Employers are experiencing the impact of the generational differences between Boomers and Gen Y. Don’t expect that dynamic to change anytime soon. The New York Times reports that 2007 holds the record for the year with the highest number of births in the U.S. In 2007, 4,317,000 babies were born in the U.S.–beating out the prior record set in 1957.
Coincidentally, the original Boomers, who were born in 1957, will retire at the age of 65 in 2022. Three years later, the second wave of Boomers will enter the workforce at the age of 18, in 2025. This generational conversion will mean a complete transformation of workplace values and expectations, instead of a longer-term integration. It also means that there will be little opportunity for knowledge transfer between the incoming and outgoing generations. Succession planning will require conscious awareness of the potential knowledge gap if businesses want to retain their critical knowledge.
See our prior posts to learn more about the current impact Generation Y is having on employers.