Baby Boomers, those born 1946-1964, are still considered some of the most motivated and driven members of the global workforce.
The Futurestep division of Korn Ferry found that 55% of executives think that Baby Boomers are willing to work longer hours than other generations.
The study also revealed that executives believe that Baby Boomers are the second most productive generation, with 28% indicating they worked harder than other age groups. Gen X (born 1965-1980) topped the poll with 62%, with millennials third at 10% (born 1981-1995).
Jeanne MacDonald, Futurestep president of Global Talent Acquisition Solutions said: “There has been so much talk about millennials in the workplace and their impact that many organisations forget that Baby Boomers are still a vital part of the workforce. Our survey has revealed that they are dedicated hardworking and reliable, while still having a desire to drive progress.”
Executives value the older generation’s experience, with half of respondents citing this as the main reason for bringing them into the fold.
When looking to hold on to Boomer talent, 54% said that the ‘opportunity to make an impact on the business’ was the most important factor.
MacDonald said: “Our survey has shown that Boomers are every bit as ambitious and passionate as other generations. Couple this drive with extensive experience and you are presented with a force to be reckoned with in the workplace.”
With the impact of the financial crisis still fresh in the mind of the global workforce, the survey also found that 81% of executives believe Boomers will retire at least five years later than they had planned. 43% felt this could extend to 10 years later or more.
So are Boomers stifling younger generation’s ability to grow in business and reducing their earning potential? Or is there presence a positive effect in providing a platform to grow businesses?
MacDonald commented: “Employers need to ensure that they attract and retain the best talent across the generations, not just millennials or Gen X, in order to drive business success and futureproof their organisation.”