There is a lot of discussion among business leaders and elected officials about the impact baby boomers will have upon their retirement. Much of this conversation has revolved around their economic impact as it pertains to health care and entitlement needs.
But, I believe that this discussion neglects the positive impact our baby boomers can potentially have on our economy. In fact, this generation of upcoming retirees represents a tremendous opportunity for our workforce. By harnessing their knowledge, experience and work ethic, we are given a non-traditional talent pool for manufacturers and businesses alike.
As the president of an Illinois manufacturing company, I have witnessed the tremendous workforce challenges our industry is facing. The skills gap that exists between our aging workforce and those entering the workforce may be at its biggest divide in our lifetime. Those entering the workforce are lacking skills when it comes to math, science and basic communication skills. Yet, our dual challenge rests with a lack of an educated workforce and absence of a skilled workforce.
Some of the greatest skills—and life lessons—this industry has acquired have been the product of great mentoring, rather than expensive training. In fact, the current baby boomer generation has taught younger generations volumes about preparing for the future and striving for improvement.
In the same vein, I propose that in dealing with the current skills gap, we don’t have to look any further than one of our smartest generations, the baby boomers. In part, the baby boomer generation helped continue the growth of the manufacturing as your entrepreneurs. We must realize this asset and utilize it to the advantage of the manufacturing industry and the U.S. economy as a whole.
Older Americans are slowly becoming a large sector of the population. As health care and health education improve, many retirees are living longer. Though a longer life is a great blessing, many of this population are entering retirement without adequate financial preparation.
Although some will assume the role of snowbirds, others may seek to remain in the workforce for financial or personal reasons. Therefore, it is necessary for many retirees to enter into post-retirement employment. Additionally, many retirees prefer to stay employed and will work at entry-level starting wages of $12 to $15 an hour that are ignored by other potential candidate pools. The manufacturing industry can provide an option for both.
The baby boomers are an attractive, available talent pool that could potentially solve the many problems plaguing our current workforce. They have a lifetime of real world experience and knowledge that sets them apart from many young workers today and they have spent their lifetime adapting to technology changes and shifts and are accustomed to learning new tasks.
This generation provides a workplace with dedicated efficiency as well as the ability to educate and train others. In addition, this supplemental workforce will probably want flexible schedules which can work within the paradigm of a facility that is not only looking to train during the first shift, but also to fill second and third shifts.
While we may need to train boomers to adapt to new equipment, they are more likely to grasp concepts in a quicker, more effective fashion than younger workers. This will greatly reduce the costs of basic life skills training that so many employers must do before we even bring them into our shop room floors. This mature workforce is really the gold standard among potential workers today. They not only take pride in their work, but also in their profession, which is sorely lacking for our younger generations.
It is imperative that employers work to build a structured program to recruit and attract this generation of workers. Though a hidden asset, they are diverse, well-trained, motivated and the key to establishing a pipeline of workers that we can tap into for generations of employers to come.
We cannot thrive solely from the physical endurance of the younger generation, but must harness the resources and assets of every generation. Unlike many others in my industry, I do not care about the jobs we are losing overseas. In fact, I care more about the jobs we need to fill in communities around America.
I believe that our leaders in Washington have a role to play in this. Some employers may have questions regarding liability, 401(k) and other matters if we adopt such a program. I must admit I don’t have those answers. However, I believe that Congress can take a proactive approach in developing some guidelines for employers so we know the “rules of the game.”
Furthermore, I believe incentives for employers to hire baby boomers and educational materials about the assets this generation provides could create a tremendous boost for us in this process. The program must offer clear benefits for employers who will get access to trained workers and clear benefits to individuals who are interested in pursuing post-retirement careers.
Overall, I believe baby boomers are an asset to those of us in business who are trying to deal with closing the skills gap. We face a shortage not only of numbers, but also of those who lack the basic life skills, the willingness to adapt, experience in the workplace and a commitment to doing the job right. The life skills they bring to the workplace will greatly reduce the amount of necessary introductory training compared to other categories of workers.
The baby boomer generation helped launch manufacturing and it is the generation that will keep it alive.
Sandra Westlund-Deenihan is president of Quality Float Works, inc., a Schaumburg-based manufacturing company that produces hollow float metal balls. She serves on the board of directors of the National Association of Manufacturers and the Tooling & Manufacturing Association. She recently was appointed to the U.S. Chamber of Commerce Employment, Education & Training Committee to lend her workforce development expertise. Contract her at sandy@metalfloat.com.