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THE CHANGING NEEDS OF THE ME GENERATION

Guest post by: Faris Alami

Article Overview: Understanding the communication style of the "ME Generation" also known as the Baby Boomers. The anti-establishment youths who once pronounced “Don’t trust anyone over 30” are now at or nearing retirement age. The 76 million Americans born between 1946 and 1964, dubbed the Baby Boomers, represent nearly 45 percent of the 2005 workforce. When Boomers flooded school yards, college campuses and later the workforce, they transformed the world around them. They are the generation that led the civil rights movement, popularized the dual-income household and ushered in the age of the personal computer. America’s largest generation is driven, competitive and hard-working.

THE CHANGING NEEDS OF THE ME GENERATION

The anti-establishment youths who once pronounced “Don’t trust anyone over 30” are now at or nearing retirement age. The 76 million Americans born between 1946 and 1964, dubbed the Baby Boomers, represent nearly 45 percent of the 2005 workforce.

When Boomers flooded school yards, college campuses and later the workforce, they transformed the world around them. They are the generation that led the civil rights movement, popularized the dual-income household and ushered in the age of the personal computer. America’s largest generation is driven, competitive and hard-working.

During their 30-plus years in the workforce, Baby Boomers’ size and determination made them a powerful and influential force. Since Boomers make up such a high percentage of the current workforce, employers must determine how to fill the gaps as this generation moves toward retirement.

In 2003, Boomers began exiting the workforce faster than the entry-level workers entering it. Census Bureau estimates show the trend will continue as the number of people 65 and older is expected to increase 26 percent between 2005 and 2015, while the population of 40- to 54-year-olds will decrease by 5 percent.

Baby Boomers’ mass exodus from the workforce could cause a labor shortage that the smaller Generation X and Millennials will not be able to fill. By the year 2010, a potential labor shortfall of 10 million workers could face employers.

Talk of the shortfall that could follow the retirement of many Baby Boomers has circulated the business community for a number of years. However, with the oldest Boomers now in their late 50s, it may be time for employers to take notice and increase efforts to keep Boomers in the workforce.
Baby Boomers, described as the first workaholics, typically embraced the “live-to-work” mindset. However, many are re-evaluating their priorities as they grow older and seek a work/life balance in their retired or semi-retired years. Many aging Boomers are no longer willing to sacrifice family and personal interests for their careers.

Although Boomers’ priorities are shifting, they still plan to stay active and have a voice in their later years. According to AARP, 80 percent of Baby Boomers plan to continue working at least part-time during their retirement. Therefore, if employers want to effectively recruit and retain existing Baby Boomers, they’ll need to offer flexible schedules, project-based assignments and telecommuting.

Some employers have already developed incentive programs for older employees such as offering a week of “grandparents’ leave” and allowing semi-retired employees to take several months off to pursue hobbies and travel.

One reason some Boomers will choose to delay full retirement is their desire to be self sufficient. Studies show that Boomers tend to be more self reliant than previous generations and many do not want to be financially dependent on social security or family members during retirement. A quarter of Baby Boomers said their motivation for working part-time during retirement years would be to earn extra money. This desire for independence motivates Baby Boomers to seek out and remain with employers who offer quality retirement options, salaries and bonuses, stock options, investments and medical coverage.

Another third of Boomers said they planned to work part-time mainly for the sake of interest and recreation. This “work for fun” attitude may lead Boomers to retire from one career to start a second in a field of more interest to them. Retired stockbrokers may become mechanics and former CEOs may become chefs. Employers who can offer part-time or short-term positions to match up with Boomers’ desires for flexibility and freedom will have an advantage in recruiting this generation.
Baby Boomers are renowned for reinventing themselves and transforming the world around them at the same time. As Boomers move toward retirement, it is certain they will continue to reshape the status quo, including what it means to be retired.

Call Faris Alami @ 248-688-5353 Ext 2 or email him @ faris.alami@myISMinc.com

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