Some say the exodus of baby boomers — Americans born between 1946 and 1964 — from the workplace is overhyped. But that doesn’t mean it isn’t happening. While baby boomers may not be retiring in droves as originally anticipated, they are leaving the workforce at a steady pace. The loss of business intelligence and knowledge they will take with them — particularly in areas that include education, finance, engineering, defense manufacturing and federal government — could amount to billions of dollars in lost intellectual capital.
- Today, baby boomers account for 31 percent of all jobs — 56 percent hold leadership positions.
- Last year, the youngest of the baby boomer generation turned 50.
- By 2029, all baby boomers will be 65 or older.
While 62 percent of employers at Fortune1000 companies believe that future retirements will result in skilled labor shortages over the next five years, only a few are taking proactive measures — such as phased retirement programs and knowledge transfer strategies — to help mitigate the impact the baby boomer brain drain may have on their business. Is your organization one of them? How will your company fill the gap?
In the following infographic, MBA@UNC, University of North Carolina Kenan-Flagler’s online MBA degree program, highlights key facts that surround baby boomer brain drain. The infographic illustrates what brain drain is and how it happens, the impact that baby boomers have in the workforce today, key areas where brain drain will have the greatest effect, and smart tactics companies can use to leverage senior talent and prepare the next generation of workers for important leadership roles.
Take a closer look — and consider what steps your organization can take to stave off the brain drain:
Brought to you by MBA@UNC’s online MBA programs