Then there are the Gen Xers to consider—so crucial to your success today, as they settle into vital management roles within the organization.
But what about baby boomers?
We all know that boomers are hitting retirement age, but many are staying on the job. Much has been made of how companies will replace the knowledge and experience that boomers will take with them when they do leave the workforce, but a new survey from the Futurestep division of Korn Ferry looks at what this generation is bringing to the business now, and what motivates these employees most.
The poll asked more than 1,300 global executives to evaluate the role of baby boomers in their organizations. More than half (55 percent) of respondents said that boomers were willing to work longer hours than other generations, and were considered the second-most productive cohort, after Generation X.
Naturally, these seasoned employees require little hand-holding on the job, with 31 percent of executives saying boomers need less feedback than their younger colleagues, “demonstrating how boomers are also seen as reliable, in addition to hardworking,” according to a Korn Ferry Futurestep statement.
How do these dedicated workers find fulfillment on the job? Fifty-four percent of executives said that offering boomers the opportunity to make an impact on the business was the best way to retain boomer talent.
“This far outstrips the ambition of other generations, with just over a quarter (28 percent) of executives surveyed indicating that making an impact at work was the key motivator for millennials,” according to Korn Ferry Futurestep, “highlighting just how integral baby boomers are to businesses today.”
Most companies recognize as much, of course, and are eager to take advantage of boomers’ wealth of knowledge, with 50 percent considering “experience and expertise” as the main reason for bringing them into the business.
Once boomers are on board, how do you retain them?
It’s not necessarily money. Just 6 percent of respondents cited regular pay raises and promotions as the best way to retain boomers in their organizations. No, as previously noted, 54 percent of respondents said boomers most value the opportunity to make an impact, followed by “creating a culture that aligns with their values,” at 22 percent, management responsibilities (10 percent) and work/life balance (8 percent).
“While many in the baby boomer generation are working longer to provide more financial security after seeing their retirement account balances tumble during the Great Recession, their desire to extend their careers is not entirely financially motivated,” says Jeanne MacDonald, president of global talent acquisition solutions at Korn Ferry Futurestep.
“What is often overlooked is the fact that the majority of the people in this generation are highly motivated, enjoy what they do, and they provide great experience and value within the global workforce.”