How to Manage the Wave of Retiring Workers

 

By now you’ve likely heard the term, “great resignation,” which refers to the prediction that 30 percent of the workforce will quit their jobs in the next 6 months for greater flexibility and purpose. But are you ready for what’s coming next? “When it rains,” as the saying goes, “it pours.” Boomers are also exiting the workforce at alarming rates, with 75 million planning to retire sooner than previously expected. Combine this with the 30% of workers quitting for greener pastures and you’re likely wondering how you’ll bring stability to your company.

Fresh ideas, creative solutions and proactive preparation can help you get ahead of these developments.

Include talent pools you’ve likely overlooked

Expand your workforce strategies to keep a steady pool of amazing talent in your company by thinking outside-the-box of traditional hires. One example? Hiring previously incarcerated individuals. Employing ex-offenders is more than just a sympathy play. It is a smart business move with a societal impact. 

Invest in your management team

Managers play a critical role in retaining employees. Their regular interaction with direct reports allows them to influence motivation, connection to purpose, and overall culture. Invest in the growth and development of your managers and they will set the tone for a devoted workforce.

Get flexible with alternative working arrangements

Post-pandemic, employees have learned that the traditional office setting isn’t the only setting that cultivates teamwork and produces results. Work life balance and satisfaction is at the forefront of your employees’ minds. Redefine the traditional office at your organization to offer employees hybrid schedules, work from home options, and flexible hours that support both their work and personal life, and you’ll have happy employees and less turnover.

Consider strategic outsourcing

Outsourcing is a cost-effective and time-saving strategy to make up for the lack of internal resources, while keeping your company thriving. You’ll have a smaller internal workforce, but will still be able to reap the rewards of a full-sized team. Outsourcing can make your life easier and give you time to focus on what’s really important – your customers, your employees, and company growth.

We can help you put a plan in place to avoid potential disruption of a rapidly retiring workforce. Get in touch with us today to see how we can help you secure a workforce that will deliver results, no matter what external forces are at play.

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