As you read this, over 12,000 boomers are leaving the workforce daily. That’s 4,348,000 people set to retire this year!
The Boomer exodus will leave us with a shortfall of over 42 million people. Gen-X will not make up the difference simply because their numbers are too small. They’re only half the size of the Boomers.
While Gen-Y (the Millennials) is nearly as big as the Boomers, it will take another 3 to 5 years before they come online. (Source: U.S. Department of Labor and U.S. Bureau of Labor Statistics December 2010 reports.)
So what does this mean for your staffing firm?
- More talent for temp jobs!
As retirees look to supplement their retirement incomes, there will be an explosion of highly-qualified candidates entering the market for temporary work.
- Employers will face moderate to severe talent shortages.
Companies are going to lose their most experienced workers with no easy way to replace their skills or experience. They will need new staffing solutions.
- Succession planning will become a BIG issue.
- Retention will become a BIG issue.
- Companies will need more assistance with workforce planning.
Employers will need companies that can be true partners in planning and managing their staffing needs.
- A new type of staffing firm will evolve.
Employers will look to firms that can provide expert advice to deal with their staffing challenges, BUT they won’t simply hire temps. They will need vendors who can take ownership for the execution of new flexible staffing models.
You need a plan of attack!
The exodus of the Baby Boomers presents a tremendous opportunity for staffing firms, but for staffing firms that don’t evolve, it will be a significant threat.
Now is the time to:
- Determine your strategy for addressing this opportunity.
- Define the new services you will offer.
- Develop the infrastructure to deliver these services – this may include hiring new staff, training, finding appropriate business partners, and upgrading your staffing technology.
- Outline your sales and marketing programs to introduce your new services to the market.
- GET GOING!