Many employers are notprepared to replace retirees, resulting in a growing talent gap.(Photo: Shutterstock)

Baby boomers (born roughlybetween 1946-1964) are exiting the workforce in droves — as 10,000of them turn 65 every day. But many employers aren't yet preparedto replace them, resulting in a growing talent gap.

Industries like insurance areparticularly vulnerable because boomers are retiring at the sametime there's a shortage of millennials entering the industry. Thisshifting dynamic has become a hot topic — one that is shining alight on boomer retirement and its impact on businesses and theeconomy.

These days, nothing aboutretirement is predictable. According to a recent article in the Chicago Tribune, the changing nature of retirementpresents employers with three core challenges:

1. It's hard to planwhen baby boomers willretire. Boomer retirement dates are constantly changing. Someboomers retire early, and some retire late. In general, though,retirees are living longer and retiringlater. 
2. It's difficult to know what retirement looks like. As stated in the article,nobody has a clear definition of what 'retirement' means these dayssince it's no longer "a magic moment when you stop workingentirely." Retirement (or pretirement) today might include in-homeoffices, communal workspaces, flexible hours and video-meetings.Work arrangements become less tied to geography and 40-hour weeks,and more attuned to where and when employees work most efficientlyfor their employers' purposes. As retirement's chronological age isredefined, the physical factors influencing remote work andflexible hours will redefine retirement aswell. 
3. It's hard to figure out how to replace boomers,especially in certain industries like insurance, which are staffedby fewer young professionals than many other sectors. The insuranceindustry has an abundance of qualified, sharp, motivated andexperienced professionals who are prepared to continue working asthey approach and reshape the landscape of retirement. While theyare virtually irreplaceable, our wisest move is to employ them,honor their work-life balance needs, and continue to innovate asinsurance firms that are prepared to serve clients with engaged,experienced employees.

Due to this uncertainty aboutthe when, whatand how ofretirement,many businesses are adoptingflexible work models that delay the when in its entirety and stave off theimmediate howof replacing veteran workers. Asmentioned in the Tribune,"the share of companies offering older workers partial-yearemployment and shorter hours is expected to rise sharply.About two in five companies surveyed areconsidering offering part-time work or flexible hours by 2020,nearly double the current rate."

This approach benefits bothemployers and baby boomers. Boomers who want or need to work cankeep working while enjoying a flexible schedule. Employers get tokeep their experienced workers while opening space forup-and-coming younger employees. 

It's time to build smart,flexible, mutually beneficial solutions that pair talented veteraninsurance professionals with insurance companies who need theirskills. Veteran workers boost company culture with knowledge,motivation and experience. They benefit from being able tocontribute economically and professionally while gradually shiftinginto fewer working hours. Companies retain top talent whilemaintaining a diverse workforce that meets their clients'needs.

Retirement certainly isn't cutand dry like it once was, but our life expectancy and economiclandscape are not what they once were, either. As people livelonger and need to work longer, retirement deserves a revampeddefinition — one that honors pretirees' goals and needs and keepsour businesses growing, as we leverage our industry's mostexperienced talent. 

Sharon Emek, Ph.D.,CIC, is the founder and CEO of Work At Home VintageExperts (WAHVE). WAHVE isan innovative contract talent solution that matches retiring,experienced career professionals with a company's talent needs.WAHVE bridges the gap between an employer's need for highly skilledprofessional talent and seasoned professionals desiring to extendtheir career working from home. From screening to placement, WAHVEis a comprehensive solution to qualifying, hiring, and managingexperienced remote talent. Opinions expressed here are the author'sown. 

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