Firms Entice Baby Boomers to Continue Working Beyond Retirement Age
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Baby boomers are reaching retirment age. Companies are offering enticements to retain these workers.
Baby boomers are turning sixty. Many plan to work much longer than their parents worked. This group of the population is approximately 77 million people born between 1946 and 1964. Many companies are offering enticements to the boomers to keep them on the payroll such as extra benefits and flex time.
Many people still have financial obligations they don’t want to carry into retirement. Others just feel they aren’t ready to retire or believe they have a lot to offer their employers. Large employers are looking for ways to prevent a wholesale departure of employees. They are becoming very creative in this area. Grossman Marketing Group, a marketing and graphic design company in Somerville, Mass., stated that they are making jobs more interesting and imaginative for boomers.
Grossman Marketing is using paid family leave for all employees so they can keep their job and care for a family member or ill spouse. Grossman believes being more generous and understanding will benefit the company in the long run with loyalty from employees. Flex time is another way to foster good feeling.
Callaway Partners, an Atlanta accounting services fir, boomers account for approximately 90 percent of their staff. Co-founding partner, Bruce Cox, stated that the firm built its business model on boomers because “they are the best workers we feel like we could image putting on our accounting projects”. He also stated that boomers are known for their work ethics and integrity.
Many companies feel it is a mistake to have people with thirty or more years of experience and knowledge of the job to retire if they want to continue working but don’t want to do it full time. Retaining baby boomers is a good for everyone.
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