The United States is experiencing the start of a major challenge for human resources: the retirement of the baby boom generation. Every seven seconds, a baby boomer turns 60. By 2013 there will be a 40 percent increase in workers aged 55 to 69. Baby boomers make up the bulk of the American workforce, and when they retire, they will leave millions of jobs unfilled.

Generational differences

Human resource experts predict that the upcoming labor shortage will make the competition for talent during the 1990s look mild in comparison. The baby boomers will take with them a wealth of skills and expertise that Generation X and Generation Y are too inexperienced to possess. In Workforce Crisis, Ken Dychtwald compares young and older workers:

• Young people work more quickly, but they tend to make more mistakes than older people, who often are more detail oriented.
• Older people tend to have more health problems, but young people hurt themselves more on the job and miss more work days due to illness.
• Workers in their 20s change jobs on an average of every three years, while 40-year-olds change jobs on an average of every 15 years.

Retaining older, more experienced staff can make good business sense for employers.

What baby boomers want

Fortunately for American businesses, 76 percent of baby boomers want to continue working in some capacity past retirement age, whether full- or part-time, on staff or as a consultant. However, this does not mean that baby boomers will necessarily stay with their current company. Studies have shown that baby boomers require more benefits to remain satisfied in their jobs. Particularly as they age, they want:

• to be able to balance work and life
• increased health benefits
• flexible scheduling options

U.S. businesses have already seen the correlation between increased benefits and baby boomer satisfaction. According to TIME magazine, when CVS/pharmacy sought to hire older workers to match the demographics of its clientele, it raised its proportion of over-50 employees from 7 percent to 18 percent of the staff by increasing health benefits and offering flexible hours. IBM is working to increase its reputation with baby boomers by offering them consulting packages with software and other tools catered toward older employees.

Other services for baby boomer concerns

Other benefits that may be of interest to baby boomers include employee assistance programs (EAP), work/life services, and telephonic health coaching. These programs promote the better work/life balance desired by baby boomers. They also work to the employer’s benefit, helping to lower medical premiums by helping to produce a healthier workforce.

The EAP can help baby boomers manage stress, depression and overall mental health. The EAP can help boomers deal with and manage the feelings and challenges they come across as they age, making them happier, more confident, and more productive.

Work/life services are evolving past child care and elder care and now encompass the whole life cycle. Work/life services can help boomers find referrals for any type of service needed, from pet care to plumbers to auto repair. The work/life product serves as a wellness tool, helping to reduce stress, anxiety, and family concerns. Work/life services can be offered as a stand-alone product but work most effectively when integrated with the EAP.

Another attractive benefit is telephone-based health coaching. Health coaches work with individuals to devise a plan that includes healthier lifestyle choices. Health coaches stay in touch with their clients, regularly checking in with them and making sure they stay on track with their plan.

Instituting EAP, work/life and health coaching services allows a company to offer added value to its benefit offering. The increased benefits will help keep baby boomers happy. In addition, these programs will aid in the maintenance of the health of the boomers, allowing them to remain active, productive members of the workforce.