Using the Economic Climate to PAUSE

The economic climate has created demographics in the workplace that are different from anything that HR professionals have seen before and if you take time to “pause” you may see the silver lining there. On one hand, older workers intend to work three to five years longer than previously planned so the exodus of Baby Boomers from the workplace is unlikely to occur in the near future. Conversely, younger workers anticipating their next career moves find themselves in a holding pattern. Openings at the top, or even on the way to the top, remain filled by those who were previously headed into retirement.

From an organizational point of view, this situation actually presents a rather nice situation, albeit one counter-balanced by angst and difficult decisions. The “brain drain” of retirements is being delayed and there is more time to do succession planning, training and organizational development. The challenges presented by the older and younger workers might result in opportunities to increase both morale and output.

·       It is a good time to help younger workers develop career paths and train to them. This will be important for keeping these eager employees engaged in the company’s goals while waiting for promotional opportunities.

·       Older worker’s need goals that will keep them actively engaged and making positive contributions over the next few years, lest they turn bitter about having to work longer.

An area of convergence especially useful for young and older workers is in the benefits area where both groups will value having flexibility and work/life balance as part of the package. Building long term stability as the economy recovers is a worthwhile goal as you prepare for future expansion opportunities. An excellent book to read in this area for ideas on engaging employees of all ages is, Love ‘Em or Lose ‘Em: Getting Good People to Stay, by Berret-Koehler, 2008.

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