Younger Employees Can Take Advantage
Why Is the General Workforce Aging in Such Large Numbers?
The American workforce is aging for one primary reason: baby boomers. For those readers under the age of 50, you should be aware that the term “baby boomers” is more than just a catchy phrase. After the end of the devastating and deadly events of World War II, there was an explosion of births in the U.S.
From the years 1946 through the early 1950’s, little bundles of joy were taking their first breaths in record numbers. Combine this injection of new little people with the technological breakthroughs we’ve experienced in the past 50 or 60 years, and you’re seeing a highly talented, experienced -- and aging -- workforce.
The “rate” of this talented workforce approaching retirement age is not important. It is the sheer numbers of people, reaching the end of their working careers around the same time, which influences the data on the expert workforce that is “winding down” their professional activities.
While this massive potential number of experienced professionals leaving the business community in large numbers is challenging to many companies, it generates many exciting new opportunities for younger workers. Yet, opportunities that are not seized or utilized are wasted for all. Younger professionals should maximize the benefits and opportunities offered by this reality.
Two Primary Benefits of an Aging Workforce Available to Younger Employees
There are two magnificent benefits offered by the aging workforce: opportunity and knowledge. Younger professionals by definition lack long-term experience, a shortfall of expertise, and burning desire to display their talent. The large numbers of an aging workforce offers the conditions to power the acceleration of career tracks for younger workers.
Opportunity – not to be confused with “gift” – should only increase in coming years. As highly experienced members of this aging workforce decide to head to the golf course or the beach, important positions will be opening in companies of all sizes and in most industries. Those younger employees who are ambitious and focused can make impressive strides up the corporate ladder if they seize these coming opportunities.
Most employers will be looking for those younger employees that take the initiative to accelerate their knowledge base, deliver effort beyond the norm, and exhibit leadership traits. Staff members who set themselves apart from the average worker should be noticed and rewarded with the coming opportunities. But, it is the employee’s responsibility to stand out from the crowd to take advantage of the many approaching position openings.
Available knowledge is the second primary advantage presented to younger professionals. The aging baby boomer workforce has accumulated a goldmine of knowledge and expertise over the years. Along with historical knowledge, their expertise is also totally up to date and, often, state-of-the-art as they continue to occupy important positions in contemporary business.
Whether by company policy or mentor (such as a focus of older workers, or proactive efforts of younger workers), this knowledge base can be effectively transferred from proven experts to the “experts-in-training.” Regardless of the industry, this knowledge and expertise is invaluable to the companies who possess it and cannot afford to lose it.
Having older, more experienced workers transfer this knowledge base to younger employees can be a wonderful experience for both staff and, eventually, the company. If you are a long-term experienced employee, transferring your knowledge to other members of the staff is typically a very rewarding experience. Younger workers can make a quantum leap in expertise when receiving this information.
The National Association of Professional Employer Organizations (NAPEO) conducted a survey that indicated that around a third of small- and medium-companies have or are creating formal plans to transfer knowledge and expertise from their older workforce to younger employees. Most directly responded that these policies were created because of the impending retirement of their baby boomers.
Interestingly, while almost one-half of all larger companies admit that the graying of their workforce will have a major impact on business operations, less than one-quarter of these companies have designed knowledge transfer policies. This indecision on the company front is at least partially the result of one factor. Many younger baby boomers surveyed remain unsure of a projected retirement date. They often believe they may have to work longer than their parents did because of lifestyle, insufficient financial retirement programs, and other personal needs.
Nevertheless, younger workers are facing unprecedented advantages and opportunities that may accelerate their professional progress. Younger employees should prepare to take advantage of this situation to further their careers, whether or not their company has a formal knowledge transfer program. By taking a proactive approach, without being heavy handed, younger workers can improve their performance, job satisfaction, and professional careers. The last time there was so much opportunity offered to the workforce was at the end of World War II, just as their baby boomer parents were being born. The baby boomer generation seized these opportunities and changed the world. Young professionals, if they take the initiative, can change the corporate world for the better again.
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