Expected Implications of Baby Boomer's Retirement Wave
Management 3360: Organization Theory
[Document Subtitle]
The Baby Boomers are a globally recognized cohort of individuals who were born post World War II, between 1943 and 1960 (Salahuddin, 2011). This shockwave of births resulted in the second highest births per year with 1.5 million more births than had been expected (Salahuddin, 2011). 60 years later, the boomers are in the midst of their transition towards retirement from their careers and this trend will result in nearly the largest wave of retirement that our continent has experienced. The implications of this wave have been expected and planned for, but until the consequences are realized in the 21st century economy, there is little that can be done to prepare for this economical shift. Though the effects will be experienced globally, this paper will focus on the Canadian and American economies. The ideas behind this topic are worthy of discussion as is evident by looking at research on the topic to date. The North American implications are numerous so it seems necessary to reduce the exploration of the topic to what are perceived to be the most drastic impacts in terms of organization theory. The position of this paper will be that though the wave of retirement will occur and will result in an economic and societal shift, it will not be detrimental to the staffing levels of large corporations. It will, however, have significant impacts on the day-to-day operations of organizations as they adapt to the differing work styles and preferences of the new and upcoming demographics. Additionally, the major impact that this wave will have will be on the human resource functions of the organizations, as they fight the combat of high turnover, restructuring, and the effective implementation of these changes.
One of the main perceived issues is that the retirement of the baby boomers will result in a staffing shortage for the American and Canadian economies. There is quantitative evidence that supports
[Document Subtitle]
The Baby Boomers are a globally recognized cohort of individuals who were born post World War II, between 1943 and 1960 (Salahuddin, 2011). This shockwave of births resulted in the second highest births per year with 1.5 million more births than had been expected (Salahuddin, 2011). 60 years later, the boomers are in the midst of their transition towards retirement from their careers and this trend will result in nearly the largest wave of retirement that our continent has experienced. The implications of this wave have been expected and planned for, but until the consequences are realized in the 21st century economy, there is little that can be done to prepare for this economical shift. Though the effects will be experienced globally, this paper will focus on the Canadian and American economies. The ideas behind this topic are worthy of discussion as is evident by looking at research on the topic to date. The North American implications are numerous so it seems necessary to reduce the exploration of the topic to what are perceived to be the most drastic impacts in terms of organization theory. The position of this paper will be that though the wave of retirement will occur and will result in an economic and societal shift, it will not be detrimental to the staffing levels of large corporations. It will, however, have significant impacts on the day-to-day operations of organizations as they adapt to the differing work styles and preferences of the new and upcoming demographics. Additionally, the major impact that this wave will have will be on the human resource functions of the organizations, as they fight the combat of high turnover, restructuring, and the effective implementation of these changes.
One of the main perceived issues is that the retirement of the baby boomers will result in a staffing shortage for the American and Canadian economies. There is quantitative evidence that supports
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