Baby Boomer Retention Thoughts

Baby Boomer Retention Thoughts

  • Submitted By: tvanecek
  • Date Submitted: 10/19/2008 12:02 PM
  • Category: Business
  • Words: 436
  • Page: 2
  • Views: 546

Baby Boomer Retention In looking at the baby boomer generation it must be taken into account that the generation is the largest demographically and spans cultural boundaries the other generations have not experienced. There are truly two groups within the baby boomer generation. The groups consist of an older and younger group. The older group is those 56 to 65 and the younger is those 56 to 48. The retention requirements of these two groups are vastly different. The younger group is putting children through college, commuting to work, and planning their weekends. The older group is concerned with experiencing life on their own again without their children, retiring, and planning the next 30 years. With this in mind retention for a generation is more complicated. There are those things that will attract to all baby boomers when ensuring retention. They are concerned with the availability of social security as they quickly approach the age to benefit from their hard work. A company needs to be able to offer a good retirement package and hopefully include in that, a pension plan and matched payment to a stable money market fund. The generation is concerned about the availability of funds from an ever dwindling social security account. An effort should be made to address the baby boomers family’s needs. They are concerned with paying for college for their children. A company should offer an employee scholarship fund and/or tuition assistance for employees and family members who qualify. Baby boomers, of all age, are interested in personal growth and would appreciate educational encouragement. The baby boomers are concerned about health care. At an age of close to retirement they find a need to ensure they have decent healthcare. Although providing health care beyond retirement is practically a thing of the past it is important to ensure they are taken care of while working. Baby boomers are good with interpersonal skills. They should be provided a team...

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