Preparing for the silver tsunami
For those who have not heard of the phenomenon that is beginning to drastically alter the business landscape, allow me to briefly set the stage…
Peter Drucker, the father of modern management, once said, “The only thing you can predict with absolute certainty is demographics.” Today, there are 78 million Baby Boomers in the workforce, 60 million Gen Xers and 84 million Millennials. Of the 78 million Baby Boomers in today’s workforce, 10,000 retire each day. In fact, a Baby Boomer retires every 8 seconds. This silver tsunami is causing an evitable workforce gap.
Herein lies the problem: there simply aren’t enough Gen Xers to fill this void (revisit demographic breakdown above). The rough math tells the story: if every single Gen Xer could replace the 78 million Baby Boomers who are retiring, there will still be an 18-million-person gap.
So where will these “replacements” come from?