unscathed; organizations already feel the effects of an aging workforce that, instead of running towards and embracing retirement, circles it warily and with uncertainty.

why aren’t boomers rushing toward retirement?

They’re healthier, fitter and more active than their predecessors; some are in better shape than their own children! In many organizations, they hold the most senior and best-paying jobs. They’re used to a certain standard of living and, realistically or not, expect the same for their retirement. But many Boomers simply don’t have enough savings to ensure a quality retirement.

why some boomers continue to embrace work

Many Boomers are looking at their golden years as a second act when they can work because they want to, not because they have to. They’re embracing new careers and ways of working on their own terms, allowing them flexibility. For those Boomers, salary is no longer the deal breaker. They have lots to offer and are in no hurry to remove themselves from a career they’ve spent decades nurturing. Workers who work past retirement age are generally more engaged, enjoy higher rates of job satisfaction and have higher levels of commitment to their organizations than their younger colleagues. Statistics show that fully engaged employees are happier, healthier, take fewer sick days, create stronger customer relationships and work at a higher level of excellence, regardless of age. Few, if any, organizations can afford to lose those qualities in their workforce.

so how is this trend affecting the workplace?

When Boomers do transition out of the workforce, decades of organizational knowledge will leave with them. Many companies are already concerned about the approaching ‘brain drain.’ How will they keep the knowledge and skills older workers possess in-house? This is where succession planning plays a critical role in successful workforce management. How will we pass on information, knowledge and experience to younger workers to avoid disrupting morale, services and productivity? Where will we store knowledge so it’s accessible, safe and easily transferred? What criteria will be used to identify potential candidates to fill vacancies, and what training will be provided to ensure a seamless transition? Many organizations have not yet made provisions for retaining older workers. They haven’t established workforce management strategies to deal successfully with an older employee demographic. Their workplaces aren’t multi-generationally inclusive; their employer brands are youth-oriented; they haven’t established work cultures or an employer value proposition that considers the needs and wants of older workers. Some complain that the costs of higher wages and health insurance, coupled with the cost of training older workers in social media and new technologies, outweigh the benefits of retaining these workers. What these businesses don’t anticipate is the blow to productivity, profits and long-term success they’ll experience when the Boomer wave departs the workforce and launches its next great adventure. Not paying attention will prove costly.

mitigating those risks isn’t complicated. Here are some ideas to consider in planning for the future of your organization:

• Identify which skills shortages will create challenges.
• Create a work environment that attracts qualified workers of all ages.
• Manage a multi-generational workforce.
• Build an employer brand that attracts and retains top talent, regardless of age.
• Make sure hiring processes enhance age diversity.
• Be aware of issues faced by older workers and develop ways of accommodating them.
• Implement reverse mentoring programs where younger employees share knowledge with older colleagues.

The nature of work where many younger workers find only precarious, part-time, temporary work – the gig economy of flexible work – is the very thing their retirement-aged colleagues are embracing. For those young people frequently relegated to their parents’ basements in an effort to pay off student debt or gain a financial foothold, future retirement is too elusive and impossible a vision to imagine or consider financing. Their concept of retirement, how it will look and how they’ll fund it, will be radically different regardless of how it will be defined. But remember, different isn’t something to fear. It’s where important skills like flexibility, creativity, and resilience reside. Those are exactly the critical skills required for success in today’s workplaces, as well as those in the future.