By 2025, many of your most seasoned employees will have retired or be retiring soon, and 75 percent of your workforce will be comprised of millennials.
Though baby boomers, who are now in their late 60s and early 70s, have worked longer than previous generations, they are now beginning to retire at record rates.
According to AARP, baby boomers are retiring at the same rate that millennials are turning 25. Did you know that as of 2017, 66 percent of the U.S. federal workforce was eligible to retire? What if they all decided to retire tomorrow? Can you imagine the effect on the government and the country as a whole?
With so many skilled commercial lenders likely to retire soon, your organization will be losing a wealth of experience and institutional knowledge. How can you possibly fill their shoes? And how much will it cost you?
Let’s calculate the cost of losing your experienced commercial lenders.
- How many of your organization’s commercial lenders are eligible to retire in the next five years?
- How much did they contribute, as a whole, to your organization’s bottom line last year?
- How much did these same individuals contribute during their first five years as lenders?
What total did you come up with? Imagine the effect when they are all retired.
Now, consider the incoming millennials. Though older millennials have been in the workforce for some time now, younger millennials are just beginning their journeys. Their opportunities to advance their careers and take on more responsibility have been limited as baby boomers remain in the workforce.
How can you combat the impending loss of your most experienced workers and quickly get your tech-savvy millennial workers up to speed? You need to train and coach your new lenders so that they can fill that gap.
Omega Performance offers commercial lending eLearning courses that can equip your millennials with the skills they need. You can also make the most of the experienced staff members while they are still with you by training them to coach and mentor your less-experienced staff.
Show your millennial staff that you are dedicated to them and their career growth. They value collaboration in the work force, and seek a sense of purpose and community in the workplace that past generations didn’t. They also crave clarity and understanding of what is expected of them.
Thinking about and discussing the questions above can help you not only develop a better understanding of the value of a well-trained work force, but also achieve buy-in from stakeholders to up your training budget.
Think about it. What is the cost of not training your employees?