The aging workforce, also known as “The Silver Tsunami”, is a phenomenon with roots set in the baby boom generation after the World War II. Massive births in the post war years resulted in a population boom which resulted in an unprecedented number of employees in the workforce. These employees are now reaching the age of retirement. This issue poses many potential problems and challenges for business, local, state, and federal government.
The aging workforce has a significant impact upon businesses. Small businesses will tend to see a larger impact since any change in employee structure has a greater impact upon the business. Small business owners know that they have to get small business HR right if they are not only to survive, but also to thrive and prosper.
Certain small businesses will find that they are very reliant on aging workforce and are in danger of losing too many important, experienced and influential employees at the same time. Employees may want to retire but would also appreciate phasing into retirement by working part-time.
These small business HR issues are all manageable with the right guidance and planning. The best solutions can be found and implemented. Companies that are very reliant on an aging workforce may choose to offer some of their retiring employee’s semi-retirement or part-time work in order to ensure their skills and knowledge are transferred to the next generation of employees.
To prepare your business for the future and tackle the issue of the aging workforce and other small business issues.
Contact HR Business Partners, a Minneapolis based HR consulting firm, with knowledge and experience in the field of small business HR, and human resources outsourcing.