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March 9, 2015
Baby Boomers Creating A Workforce Exodus. Are You Prepared?
By: Data Facts
Our workforce is rapidly changing. Every day, over 10,000 Baby Boomers retire from the workforce, leaving a huge gap to fill with mostly Millennials. With major differences between the outgoing workforce and the incoming workforce, companies need to invest in hiring and retaining the right talent, as well as understanding the needs and values of the emerging talent.
By the end of 2015, Millennials are expected to outnumber Baby Boomers in the workplace for the first time ever, and a whopping 91% of them don’t expect to stay at a job for longer than 3 years. This will make for a challenging hiring process in 2015. Better understanding of your candidate on the front end will help ensure greater success in the years to come.
How to accomplish hiring and retaining the right talent?
- Pre-employment testing. One of the best tools to avoid a bad hire is utilizing pre-employment testing which give hiring managers greater insight into the job candidate. Organizations have relied on pre-employment tests for over 70 years. Every new hire can make a department better or worse, and these tests help identify those bad hires that could slip through the cracks, hurting productivity, sales and morale.
- Utilize fast, efficient testing. Millennials are the generation of fast information. Your pre-employment testing must speak to this new audience. Offer mobile-ready tests, and make sure your test administrators can send the tests to applicants in less than a minute.
- Maintain mentors. Once you’ve got that great hire, the next question is “how do I keep them”? One of the best ways to ensure your company has a solid foundation for retention is to develop talent from within by encouraging mentorship. You know what you need and many times you’ve already identified the employees that are best equipped to provide those needs to you. At the same time, your established employees are looking for development opportunities and growth.
- Don’t wait. Now is the perfect time to merge the strengths of the Baby Boomers with the talents of the Millennials through mentorship. Connecting experienced employees with employees who have potential is a win-win. This scenario helps you develop talent and helps to ensure you won’t lose the expertise of retiring baby boomers.
2015 will be a record hiring year. With retiring Baby Boomers creating a workforce exodus, hiring managers will be busy recruiting, hiring, and retaining employees who will make their team better. If you are interested in improving your hiring process in 2015, and you want to partner with a company that provides fast, reliable, and easy-to-use assessments, consider signing up for a free trial.