Hospitals and health systems are bracing for a potential wave of baby boomer retirements. Meanwhile, many Generation X workers could stay in their roles longer, according to an Aug. 19 Korn Ferry article.
Professionals in their mid-50s used to be eyeing “one more move and a 10-year runway,” Renee Whalen, a Korn Ferry senior client partner, said in the article. “Now, it’s 20 years.”
Only 15% of Gen X workers plan to retire at age 59 or earlier, according to an Aug. 11 survey of 1,003 Gen X workers conducted by Zety and cited in the Korn Ferry article. Nearly 40% either do not expect to fully retire or plan to retire at 68 or older. Another 16% plan to retire between ages 60 and 64, and 20% plan to retire between 65 and 67.
“I don’t know a Gen Xer that knows when they are going to retire,” Craig Rowley, another Korn Ferry senior client partner, said in the article.
More than half of Gen X respondents in the Zety survey said economic downturns, the pandemic, and the costs of caregiving and education have permanently delayed their retirement — echoing many baby boomers, who have delayed retirement for similar reasons, according to Korn Ferry.
As more employees stay in the workforce longer, some health systems have built benefits and scheduling programs to support them. At Annapolis, Md.-based Luminis Health, CHRO Amy Beales has emphasized earlier, more intentional retirement planning conversations between leaders and staff, adjusting responsibilities or hours well in advance.
“In many cases, this approach has helped retain experienced employees longer, strengthen knowledge transfer and mentorship, and reduce operational gaps during leadership or staff transitions,” Ms. Beales previously told Becker’s.
Santa Barbara, Calif.-based Cottage Health lets retiring employees phase their retirement over two years while building succession plans across levels, CHRO Cara Williams told Becker’s in 2025. And Morgantown, W.Va.-based WVU Medicine allows qualifying nurses near retirement to work part -time while keeping full-time benefits, a structure designed to boost retention, Assistant Vice President of System Nursing Services Jessica Huffman, DNP, RN, told Becker’s in September.
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