--- title: "Baby Boomers Retiring: Surviving the Shrinking Workforce" description: Baby boomers are retiring in droves. To keep your business thriving, strategical planning to better adapt to changing workforce demographics is a must. image: https://blog.axcethr.com/hubfs/baby-boomers-_1200-%C3%97-628-px_%20(1).webp --- - [Client Portal](https://www.axcethr.com/client-services/) - [Employee Login](https://www.axcethr.com/client-services/) [![AxcetHR Solutions Blog](https://blog.axcethr.com/hubfs/AxcetHR2021%20Blog/axcethr_logo_white%20(1).png)](https://www.axcethr.com/) - [About Us](https://www.axcethr.com/about-us/) - [Corporate Philantropy](https://www.axcethr.com/about-us/corporate-philanthropy/) - [Meet the Team](https://www.axcethr.com/about-us/meet-the-team/) - [Values and Culture](https://www.axcethr.com/about-us/values-and-culture/) - [Kansas PEO](https://www.axcethr.com/about-us/kansas-peo/) - [Missouri PEO](https://www.axcethr.com/about-us/missouri-peo/) - [Careers](https://axcethrsolutions.prismhr-hire.com/) - [Why Axcet](https://www.axcethr.com/why-axcet/) - [Why Choose Axcet?](https://www.axcethr.com/why-axcet/) - 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[Employee Safety & Risk Management](https://blog.axcethr.com/topic/employee-safety-risk-management) - [Employee Benefits](https://blog.axcethr.com/topic/employee-benefits) - [All about COVID-19 in the Workplace](https://blog.axcethr.com/topic/covid19) - [Kansas & Missouri HR News](https://blog.axcethr.com/topic/kansas-and-missouri-hr-news) - [Kansas City Interest News](https://blog.axcethr.com/topic/kansas-city-interest-news) - [PEO/HRO](https://blog.axcethr.com/topic/peo) - Choose Topic: - [Human Resources](https://blog.axcethr.com/topic/human-resources) - Payroll Administrations - [Employee Safety & Risk Management](https://blog.axcethr.com/topic/employee-safety-risk-management) - [Employee Benefits](https://blog.axcethr.com/topic/employee-benefits) - [PEO](https://blog.axcethr.com/topic/peo) Baby Boomers Retiring: Surviving the Shrinking Workforce 5:39 # Prepare for the Retirement Boom to Avoid Business Bust By [Jenny Barnes, SPHR](https://blog.axcethr.com/author/jenny-barnes) on [Mar 31, 2023](https://blog.axcethr.com/baby-boomers-retiring-surviving-the-shrinking-workforce) 4 min read [0 comment(s)](https://blog.axcethr.com/baby-boomers-retiring-surviving-the-shrinking-workforce#comments-listing) Share this: - - - - [whatsapp://send?text=https://blog.axcethr.com/baby-boomers-retiring-surviving-the-shrinking-workforce](whatsapp://send?text=https://blog.axcethr.com/baby-boomers-retiring-surviving-the-shrinking-workforce) - [mailto:?subject=Baby%20Boomers%20Retiring:%20Surviving%20the%20Shrinking%20Workforce&body=https://blog.axcethr.com/baby-boomers-retiring-surviving-the-shrinking-workforce](mailto:?subject=Baby%20Boomers%20Retiring:%20Surviving%20the%20Shrinking%20Workforce&body=https://blog.axcethr.com/baby-boomers-retiring-surviving-the-shrinking-workforce) ![baby-boomers-_2_ (1)](https://blog.axcethr.com/hs-fs/hubfs/baby-boomers-_2_%20(1).webp?width=1200&height=800&name=baby-boomers-_2_%20(1).webp) If your small business has not started preparing for the mushrooming “retirement boom” that has been building since the first baby boomers left the workforce in 2010, don’t waste another minute. This expanding outflow of workers is shrinking the labor pool at the very time when companies are facing a labor deficit.  ## Baby Boomers in the Workforce by the Numbers Just look at the math. Some 10,000 people turn 65 years old every day. These baby boomers, often leaders and mentors, [make up 25% of the workforce](https://www.livecareer.com/resources/special-reports/stats/millennials-in-the-workplace). And, while they aren’t all retiring at 65 – [49% say they plan to keep working](https://transamericainstitute.org/docs/default-source/research/emerging-from-the-covid-19-pandemic---four-generations-prepare-for-retirement-report.pdf) – 30 million have already stepped away, making this boom the [primary cause of the current labor shortage](https://www.cnn.com/2021/12/18/business/labor-shortage-boomers-millennials-nightcap/index.html).   The retirement surge will peak in 2030 when the youngest boomers reach retirement age. Meanwhile, a [late 2021 survey](https://www.cnbc.com/2021/09/15/this-is-age-when-americans-say-they-plan-to-retire.html) showed that, on average, Gen Y and Gen Z workers both plan to retire five or six years before they reach age 65.  Add to this a number of other workforce challenges, and a perfect storm faces employers:  - The[Great Resignation](https://blog.axcethr.com/four-ways-to-counter-the-great-resignation) saw record numbers of employees leave their jobs in 2020 and 2021. Recent data seems to confirm that[the Great Resignation is continuing](https://www.weforum.org/agenda/2023/01/us-workers-jobs-quit/).  - [Quiet quitting](https://blog.axcethr.com/are-your-employees-quiet-quitting) has employees doing just enough to get by, which can diminish productivity.  - The numbers of experienced staff in companies are trending downward as retirements go up.  [![New call-to-action](https://no-cache.hubspot.com/cta/default/2652187/8464f1e1-8217-40ff-88cf-8b27df39128b.png)](https://cta-redirect.hubspot.com/cta/redirect/2652187/8464f1e1-8217-40ff-88cf-8b27df39128b) ## Get Ahead of the Exodus  With[strategic workforce planning](https://www.axcethr.com/services/human-resources/organizational-development/), smaller companies can thrive in this increasingly volatile labor market. Here are the essential pieces to a strategy that can help businesses guard against baby boomers’ leadership losses becoming disruptive:   - ### Understand What Makes Your Talent Tick   America’s workforce is comprised of five generations, each with its own priorities, motivations and skills. Understanding your employees’ mindsets and expectations will help you to better communicate with them, leverage their strengths and keep productivity high in the midst of unprecedented workplace exits.   [![strategic workforce planning axcet hr solutions six phase process](https://no-cache.hubspot.com/cta/default/2652187/fb9fc043-84aa-44d0-a3dd-210179a28200.png)](https://cta-redirect.hubspot.com/cta/redirect/2652187/fb9fc043-84aa-44d0-a3dd-210179a28200) While it’s important to avoid stereotypes, studies show that each of the five generations at work generally have distinct characteristics:  - - #### Baby Boomers (1946 – 1964)  - Motivated by status, traditional perks and benefits  - Need clear goals and recognition  - Independent, highly loyal workers who tend to want a conventional work environment  - #### Gen X (1965-1980)  - Grew up with parents who worked long hours, so they are used to being and working alone  - Strive for work-life balance  - Contribute best when they’re given leeway to make choices to do things their own way  - #### Gen Y (Millennials) (1981 – 1995)   - [Largest group in the U.S. workforce](https://teamstage.io/millennials-in-the-workplace-statistics/#:~:text=The%20number%20of%20millennials%20in%20the%20workforce%20is,53%20million%20Gen%20Xers%20in%20the%20US%20workforce.)  - They appreciate advice, constructive feedback and mentoring  - [Stay in a job, on average, two years and nine months](https://www.forbes.com/sites/lucianapaulise/2021/10/26/why-millennials-and-gen-z-are-leading-the-great-resignation-trend/?sh=60809b6944fe)  - Aligning with an organization that communicates clear goals and outcomes is important to them   - #### Both Gen X and Millennial Workers - seek flexibility but value professional development, growth opportunities and mentorship even more.  - #### Gen Z (1996 – 2009)   - They seek fulfillment and meaningful work   - Attracted to employers that value human wellbeing and with corporate social responsibility programs  - Cautious with risk-taking, but want to drive culture change  - #### Gen Alpha (born in 2010 and after)   - These teens are just entering job market or will soon be looking for jobs. It will be important to learn what motivates them as they fully enter the workforce.  - ### Bank Boomer Knowledge   Exiting boomers deplete more than staffing numbers. These experienced workers have likely built solutions and operations that should not leave the building when they do.   Document processes and procedures, customer data (e.g., customer relationship management), supplier histories and other vital operational information and practices so you don’t have to recreate the wheel and can minimize disruptions.   - ### Leverage Current Talent  Turnover does not necessarily have to trigger costly job searches and time-consuming training. Take inventory to identify what expertise will need to be replaced and what is already on staff. Engage experienced boomers in creating training programs that prepare future leaders to step up when the boomers step away. Continue to assess skills and gaps over time and update training accordingly.  RELATED: [This New Trend May Be an Answer to the Competitive Job Market >> ](https://blog.axcethr.com/quiet-hiring-could-shape-the-workplace-in-2023) - ### Keep Developing Your Professionals  Create a mentorship program and other initiatives that help grow and retain potential up-and-coming leaders. This demonstrates the company’s commitment to employee career advancement, morale and loyalty – a win-win-win.  - ### Mitigate Retirement Losses with Phased Retirements  Consider offering flexible retirement options, such as part-time roles or dual positions, where the retiring employee stays on to work alongside and train the replacement for a time.    RELATED: [Succession Planning & More - 5 Lesser-Known PEO Services >>](https://blog.axcethr.com/five-lesser-known-peo-services-that-can-transform-your-business)  - ### Succession Planning  Because retiring boomers are often leaders at their companies,[succession planning](https://blog.axcethr.com/succession-planning-for-the-small-business-owner?__hstc=225150538.f9ddfaf7a4ba3cd5aa8bbab8e9148fb3.1677785122111.1678133391611.1678139715667.3&__hssc=225150538.1.1678139715667&__hsfp=4237112646) is the best strategy when changes to ownership, management or governance of any kind are forthcoming. Partner with experts to lay the groundwork.  [Contact Axcet's](https://www.axcethr.com/schedule-consultation/) HR consultants to learn more about how to set your company up to succeed through this historic workforce evolution. [![Axcet HR Solutions Meet the Team Footer](https://no-cache.hubspot.com/cta/default/2652187/b910adbe-bb44-49ba-950c-d66852b283e0.png)](https://cta-redirect.hubspot.com/cta/redirect/2652187/b910adbe-bb44-49ba-950c-d66852b283e0) [![Jenny Barnes, SPHR](https://blog.axcethr.com/hs-fs/hubfs/Jenny.jpg?width=80&height=80&name=Jenny.jpg)](https://blog.axcethr.com/author/jenny-barnes) Written by #### [Jenny Barnes, SPHR](https://blog.axcethr.com/author/jenny-barnes) Jennifer Barnes, SPHR is a seasoned HR business professional and program manager with a strong track record in employee relations, HR strategy, and compliance. Currently serving as a Human Resources Consultant at Axcet HR Solutions, Jennifer brings over a decade of experience leading HR initiatives that support organizational growth and operational excellence. Prior to joining Axcet, she held strategic roles at companies like Chewy and Amazon, where she specialized in employee investigations, coaching for leadership teams, and KPI-driven program management. Her cross-industry HR expertise is further bolstered by a portfolio of respected credentials, including the Senior Professional in Human Resources (SPHR) and a Certificate in Data Analytics from HRCI. Jennifer is also a Belbin Team Roles Certified Practitioner, reflecting her passion for leadership development and effective team dynamics. Beyond her corporate achievements, Jennifer has dedicated years to animal welfare causes, volunteering and fostering through the Lawrence Humane Society and previously with the Cayo Animal Welfare Society. With a commitment to strategic HR planning, data-driven decision-making, and compassionate service, Jennifer continues to make a meaningful impact in both her professional and community roles. Read more [View all posts →](https://blog.axcethr.com/author/jenny-barnes) ### Get HR Updates ### Table of Contents ### Related Resources - [services Human Resources](https://www.axcethr.com/services/human-resources/) #### [A Simple Process Reveals Whether Employees Are the Right Culture Fit ![business core values and culture fit](https://blog.axcethr.com/hubfs/business-core-values-and-culture-fit-_1200-%C3%97-628-px_%20(1).webp)](https://blog.axcethr.com/how-to-use-business-core-values-to-determine-culture-fit) #### [![quiet hiring](https://blog.axcethr.com/hubfs/Quiet-Hiring-_1200-%C3%97-628-px_%20(1).webp) New Trend May Be an Answer to the Competitive Job Market](https://blog.axcethr.com/quiet-hiring-could-shape-the-workplace-in-2023) ## Let us know what you think... ![AxcetHR Blog](https://blog.axcethr.com/hubfs/AxcetHR2021%20Blog/axcethr_logo_white%20(1).png) - [Why Axcet](https://www.axcethr.com/why-axcet/) - [What We Stand For](https://www.axcethr.com/about-us/what-we-stand-for/) - [Expertise](https://www.axcethr.com/expertise/) - [Employee Benefits](https://www.axcethr.com/services/employee-benefits/) - [Human Resources](https://www.axcethr.com/services/human-resources/) - [Payroll Services](https://www.axcethr.com/services/payroll-and-tax-administration-services/) - [Risk Management](https://www.axcethr.com/services/workers-comp-and-employee-safety-risk-management/) - [Meet the Team](https://www.axcethr.com/about-us/meet-the-team/) - [Subscribe to Latest Resources](https://www.axcethr.com/subscribe-to-the-latest-resources/) - [Resource Library](https://www.axcethr.com/expertise/resource-library/) - [\[ Client Portal \]](https://www.axcethr.com/client-services/) - - - - - Search for: Copyright © 2023 Axcet HR Solutions – Kansas City's PEO Since 1988 | [Privacy Policy](https://www.axcethr.com/privacy-policy/) | [Terms and Conditions](https://www.axcethr.com/terms-conditions/) | [**Join our Team – Careers »**](https://axcethrsolutions.prismhr-hire.com/) 10975 Grandview Drive Suite 200, Corporate Woods Building 27, Overland Park, KS 66210 | Call us: 913-383-2999 *The IRS does not endorse any particular For more information on [certified professional employer organizations](https://www.axcethr.com/why-axcet/certified-peo/), go to [www.irs.gov](https://www.irs.gov).* Remove cookies ![](https://dc.ads.linkedin.com/collect/?pid=43031&fmt=gif) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Jenny Barnes, SPHR", "url" : "https://blog.axcethr.com/author/jenny-barnes" }, "dateModified" : "2024-06-21T20:36:25.581Z", "datePublished" : "2023-03-31T15:56:18.000Z", "headline" : "Baby Boomers Retiring: Surviving the Shrinking Workforce", "image" : [ "https://blog.axcethr.com/hubfs/baby-boomers-_1200-%C3%97-628-px_%20(1).webp" ], "mainEntityOfPage" : { "@id" : "https://blog.axcethr.com/baby-boomers-retiring-surviving-the-shrinking-workforce", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.axcethr.com/hubfs/_logo_axcethr_primary.png" }, "name" : "Axcet HR Solutions" } } ``` ```json { "@context" : "https://schema.org", "@id" : "https://www.axcethr.com/#organization", "@type" : "Organization", "address" : { "@type" : "PostalAddress", "addressCountry" : "US", "addressLocality" : "Kansas City", "addressRegion" : "MO" }, "aggregateRating" : { "@type" : "AggregateRating", "bestRating" : "5", "ratingValue" : "5", "reviewCount" : "100" }, "areaServed" : { "@type" : "Country", "name" : "United States" }, "award" : [ "IRS Certified Professional Employer Organization (CPEO)", "Award-Winning HR Solutions Provider", "SHRM Certified HR Professionals", "HRCI Certified HR Professionals" ], "contactPoint" : { "@type" : "ContactPoint", "areaServed" : "US", "availableLanguage" : "English", "contactType" : "Customer Service" }, "description" : "Award-winning Professional Employer Organization (PEO) providing comprehensive HR solutions, payroll services, employee benefits, and risk management to small and mid-sized businesses. 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This expanding outflow of workers is shrinking the labor pool at the very time when companies are facing a labor deficit. Baby Boomers in the Workforce by the Numbers Just look at the math. Some 10,000 people turn 65 years old every day. These baby boomers, often leaders and mentors, make up 25% of the workforce. And, while they aren’t all retiring at 65 – 49% say they plan to keep working – 30 million have already stepped away, making this boom the primary cause of the current labor shortage. The retirement surge will peak in 2030 when the youngest boomers reach retirement age. Meanwhile, a late 2021 survey showed that, on average, Gen Y and Gen Z workers both plan to retire five or six years before they reach age 65. Add to this a number of other workforce challenges, and a perfect storm faces employers: The Great Resignation saw record numbers of employees leave their jobs in 2020 and 2021. Recent data seems to confirm that the Great Resignation is continuing. Quiet quitting has employees doing just enough to get by, which can diminish productivity. The numbers of experienced staff in companies are trending downward as retirements go up. Get Ahead of the Exodus With strategic workforce planning, smaller companies can thrive in this increasingly volatile labor market. Here are the essential pieces to a strategy that can help businesses guard against baby boomers’ leadership losses becoming disruptive: Understand What Makes Your Talent Tick America’s workforce is comprised of five generations, each with its own priorities, motivations and skills. Understanding your employees’ mindsets and expectations will help you to better communicate with them, leverage their strengths and keep productivity high in the midst of unprecedented workplace exits. While it’s important to avoid stereotypes, studies show that each of the five generations at work generally have distinct characteristics: Baby Boomers (1946 – 1964) Motivated by status, traditional perks and benefits Need clear goals and recognition Independent, highly loyal workers who tend to want a conventional work environment Gen X (1965-1980) Grew up with parents who worked long hours, so they are used to being and working alone Strive for work-life balance Contribute best when they’re given leeway to make choices to do things their own way Gen Y (Millennials) (1981 – 1995) Largest group in the U.S. workforce They appreciate advice, constructive feedback and mentoring Stay in a job, on average, two years and nine months Aligning with an organization that communicates clear goals and outcomes is important to them Both Gen X and Millennial Workers seek flexibility but value professional development, growth opportunities and mentorship even more. Gen Z (1996 – 2009) They seek fulfillment and meaningful work Attracted to employers that value human wellbeing and with corporate social responsibility programs Cautious with risk-taking, but want to drive culture change Gen Alpha (born in 2010 and after) These teens are just entering job market or will soon be looking for jobs. It will be important to learn what motivates them as they fully enter the workforce. Bank Boomer Knowledge Exiting boomers deplete more than staffing numbers. These experienced workers have likely built solutions and operations that should not leave the building when they do. Document processes and procedures, customer data (e.g., customer relationship management), supplier histories and other vital operational information and practices so you don’t have to recreate the wheel and can minimize disruptions. Leverage Current Talent Turnover does not necessarily have to trigger costly job searches and time-consuming training. Take inventory to identify what expertise will need to be replaced and what is already on staff. Engage experienced boomers in creating training programs that prepare future leaders to step up when the boomers step away. Continue to assess skills and gaps over time and update training accordingly. RELATED: This New Trend May Be an Answer to the Competitive Job Market >> Keep Developing Your Professionals Create a mentorship program and other initiatives that help grow and retain potential up-and-coming leaders. This demonstrates the company’s commitment to employee career advancement, morale and loyalty – a win-win-win. Mitigate Retirement Losses with Phased Retirements Consider offering flexible retirement options, such as part-time roles or dual positions, where the retiring employee stays on to work alongside and train the replacement for a time. RELATED: Succession Planning & More - 5 Lesser-Known PEO Services >> Succession Planning Because retiring boomers are often leaders at their companies, succession planning is the best strategy when changes to ownership, management or governance of any kind are forthcoming. Partner with experts to lay the groundwork. Contact Axcet's HR consultants to learn more about how to set your company up to succeed through this historic workforce evolution.", "author" : { "@id" : "https://blog.axcethr.com/author/jenny-barnes#author", "@type" : "Person", "name" : "Jenny Barnes, SPHR", "url" : "https://blog.axcethr.com/author/jenny-barnes" }, "dateCreated" : "2023-03-31", "dateModified" : "2024-06-21", "datePublished" : "2023-03-31", "description" : "If your small business has not started preparing for the mushrooming “retirement boom” that has been building since the first baby boomers left the workforce in 2010, don’t waste another minute. This expanding outflow of workers is shrinking the labor pool at the very time when companies are facing a labor deficit. 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