Final answer:
Employers are creating programs to retain older employees due to the labor shortage caused by retiring baby boomers. These programs could include knowledge transfer and flexible working hours. This strategy is to mitigate the impact of a demographic shift while also accommodating younger workers' differing career expectations.
Step-by-step explanation:
The looming labour shortage based on when baby boomers start retiring is resulting in employers seeking to retain older employees. Mel's organization is experiencing this issue. One program that could support the retention of older employees could be initiatives such as 'knowledge transfer programs', 'flexible working hours', or 'mentorship roles' that utilize the experience of older employees while adjusting to their changing lifestyle needs.
The aging of the "baby boom generation" has led to a demographic shift where the proportion of younger workers is relatively low compared to the 1970s. This shift is influencing labor markets and creating challenges for organizations in retaining a skilled workforce. Hence, employers are now looking at ways to motivate and retain both older workers and younger generations like millennials and Generation X through meaningful work and frequent rewards, respectively.
Since retiring boomers may lead to labor or expertise shortages, it's important for organizations to find effective strategies to manage these demographic changes. Employers must balance the need to retain older workers while also attracting younger workers who have different expectations and career outlooks from those of previous generations.