This month, we’ve been talking about What’s Impacting the Labor Force Participation Rate. Last week, Lorrie shared how the Benefits Cliff impacted the participation in When Working Costs Too Much. Another significant factor in this equation is Baby Boomers exiting the workforce. Let’s dive a little deeper. Baby Boomers account for 1 in 4 American workers. As they are exiting in droves, their absence will lead to an even wider workforce gap as companies will need to fill positions made available after the Boomers retire. Check out this article from The Washington Post to learn more: The boomers are retiring. See
With the great resignation still continuing and baby boomers, who many feel delayed retiring, now retired or retiring in large numbers due to the pandemic, succession planning has never been more important. But as we’ve seen through many of our clients (and ourselves!), the need to get something done and getting it done are two different things. When it comes to succession planning, I think the key challenge is not knowing where to start and the steps to take once started. Overall, you need to: 1. Know your current talent state. This involves several sub-steps of determining: a. What’s your
My 13-year-old came to me last week and said “Mom, we are living through history. In five to ten years, kids will learn about this pandemic in history class and I’ll be able to say ‘yeah, I was there’!” And he’s right. Students will hear about how our world came together to fight COVID-19. They will be amazed by the fact that we quarantined, that so many businesses had to close their doors, but hopefully, they’ll be inspired by the way we innovated to overcome this pandemic and support those in the front lines. I don’t know that we ever
How many people do you know that have left a job or stepped down from a volunteer leadership position, regardless of the reason? Have you ever been that person? I have. Let’s talk about it. Every day, organizations find themselves with a newly empty desk chair. Responsibilities unassigned. Balls dropped. Projects unfinished. On average, that chair sits empty for 40-60 days, depending on which report you read. Think about your own organization. Do you know your “time to fill”? With the talent market like it is right now, your time to fill may be even longer. Think about all that