Great news for Baby Boomers! According to recent reports from the Bureau of Labor Statistics, workers 55 and older are enjoying the biggest pay raises of any age group. This same age group is the only one whose participation in the workforce is growing.

Interpreting these trends, it is clear that traditional retirement has changed. Anecdotally, from my work with people in career transition, I know that workers age 55+ are remaining in the work force in a variety of ways. They are:

• Continuing their jobs well past traditional retirement age;
• “Retiring” but returning as consultants to their former employers;
• Launching an entrepreneurial venture, sometimes in a completely new field;
• Working part-time at one or more jobs, whether to pay the bills or simply for the satisfaction and fulfillment it generates.

From a recruiting standpoint, it pays to be creative about how you recruit and retain these workers. After all, they represent enormous stores of wisdom and experience that employers can’t afford to lose—particularly in view of the talent shortfall that is predicted for virtually every industry, every profession, and every level of worker.

This perspective is reinforced by Karen Katz, a career coach who works extensively with Baby Boomer clients. “While many of these ‘older workers’ have encountered job losses during their careers, and many report feeling discriminated against because of age, the pendulum is beginning to turn in their favor again,” says Katz, who is founder of Career Acceleration Network. She shares findings from the Salary.com Top 10 Salary Trends of 2006.

Top 10 Salary Trends of 2006: #7
“Employers will find creative ways to attract and retain older workers. Employers are looking to increase their workforce in 2006 and they fear younger employees will be the ones who are most likely to ‘job hop’ for better salaries or better jobs. Older workers are more likely to stay and therefore could provide stability. Employers will be looking for creative ways to retain these older workers.” (Source: Salary.com)

One very real challenge facing companies is ensuring there is a culture where older workers are valued, respected, welcomed, and given the same opportunities as younger workers.

An interesting way to look at the situation is to consider the issues shaping the current younger workforce (i.e, Gen-Y, Millennial, Gen-N, whatever labels you choose). According to stories in multiple media, including blogs, newspapers, and mainstream business press, younger workers seek autonomy, flexibility, and the chance to make a difference. They feel no inherent loyalty to a company but have strong ties to their co-workers. They thrive in team- and project-based environments, they value work/life balance, and they don’t plan to pursue the corporate ladder-climbing that was the goal and the norm for their parents.

When you think about it, both Baby Boomers and younger generations value jobs with similar components. Thus, companies can increase their chances of attracting and retaining both ends of the spectrum by adopting programs and policies engineered to meet that end.

Generation-friendly recruitment and retention strategies

• Flexible work schedules
• Part-time jobs that don’t have “second-class-citizen” status
• Flexible benefit plans (older workers might choose healthcare benefits, while younger workers might opt for extra vacation days)
• Work-from-home possibilities
• Liberal leave policies
• Non-rigid guidelines for structuring project teams
• Performance-based compensation
• Opportunities to consult or float in and out of the employee pool

Bottom line, companies that want to win must find ways to attract and keep talented employees—regardless of their age. Those that refuse to alter “the way we’ve always done things” will find they are losing bright, talented people at both ends of the age spectrum. But get creative and see what will happen. Chances are you will delight not only older and younger workers but those in between as well.