January 25, 2024
Navigating the Silver Tsunami with a Modern Approach to Executive Recruitment
U.S. businesses are facing an unprecedented wave of retirements. According to data from the U.S. Census Bureau by 2030, all Baby Boomers, the generation born between 1946 and 1964, will be age 65 or older. This will mark the first time in history that the U.S. population over age 65 will outnumber the population under age 18.
As of now, more than 11,000 Baby Boomers reach retirement age each day and more than 4.1 million Americans are expected to retire each year through 2027.
This population shift presents many challenges for the labor market, with the uptick in retirements being referred to by some as the “Silver Tsunami.” Among these challenges, businesses are expected to see an increase in open executive positions as more senior leaders retire. In fact, the U.S. Bureau of Labor Statistics projects an average of 311,600 openings for top executives each year through 2032.