As the overall economy continues to expand and improve, in virtually every industry employers are finding it increasingly difficult to hire qualified employees. The number of baby boomers reaching retirement age — estimated to be almost 10,000 each day — makes the labor shortage even more acute. In addition to the loss of their services, baby boomers who leave take with them institutional knowledge, operational know-how and informed best practices that may be difficult or even impossible to replace. Such losses are likely to continue for at least several more years if not longer.

Despite spending on average almost $4,000 to fill an open position, employers are finding that those tech-savvy millennials, Gen X, Y and Z new hires, often jump ship in a matter of months, if not sooner. Studies have confirmed that millennials change jobs on average every six months or so, usually seeking higher salaries or more responsibility. They rarely, if ever, take a job intending to make it a career. More often, they use one job as the jumping off point for the next. They’re always looking for that job with the perfect work/life balance. In many cases these job-hopping Gen X’ers and millennials are not staying on the job for sufficient time to learn from the experienced older workers who depart. Having grown up with PCs, smartphones, e-mail and texting, they’re more focused on electronic communication and social media than acquiring practical job experience. As a consequence, much of the unique knowledge and business awareness possessed by the retiring employees will be lost.