As millions of workers in the Baby Boomer generation prepare to retire, many businesses are feeling the effects in a negative way. Unlike today’s younger generations who are more comfortable switching from job to job, the Baby Boomers were brought up with the idea that the American dream included a steady job with one company for multiple decades (if not their entire career).
While this loyalty has served both the Boomers and their employers well, it could be a major challenge for businesses in the coming years. Boomers have held the keys to many businesses’ success for years. With their long tenure at one job, many of these employees have become well-versed in company knowledge. When they leave their positions to retire, they take that expertise with them, along with long-standing client relationships, product insights and other vital information.