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A storm is coming. In what is being called the “silver tsunami,” aging baby boomers are leaving the workplace — and a wave of inexperience and knowledge gaps is following. Here’s a look at how it will reshape the modern workforce. 

If you’re a zoomer and have the advantage of youth and an entrepreneurial spirit on your side, you may have something to gain as boomers exit the workforce. Gen Z (people born between 1997 and 2012) aren’t dubbed zoomers for no reason. Hailed by Forbes as “the most entrepreneurial generation to date,” young, business-minded go-getters are buying up boomers’ businesses and storming into the creation of their own digital storefronts. Intuit reports that 80% of Gen Z business owners started their businesses online or with a mobile component.

Meanwhile, millennials, currently the largest generation, also stand to benefit. People born between 1981 and 1996 are the largest generation in the U.S. workforce at 75%, according to Forbes. This makes millennials uniquely poised to reshape outdated norms and create workplace cultures that will attract and retain talented employees — offsetting the pain of the exodus of boomers (born between 1946 and 1964).

Ready or not, a new wave is coming. Savvy young workers will ride it. 

Inside employers and organizations, the exodus of boomers isn’t just about employee headcount. With the speed that it takes for a boomer to press “send” on retirement paperwork, decades of experience are just … gone. That’s a considerable and collective brain drain.

Consider these statistics:

• 11,200 baby boomers will turn 65 every day from 2024 to 2027
• 4.1 million boomers turned 65 in 2024
• 56% of boomers hold leadership positions

“It is, by the stats, a large problem,” says Leo Goncalves, the vice president of the ������Ƶ Workforce Solutions Group. “Expertise that is not easy to replace is going to start walking out the door. It’s hard to find individuals with the same level of seniority and institutional knowledge. This creates organizational stress for companies.”

Employee-driven industries like healthcare, education and finance are predicted to feel the so-called silver tsunami the most. Of course, a trip down Main Street in your hometown may also reveal a smattering of mom-and-pop shops started by — and still owned by — boomers. Multiply the sales of those businesses by 10,000 towns, and the scope of the issue emerges more broadly.

“At the end of the day, the problem employers face is an opportunity for younger generations,” Goncalves says. “There is a unique window of opportunity for them to step into leadership roles sooner.”

Goncalves even goes so far as to say this is a once-in-a-lifetime opportunity for zoomers. “Gen Z and millennials are likely not going to have another opportunity to move into the sheer amount of roles that will open up within organizations. There won’t be another cliff where a large volume of people is retiring at once,” he says.

Population statistics bear this out. As of the 2020 U.S. census, boomers numbered 73 million while Generation X numbered 65.2 million. Those numbers dictate that when Gen Xers retire, the number of job openings will not reach the boomer peak.

Goncalves predicts that the millennials and Gen Zers who position themselves strongly right now will reap the benefits of market conditions that already are swinging in their favor. “Younger generations — and particularly those who focus on advancing their education and skills — are going to be shaping what success looks like for decades,” he says.

His top tips?

• Enhance your potential through degrees, certificates and upskilling. “Proactively seek skills that unlock opportunities in the future,” he says.
• Think entrepreneurially, even if you work for a company. “Identify problems, propose solutions, lead the initiatives. Create value for your organization.”
• Expand your professional network across disciplines. If you’re in marketing, expand your network to include professionals from finance and human resources, for example.
• Seek employers that offer tuition assistance and true career advancement pathways.

In the end, zoomers who take charge of their skills profile and market conditions may find themselves on a more promising track. “If they can merge digital fluency, agility, fresh ideas and an entrepreneurial mindset with risk-taking and skills, they will be the ones leading change in their organizations,” Goncalves says.

A deeply entrepreneurial generation, zoomers may not just be looking to climb the ladder into leadership positions. (In fact, their aversion to leadership roles in organizations is well documented.) Some already are looking to acquire companies outright. According to a study from Forrester, individuals born in 1980 or later (which includes millennials and Gen Zers) make up almost 71% of business buyers. Meanwhile, 39% of Gen Z business owners already employ five or more employees.

“How we’ve always done things” will have to change.

“In the U.S., employers could always rely primarily on hiring. There was a plentiful supply of skilled workers. It’s not that plentiful anymore,” Goncalves says.

In fact, in today’s changing climate, Goncalves views hiring as a solution to address a skills gap as a race to the bottom. “Companies are finding they might not find skills in today’s tight labor market. They have to develop skills. Employers are finally realizing they have to own this problem a little more.”

The ������Ƶ 2025 Career Optimism Index® study found that 60% of surveyed employers prefer hiring new employees over training current staff, despite research indicating the significant cost of turnover and the proven impact of talent development on retention rates and profitability. (And despite, apparently, the concern of HR professionals, which we’ll get to in a minute.) Meanwhile, a whopping 86% of workers are actively seeking skill development opportunities, according to the index.

Something’s going to have to give. And skills aren’t the only adaptation today’s employers will need to make. To compete for fewer workers in the hiring pool, they may feel growing pressure to increase salaries, offer better benefits, provide tuition assistance and allow flexible work schedules. In fact, since the pandemic, many outlets are reporting that 75% of employees view remote work as the new normal.

These things will help not only with recruitment but also retention. According to an article on HireHive, retention is a critical concern, with turnover being a top issue cited by 47% of HR professionals worldwide. Further, turnover costs companies, on average, six to nine months of an employee’s salary to replace them, according to the Society for Human Resource Management.

Companies that don’t lean into this data may feel the squeeze with both hiring and retaining employees. Current data shows they are, at least, already worried.

The Career Optimism Index study reveals that 68% of surveyed employers have concern about turnover rates and 51% say it has been difficult to find new talent in the past year. Meanwhile, employees polled for the survey reported that they are more motivated, engaged and adaptable when presented with career development opportunities. Yes, something will have to give.

Let the race of the smartest employers and employees begin.

Zoomers and millennials have options when it comes to positioning themselves wisely in the wake of the boomers’ exodus – and those options are all about upskilling.

������Ƶ offers several pathways to upskill. Its skills-aligned curriculum prepares students with foundational knowledge for a variety of careers. Explore degree programs and individual courses to see how you might leverage lifelong learning in your professional journey.