Impending Baby Boomers Retirements
July 27, 2006 News
Impending baby boomer retirements are worrying businesses and non-profit organizations based on a large number of studies and reports. With 2006 marking the 60th anniversary of the start of the baby boom, we are likely to feel the reality of baby boomer retirements.
For example, according to a recent Australian schools study, more than one third of Australian principals and over half of the deputy principals are planning to retire in the next 5 years. Few applicants are applying for these leadership positions, and many teachers are retiring as well.
Most of these educators are not interested in working as relief teachers either. But that does not mean that retirees are wanting to be unproductive. Educators often look for opportunities in the business sector after retiring.
In the business sector, Bill Gates, who is only 50 years old, recently announced his retirement from day to day operations at Microsoft over the next two years. He is certainly not planning to do nothing. Rather, he is planning to devote his attention to his $30 billion Bill and Melinda Gates Foundation.
Warren Buffet, aged 75 recently surprised the business community by his announcement that he would begin giving away 85% of his wealth to charitable foundations now, rather than waiting until he dies. Based on today's stock value, Buffet's $37 billion gift would be the largest charitable gift in history. Much of this wealth is going to the Bill and Melinda Gates Foundation, which Bill Gates will manage in his retirement.
While many businesses and non-profits brace themselves for the inevitable changes in the workforce, others are learning to capitalize on this transition. Many baby boomers are simply transitioning from the regimen of their traditional roles to productive flexible roles. The wealth of knowledge and experience of the retiring baby boomers is often still available to companies and non-profits. In fact, a number of the consultants and strategic partners at Vic Wiens Consulting, come from the ranks of the semi-retiring baby boomers.
Are you positioning your business or non-profit organization to capitalize on the opportunities created by the aging of baby boomers? We would love to help you meet this challenge.
