Note: We published this before, but the trend of retiring boomers continues. We think it’s worth another look.
Where have all boomers gone?
Even though we hear 60 is the new 40, it’s not stopping thousands of baby boomers from the allure of retirement. Earlier this year, the Social Security Administration said they expect 10,000 baby boomers a day applying for benefits. There will be “nearly 80 million boomers coming in”, according to SS Commissioner Michael J. Astrue. Those kind of numbers coming into the Social Security system means big numbers going out the doors of many companies.
Unless you are in an industry dominated by youth, the chances are that you’ll be seeing your best trained and most reliable workers riding off into their sunset years. Of course, recent economic turbulence has changed plans for many, but out of 80 million, there is still a lot of room for a huge depletion of human resources coming just around the corner.
This is an opportunity to put Bolt Staffing’s Payroll Services to work for you! You can keep those experienced employees from completely leaving your organization, while allowing a carefree retirement lifestyle for your boomers.
Depending on circumstances particular to each individual and organization, hiring retired workers can create complications. However, our Payroll Services allow you to sidestep the drawbacks and tap the advantages of this rich resource.
No, our Payroll Service doesn’t compete with ADP!
“Payrolling” in the staffing industry refers to companies using the staffing agency’s employees to work for them. This isn’t about bookkeeping and writing paychecks. For example, say you’ve given Billy Boomer his gold watch. You will be struggling for a long time picking up the pieces of knowledge he developed in his years with your company. Billy’s pension plan doesn’t allow him to go back to work for you and still be on full pension. However, Billy could be on our payroll and simply take an assignment with you. He would work whatever days and hours you both decide, but he would be on our payroll. This example illustrates the utility of the service to both the company and the employee.
Our fees for this kind of service are very reasonable; since there are no recruiting costs you can expect them to be far less than for a typical temporary employee.
Payrolling is useful in many other situations beyond bringing back retirees. Rather than risk the frustration of losing their remaining, overworked employees, our clients often bring back laid off employees on a full or part-time basis through Bolt Staffing. Not only does this maintain corporate headcounts, it also allows them to keep from losing valued employees to another employer while gradually and carefully rebuilding as economic conditions improve.
Others use payrolling to provide a probationary period. They do the recruiting, but rather than hire directly, they place the employee on our payroll. After 90 days, the company brings the new person on board through their normal hiring procedures. This is very smart, since the company is not committed to new employees until they prove themselves, and the flexibility the service provides is priceless. It also provides a cushion, should business conditions change.
The ways to use payrolling are as varied as the companies and people who use the service. Whether it’s retired employees coming back for an important project or maintaining relationships with recently laid off employees, you can bring them back on our payroll and instantly reap the benefits of their skills, without risking the uncertainty of economic conditions.
There is no asset more valuable than a tried and true employee. Don’t lose them! Give us a call today, and we can tell you more ways to benefit from payrolling with Bolt!