Studies suggest that over the next ten years, seniors (baby boomers) in the United States will exit the workforce at a rate of about 10,000 per day. The Baby Boomer generation is made up of people who were born between the years of 1945 and 1964. Among these retiring Baby Boomers will be leaders of various levels; chief executive officers, chief operations officers, chief finance officers, supervisors, managers, mentors, trainers, etc. When these leaders leave the workforce, they will take a wealth of knowledge, experience, training, and wisdom with them.
If that doesn’t alarm you, consider this. The next chronological generational group is Generation X, which consists of people who were born between 1965 and 1979. Generation X has approximately 25 million fewer people than the Baby Boomer generation. This means that over the next ten years and beyond, there will be a significant deficit in personnel who will be qualified to fill those newly vacated leadership positions. In other words, many companies will struggle to survive as they will face serious challenges in their succession plans.