Passing the Baton

Boomers Challenge: Employee Retention - Are you Passing (or Dropping) the Baton?

by Mike Adamo, CROSSROADS BUSINESS

“Employee turnover is inevitable. A manager should expect and plan for it,” remarked Rod Hooper, Owner/Founder of the Waynesboro-based, TeamBuilder’s Workshop. “If you give all of your employees what they want and need to succeed-you’ll retain the best and inspire the rest.”

“Employee retention is directly related to Generational Conflict Management. The concepts are fascination. I feel it’s my responsibility to my generation to educate them,” Hooper emphasized. He believes it is vital to the success of Baby Boomers-physically, emotionally and (most important) economically, to pass the baton to a younger workforce. “The onus is on the Boomers. We have the knowledge and management experience. It’s our challenge to share them with our eventual replacements. Most Boomers aren’t comfortable with this. They fear they will be pushed aside and forgotten instead of revered, like they think they are now.”

Hooper feels we all communicate in different ways. Managers must take the initiative to learn how all generations respond to various situations. Once you know how they tick, you’ll know how to make them click. What may be important to a senior (whose mortgage is probably paid off) is quite possibly of no consequence to junior (who may not have a mortgage, but wants one). “The day of the Boss is over. People want Leaders,” harped Hooper. To be a Leader you have to be willing to get to know your employees-how they feel about issues, what their goals are, where they’ve been and where they’re going. Only then, can you build your team. You can’t mix oil and water, but you can blend them into the same recipe. The manager has to care enough to find out. And, employees need to know their manager cares.

Hooper extols that Team Building bridges the gap. “The more comfortable you feel with your fellow employees, the more productive you will be. Most people want their work to be fulfilling. Understanding why someone expresses themselves in a way that is completely foreign to you is the first step,” he said.

Many employers feel employees leave due to a lack of loyalty. What loyalty has the company shown employees? Layoffs generally begin at the base of the pyramid and are normally triggered y dwindling profits. Generally, profits are rarely shared with employees as substantially as they are shared with senior management. Saying we need to do more, do it better and do it with fewer resources (like employees) makes for great bylines, but does nothing to help with the deadlines. Saving yourself into a profit is plausible, but rarely possible. As employers we have to understand that investing properly in employees (by providing the tools they need to be productive) will yield much higher dividends in the long run. Conservative estimates show that it takes 50 percent of a former employee’s annual salary to replace and train a replacement. Realistically, that amount can be as high as 200 percent. Do the math.

The War for Talent is upon us. Because of the dramatic decrease in the birth rate between the Baby Boomers (born (+/-) 1946 – 1963) and Generation X (born (+/-) 1964 – 1980), by the year 2012, there will be 15 percent fewer employees in the 35 – 45 year-old age group than today. However, the need for quality 35 – 45 year olds will increase by 25 percent. This makes attracting and retaining quality employees from all generations a top priority.

So, what can an employer do to retain quality employees in a tight labor market?

Hooper recommends employers use The Platinum Rule for business. “Treat your employees the way they want to be treated. Everyone wants to be respected for their abilities and appreciated for their contributions and dedication. A good compensation package that includes a benefit plan is important, but all the generations (Silent, Baby Boomers, Generation X and now Generation Y) want and need more from their employer.”

According to Hooper every team member in the workplace should have internal and external educational opportunities, an identified career path that is challenging, yet achievable and a rewards system for accomplishments. He is currently working on a sister theme on entitlement – why some members of all generations feel they deserve something just because other have it, “Our own programming may be responsible,” Hooper finished.