According to the report, over 2.4 million workers have left the workforce due to retirement. This is not good for employers who were already struggling to hire workers to staff their organizations. The Covid-19 pandemic only accelerated the trend of retirement by the baby boomers. The demographics have warned us for the past 10 years that this was coming due to the age breakdown of the baby boomers. The pandemic only accelerated this trend.
The article goes on to mention that this will impact the ability of the economy to grow when the final impact of the pandemic starts to subside. They go on to mention that some people may return once they feel safe because many have not saved sufficiently to be able to stay in retirement. Employers may have to rely on these workers to staff their business but that is only a temporary fix because eventually, those people will retire.
This employee retention trainer regularly asks potential clients “What are you going to do when you run out of people?” They have no response usually, but they know the answer…they’re out of business or their business will be severely curtailed. This question does get their attention when even the cost of employee turnover doesn’t. Many organizations still view it as a cost of doing business and others have not even calculated what employee turnover is costing them.
It’s time for organizations to wake up and smell the coffee. If they don’t stop losing people, they are going to be in deep trouble in the not-to-distant future because older workers are quitting in droves!
Remember…Give Your Employees C.R.A.P.® (Caring, Respect, Appreciation, and Praise) Why? Because C.R.A.P. Works!
Is your organization desperate to retain people? If so, email me at jeff@humanassetmgt.com to find out how the C.R.A.P approach can reduce employee turnover by 40-80%. When you send me the email…make the subject title I’m desperate and I will set up a call so we can get to the root cause of your employee retention issues!
