The nation’s most reliable generation is not likely to be exiting the workforce any time soon.
New research indicates that baby boomers, some of the most driven members of today’s workforce, are not likely to be retiring early. In fact, a newly released survey from the Futurestep division of Korn Ferry suggests that businesses can expect baby boomers to remain in the workplace for at least five years longer than anticipated.
Korn Ferry reported that a survey of global executives, which looked at the role of baby boomers, revealed that 55% of boomers are willing to work longer hours than other generations, and boomers are also considered the second most productive generation. Gen X is ranked number one in productivity. Additionally, baby boomers feel that they need less feedback than Millennials of Gen X employees.
More than half of the global executives surveyed (54%) reported that the best way to retain boomer employees is to offer them an opportunity to impact the business. According to Korn Ferry, other generations don’t come close to matching the level of ambition that the boomers display.
Baby boomers were greatly impacted by the Great Recession, which has altered the retirement plans of the generation, Korn Ferry reported. Boomers are expected to retire five to 10 years later than they had anticipated prior to the Great Recession. Many boomers experienced great financial distress during the recession, and their plans to retire later than they had initially planned is to ensure financial stability.