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Baby Boomers Retiring - Research Paper Example

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Baby Boomers Retiring Name: Institutional Affiliation: Baby Boomers Retiring Introduction A baby boomer refers to a person born during the post-world War11 period. This was the period between 1946 and 1964. The issue of retiring baby boomers has arrested the attention of many organizations’ leaders…
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Download file to see previous pages As baby boomers retire, there will be need for knowledge transfer as they get replaced by new workers. This is because as they retire they are bound to escape with their wealth of experience and knowledge from the workplace. In order to achieve this, there will be need for the establishment of excellent working relationship between the older and the younger workers. This working relationship will ensure that institutional knowledge is maintained as the mature workforce retires according to DeLon (2004). The better the relationship between both existing and incoming workforce, the greater the possibility of knowledge transfer. Consequently, a more influential intergenerational synergy is likely to thrive. The transfer of knowledge can be made easier and possible through mentoring. This is because the younger workers may find it hard to appreciate the credibility, and maintain respect for the talent and skills of the mature workers. Organizational culture can be defined by the different generations working within its environment. The presence of baby boomers and the younger workers in organizations, beyond doubt, create generational differences. This generational difference is likely to affect the organizational culture and work environment. ...
The sharing of ideas usually depends on the particular generation. As far as the culture of organizational innovation is concerned, the younger workers have a competitive merit as opposed to the older generation as noted by Venneberg and Eversole (2010). The baby boomers are less risk takers in so far as organizational culture is concerned. They prefer maintaining the status quo. How to Replace Baby Boomer Workers There has been a growing concern about the retiring of baby boomers considering that many of the Canada’s organizations have not planned for the retiring workforce. With the continued retirement of baby boomers, there is bound to be a major change in the demographics of the Canadian workforce (Roberts, 2005). As they retire, the younger generation which is quite inexperienced will have to replace them even as many businesses and organizations are likely to remain unprepared for the looming change. Various analysts have stated that businesses in Canada are likely to face a shortage of workers for the next ten years as a result of the retirement of baby boomers. Hence, organizations which fail to plan for the replacement of this workforce will end up facing loss of labor skills and expertise that may prove difficult to counterbalance. The issue of how to replace the retiring baby boomers has raised a lot of concern to many employers. Their concern revolves around where to get new employees and the cost of training the new workforce. In order to replace the retirees, organizations might be forced to invest a lot in the training of new workers as noted by Peschard-Sverdrup and Center for Strategic and International Studies (2008). Similarly, organizations might be required to ...Download file to see next pagesRead More
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