MADISON, Wis. — The first wave of Baby Boomers is set to retire this year, but because many will continue to work, credit unions may want to consider flexible work schedules and bumping up the training.

“So many businesses, including financial institutions and credit unions, offer the same services and do the same things that the real differentiator is the people you have working for you,” said Beth Soltis, senior research analyst at CUNA's Center for Research and Advice.

Soltis said this relates to Boomers retiring in several ways. Some would like to continue working but may want to work part time or have a job-sharing arrangement. Offering them opportunities to learn new skills and develop in other areas might keep them from leaving the credit union, she suggested. Another way is that these employees have a great deal of skills and knowledge, which should be captured before they retire, Soltis said. Mentoring programs or pairing them with employees that want to go into their areas of expertise would help credit unions teach less skilled employees and leave the credit union without a skills gap when employees retire.

Baby Boomers–those born between 1946 and 1964–currently number 76 million in the United States representing 28% of the population.