Baby Boom or Bust! … What’s an Employer To Do?

A reality in our new post-recession economy which employers will soon have to face is that a large portion of the current workforce, the so-called “Baby Boomers”, is steadily nearing retirement age…“The baby boomers are retiring! The baby boomers are retiring!!…”

 I can almost picture a Paul Revere-like figure galloping through the night shouting, giving warning about the impending talent drain that this country is about to face.

FACT: Within the next 10 years one third of the current workforce will be retired.  You may be asking yourself “Is that a Boom or a Bust?”  Well, both-depending on who you ask.  It is a Boom if you are a health club owner or an online dating service.  Why?  According to statistics I’ve read, people aged 55 and older now account for 25% of the total gym memberships, as more and more retired folks want to attain a healthier lifestyle along with a place for social interaction.  Speaking of social interaction, retirement is creating the growing need for single/widowed Baby Boomers to seek out that special someone by turning to online dating.  Online romance and friendship for these folks is growing at a rate of 3.5% annually and is predicted to become a $2.7 Billion dollar industry by 2018.  Wow!  Maybe I should buy some stock in ‘Ourtime.com’ or ‘Silver Singles’!

Interesting, sure, but as a Medical Device Recruiter, what excites me is that that more and more Device companies are sprouting up every day. These companies are receiving the backing of venture capitalists, who recognize the opportunity to make a profit in this industry.  As the Boomers grow older and begin experiencing medical ailments, there is a staggering need for more and more device production. There is an absolute gold rush on websites like Indeed.com to find Quality Engineers to make sure these devices work correctly.  Quality Engineers stand up!  This is your time!

Someone is also going to have to step up and replace all of the retiring high-level executives. But how does a company find these folks? Two words: Hobson Associates.  That’s right America, you are now going to need experienced, tenured Executive Recruiters more than ever. Hobson has lived and breathed in Bio-tech, Information Technology, Industrial, and Insurance for 41 years.  The average tenure of our staff is 8 years’ experience, the majority of which hold a CPC (Certified Personnel Consultant) certification- more than any other recruiting firm.  The average company fills a search for an open position in 4-5 months, Hobson’s average is 63 days. Think about it…‘Cause none of us is getting any younger!