#SmallBiz BUZZ – How Baby Boomer Retirement Surge Is Changing Business

SmallBiz BUZZ SeriesRoughly 10,000 Baby Boomers retire each day, a trend that is expected continue for the next fifteen years. This is expected to make a big impact to our economy in a variety of ways. The recent recession has forced many Boomers to work past the retirement age that further slows job opportunities for new grads and throughout the corporate ranks. For those that do retire, it means less lower spending, little new investment, and more dependency on government coffers and younger generations for economic support. Since Boomers make up nearly a quarter of the U.S. population, how fast they leave the workforce and how they live in retirement will have a dramatic impact on the Colorado and national economy.

Source: U.S. Department of Labor, Bureau of Labor Statistics, reprinted from CBS News MoneyWatch feature.


Aside from the economic repercussions, the retirement of the Baby Boom generation will leave permanent, and lasting changes on the modern workforce. As a larger percentage of companies transition executive leadership to the X & Y generations, underlying corporate values and employee cultures may shift as well.

How will that affect those Boomers that wish to keep working? The subprime meltdown in 2007 and resulting stock market crash has forced millions into delaying retirement, a  trend compounded by data which indicates that Americans are “living longer than ever,” as reported by the CDC.  This has ultimately led some analysts to speculate that we may be seeing the end of retirement.  The Boomers that do manage to retire will leave behind millions of open jobs, many of which will not be able to be filled by the workers of following generations.


Realistically, this is a national issue – and one that businesses of all sizes will likely have to come to terms with. A SHRM-AARP survey conducted in 2012 found that the vast majority of organizations are not prepared to deal with skill gaps left by retiring workers. Small businesses will need to proceed with trepidation, as valuable employees could be lured away by larger organizations desperate to replace their retiring staff. Companies with a little extra room in their budget may be able to limit the brain drain by focusing their recruiting efforts on younger workers who are eager to work.  The sooner this process begins, the better. These younger workers will need ample time to be trained by more seasoned veterans. If this is not financially possible, small businesses may need to consider adding some serious employee perks in order to keep the loyalty of the employees who are at risk for being poached by desperate competitors.

The other side of the issue is the expected growth in industries catering to the needs of retirees, such as healthcare and tourism. Ultimately, the retirement of the Baby Boomer generation is a complex issue, and only time will reveal the lasting effects it has on the workforce. One thing is for certain though: If you want your businesses to emerge from the retirement crisis unscathed, you need to start preparing today.

Citywide Banks Thanks Its Employees & Families with Special Day at Colorado Rockies Game

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Citywide Banks has been family owned and operated since it opened its first branch on Colfax Avenue in 1963. Our bank’s family atmosphere permeates our employee culture, where teamwork, collaboration, and service excellence are the cornerstones of Citywide’s continued success.  And, the fun doesn’t always happen in the bank. This past Sunday, Citywide Banks [...]

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