The quit rate for U.S. workers is the highest in decades. Baby Boomers are leading the exodus, as 3.2 million more of them retired in the third quarter of 2020 than did in the same quarter of 2019.
The segue into retirement appears most prevalent among residents in the Northeast, people age 65 and older, and individuals with no education beyond high school, according to the Pew Research Center.
SHRM Online has collected the following stories on Boomer retirement and the impact on the labor shortage challenge employers are already facing in industries such as health care, construction and manufacturing.
Americans Aren't Just Quitting—They Are Retiring at Record Rates, Too
The U.S. labor market is like a complicated, sophisticated house party: It's not just one-in, one-out at the main entrance. People are switching rooms, popping in the side-door, falling out the windows and sneaking in again through the back. Americans have been quitting at the highest rate in decades as the pandemic recession spurred them re-evaluate what they want from their employers, even as record-high job openings entice them with new opportunities.
(Quartz)
Why Pandemic Forced Baby Boomers to Rethink Retirement Plans
The pandemic has had a profound impact on retirement. For some, it has accelerated plans to leave the workforce. For others, it has delayed those plans. It has increased anxiety about finances for many. And it has forced many Americans to take a good long look at their working lives, their transition to the golden years, and what they want ultimately out of life.
(Christian Science Monitor)
[SHRM members-only resource: Employing an Aging Workforce]
With Baby Boomers Retiring, Who Will Fill Your Workforce Gap?
With more than 75 million Baby Boomers retiring sooner rather than later, it's clear that employers will need a strong workforce plan for replacing exiting workers.
The ranks of the Gen X workers are simply not enough, while many Millennials lack the needed work experience. Foreign-born workers often face immigration challenges, while flexible or remote workers aren't appropriate for every role. Taken together, those sources can supply a portion of the additional workers your organization will need to fill the skills gap created by retiring Boomers.
(Monster)
Baby Boomers' Impact on Human Resources and the Healthcare Workforce
The impact of aging and retiring Baby Boomers in the workplace is changing the way many organizations approach hiring and talent management. Here are five ways Baby Boomers are impacting human resources, specifically in the health care workforce.
(Corporate Screening)
Top HR Challenges in Manufacturing
The biggest challenges many HR leaders in manufacturing cited before the pandemic will remain, including a tide of Baby Boomer retirements and the negative view of manufacturing among younger workers. As the manufacturing industry rebounds from the coronavirus, it will have to overcome skills gaps, retirements and an image problem.
To facilitate a transfer of knowledge, companies are pairing seasoned workers with younger ones. Kapco, for example, allows older employees to switch to part time as they near retirement in order to retain their knowledge and have them serve as mentors
(SHRM Online)