Though baby boomers came into the workforce with a more traditional mindset of staking a career path and following it until the end, they’re often approaching the end of their workforce with a modified mindset. While they want financial stability, they, too, want a better work life balance.
“The less the commute the better. Boomers have put in their long hours, and as they age they increasingly value balance,” writes Dave Sanford in a Boston.com article. “They no longer wish to work a 70-hour week, or commute an hour to and from work.”
But while many baby boomers are looking toward retirement sooner rather than later, there are many who want to continue working. And as seasoned veterans in the financial services industry, they have a wealth of industry insight they can share with younger generations.
Recruiting boomers to fill much-needed mentoring roles is an ideal way to provide young advisors with the institutional know-how that can foster their careers.
“One of the best ways organizations can support leadership development is through organized, facilitated mentoring programs,” says Nemanick. “Mentors provide the individualized support young leaders need and can help them close gaps quickly. They also help leaders navigate their careers effectively, helping them find paths that are suited to their strengths and passions.”
At the same time, Nemanick adds, mentoring programs create new connections, and maximize intellectual and social capital within a company’s leadership ranks, and ultimately gain loyalty of future talent. And finally, he says, “Mentoring is an important generational bridge for passing on company culture.”
- Mentoring is a valuable need in the financial services industry, and boomers have the expertise to pass that knowledge along to younger generations.
- Boomers have an established track record that allows them the freedom to be leaders within organizations.
- Flexibility is key at the end of one’s work life, and may keep a boomer working long past traditional retirement age.
To learn more about what other generations are looking for recruiting them, download our newest eBrief, Recruiting Today for Leaders of Tomorrow.