The Baby Boomers are categorised as those born between 1946 and 1964 - that means the first of them basically turn 65 next year. Many of them, like me, are on the cusp of retirement. Currently they constitute 36% of the workforce, and, from my own experience, may actually constitute a bigger percentage of the teaching workforce.
We have already noted the impact on schools, where some baby boomers who have been in the school for a decade or even more, have retired and left a giant hole.
An article headed Retiring baby boomers spur rapid change in workforce points out that Gen Y, the next generation, has very different expectations of their working life. It has often taken Gen Y longer to get qualifications and begin paid work, and they are often beginning their adult life already in debt.
86% of Gen Y expect a promotion within 2 years - as Baby Boomer teachers will know, promotion avenues have been absent for much of their working life, and it has often been a case of early promotion, and then nowhere higher to climb.
With the torch set to pass to Gen Y, employers are being encouraged to revise their workplace culture and initiatives in order to attract and retain the new work force powerhouse.
According to McCrindle research the top 5 attraction and retention factors for Gen Y are:
- Work-life balance
- Workplace community
- Management style
- Broad job description
- Training & development my source