The Baby Boomer Effect: Succession Plans Are Growing in Popularity
By Bruce Fears President, ARAMARK Harrison Lodging | October 28, 2008
With the first of America's 78 million Baby Boomers turning 60 this year, the hospitality industry is bracing themselves for the onslaught of active senior travelers, as well as a plethora of executive positions to fill, both in the hotel business, as well as in corporate America in general.
In fact, nearly 8,000 boomers are turning 60 on a daily basis, according to U.S. Census Bureau statistics. What needs to take place to ensure the successful transition of our retiring Boomers and the next working generation is education. Education comes in multiple forms whether its continuing education, succession planning and training or development of formalized mentorship programs.
Hotel Executive Positions on the Rise
The U.S. Bureau of Labor Statistics (BLS) projects a labor force of 162.3 million individuals in 2012 and expects that the economy will require 165.3 million jobs to be filled. This does not mean that there will be a shortage of three million hotel executives in 2012 due to the retirement of Baby Boomers; however, it does mean the industry will soon see an increased need for corporations to schedule on-going training and education programs in order to replace the retiring boomer generation.
Not just Hotel Executive Positions...Corporate Training Sessions on the Rise
The hospitality industry isn't the only business that will be affected by the aging Boomer generation. The U.S. workforce in general will need to create contingency plans for their retiring workforce.