Prior to the pandemic, the workforce shortage was very real – and it will be again. 

If you’re a business owner or entrepreneur who’s looking to fill up your talent pool, consider a huge reservoir of silver talent sitting on the sidelines. 

Why is the silver talent important? 

• There are 7.7 million workers over the age of 65 in the workforce. 

• There’s about 55% growth in the workforce for the 65- to 74-year-old age group, while the rest of the workforce is only growing at 5%. 

• The average lifespan is above 81 for women and over 76 for men. For every two baby boomers that leave the workforce, only one person is entering the workforce.  

What’s the next step for silver talent and entrepreneurs?

Employees may consider taking any of these roles:

• Consulting (sharing your expertise)

• Coaching (helping people develop themselves)

• Mentorship (passing on your expertise to people) 

For employers, here are some things to consider:

• Phased retirement: Phase your extremely skilled people who are nearing retirement age. Assign them into coaching and mentoring role so they can help develop new talent. 

• Encore careers: For example, you may have worked in logistics or something else. But now maybe you want to use those skills in a different field like healthcare.

• Teaching: You can help people learn and pass on the skills, whether it be in a formal setting, such as a college or university, or informally with an individual firm or online.