Succession Planning During the “Silver Tsunami”

Succession Planning During the Silver Tsunami

Companies face many challenges in their recruiting process, everything from economic factors such as a lagging economy, which puts much needed hiring on hold, to finding qualified talent with the education and experience needed.

Lately, recruiting buzz has been centered around succession planning. Baby Boomers have the experience and education, but they are starting to retire and leave the workforce. Apparently this continuous flow of retirement has been deemed the “Silver Tsunami.” I personally had never heard this term, but it is apropos. With the large “Boomer” generation exiting the workforce in droves, it is causing devastation within corporate structures. There is now a huge gap in many companies’ talent base and finding replacements has become critical.

What’s ironic about this is that Millennials (born 1980-2000) have surpassed Baby Boomers as the largest living generation according to the U.S. Census Bureau. Armed with this data, you would think that Millennials would be filling those shoes of the experience Baby Boomers, but it’s just not that simple.

Those who had long term visions implemented recruiting programs early on to bring on fresh talent that could grow with the company and replace those retiring. However, succession planning is just now coming onto many companies’ radars as they scramble to replace the workers that are leaving their organizations. Meanwhile, this is a competitive market, and Millennials are bucking the past trend of staying with companies for many years – preferring to move about freely – and companies are having a hard time retaining them. This creates a revolving door with organizations losing top employees from both ends of the age spectrum. In the end, companies are left with candidates with little to no experience that might not even stick around long term.

Succession Planning During the Silver Tsunami

So what should you do?

Hiring an external recruiter will help give your company the leg up in this candidate-driven market. Internal recruiters don’t have access to the larger picture of what’s going on in various industries and the challenges that other companies are facing. This gives third party recruiters an advantage as we can see the bigger picture of what is happening in the workforce as a whole. We have a strong understanding of the hiring landscape – the challenges, the shortcomings, and most importantly – the successes! We know where to find the top talent that will bring experience, enthusiasm, and tenure to your team.

If you are currently hiring talent due to succession planning or growth, call Johnson Search Group. I am one of a group of extremely talented, knowledgeable, and dedicated recruiters who are here to help.