Wow! Now let's look at what this might mean for Canada, who has about 1/10 the population of the US. Even if we said only 1,000 retirees were Canadians, it would mean a possibility of 100 people per province. How will it reflect on your business?

Last year one of our clients offered early retirement to their staff. They expected about a third would be interested - instead, one half were. Are you ready to move forward if half the wisdom in your organization walks away?

Consider this - presently the workforce in Canada looks like this:

Veterans - 8%

Baby Boomers - 50%

Generation X - 24%

Generation Y - 18%

 

Now consider those 1,000 per day (of the Boomers) who will retire and you see the dilemma you might be in.  

 

Not only will you lose people, more importantly you will lose the wisdom of the individuals who can do the work of 2 or 3 new trainees. Think about it - you'll hire a Gen X or Gen Y and they learned something many of us didn't: BALANCE. They will do their job well; however they will revolutionize the workplace.

 

To help this transition run smoothly, you'll want to consider:

1. Capitalizing on the strengths of Gen X and Gen Y (listen to their ideas on how to make things more technological and efficient - you may be surprised!)
2. Being open minded with the people you bring on (some allowances may inspire the loyalty you've been looking for)
3. Mentoring (these relationships are beneficial for all involved! Boomers will  feel appreciated for their experience and knowledge, and the younger generations will enjoy the opportunity to learn, to see their progression, and - bonus - they'll develop some of the interactive/ communication skills you want to keep around)
4. Planning for succession (transfer the knowledge you've acquired and help the younger generations see the paths their careers can take within your organization)