In the February 16th, 2010 Economist, there is an article on page 64 titled The Silver Tsunami written by Schumpeter - one of the most important articles I've read with regard to the aging population's impact on: (1) employers and (2) any company that markets products or services relating to the aging population - or "boomers."
In our industry, most of the mass marketing media (including event organizers) tend to focus on selling stuff to "boomers." We are inundated with information daily - from how large of a market opportunity this is to how challenging it is to connect with this "unique" generation. It's actually become borderline absurd to the point where statistics about boomers' use of social networking tools becomes headline news.
While companies worry about how to "connect" with and sell more of their stuff to boomers (and why not, boomers control most of the nations disposable income), the implications of aging boomers on society and the workplace are virtually ignored.
And that is why this article in the Economist is so important.
Admittedly, as a for profit business, we have our own agenda. Our two products, SeniorCareMarketer.com and HRmarketer.com help companies that sell products/services that relate to the aging population market and to human resource departments, respectively.
Even so, the article gives much needed attention to the "silver tsunami's" impact on the workplace.
Nearly 33% (1 in 3) of U.S. employees will be over the age of 50 by 2012 (and the U.S. is considered a young nation by global standards).
This means that companies will have to learn how to "manage" older workers better. And as the Economist points out, most companies are "remarkably ill-prepared at doing this. " At this time, companies give more attention to recruiting and retaining younger workers.
And there is a lot more to this challenge than just teaching all the different generations in the workplace to get along and play fairly with one another.
Some companies get it. According to the article…….
BMW staffed a production line with workers of an age likely to be typical at the firm in 2017. At first productivity was lower but, after investing in new chairs, comfier shoes, magnifying lenses, new chairs and adjustable tables, productivity was raised. Seriously.
Some companies are rethinking the traditional model of "career" (which, as the author points out, will break the traditional link between age and pay) which means retirement may be a phased process rather than a sudden event.
Abbott allows "veteran" staff to work four days per week and take extended holidays. And Asda allows older workers to work during busy times and take off several months in the winter. BTW - the irony in this, as the article's author points out, is age-discrimination laws are making it hard for companies to experiment with policies like these.
While an aging workforce presents some unique challenges to employers, it affords plenty of opportunities to companies that market products and services that can help employers with these challenges. And there are plenty. I'll be speaking on this topic at the March Chicago American Society on Aging / Boomers Summit. SeniorCareMarketer.com is also a sponsor.
Note to companies marketing stuff to boomers - don't ignore the employer channel. If your product/service can be repackaged to help companies accommodate and manage older workers, you may find a new revenue stream.
And finally, a note to today's human resource vendors. Doesn't matter what you sell - recruitment & staffing, compensation & benefits, rewards & recognition, training & development, HR technology or talent management [fill in the blank], etc - you also have a huge opportunity with tailoring your solutions to the needs of employers with respect to an aging population.
In our industry, most of the mass marketing media (including event organizers) tend to focus on selling stuff to "boomers." We are inundated with information daily - from how large of a market opportunity this is to how challenging it is to connect with this "unique" generation. It's actually become borderline absurd to the point where statistics about boomers' use of social networking tools becomes headline news.
While companies worry about how to "connect" with and sell more of their stuff to boomers (and why not, boomers control most of the nations disposable income), the implications of aging boomers on society and the workplace are virtually ignored.
And that is why this article in the Economist is so important.
Admittedly, as a for profit business, we have our own agenda. Our two products, SeniorCareMarketer.com and HRmarketer.com help companies that sell products/services that relate to the aging population market and to human resource departments, respectively.
Even so, the article gives much needed attention to the "silver tsunami's" impact on the workplace.
Nearly 33% (1 in 3) of U.S. employees will be over the age of 50 by 2012 (and the U.S. is considered a young nation by global standards).
This means that companies will have to learn how to "manage" older workers better. And as the Economist points out, most companies are "remarkably ill-prepared at doing this. " At this time, companies give more attention to recruiting and retaining younger workers.
And there is a lot more to this challenge than just teaching all the different generations in the workplace to get along and play fairly with one another.
Some companies get it. According to the article…….
BMW staffed a production line with workers of an age likely to be typical at the firm in 2017. At first productivity was lower but, after investing in new chairs, comfier shoes, magnifying lenses, new chairs and adjustable tables, productivity was raised. Seriously.
Some companies are rethinking the traditional model of "career" (which, as the author points out, will break the traditional link between age and pay) which means retirement may be a phased process rather than a sudden event.
Abbott allows "veteran" staff to work four days per week and take extended holidays. And Asda allows older workers to work during busy times and take off several months in the winter. BTW - the irony in this, as the article's author points out, is age-discrimination laws are making it hard for companies to experiment with policies like these.
While an aging workforce presents some unique challenges to employers, it affords plenty of opportunities to companies that market products and services that can help employers with these challenges. And there are plenty. I'll be speaking on this topic at the March Chicago American Society on Aging / Boomers Summit. SeniorCareMarketer.com is also a sponsor.
Note to companies marketing stuff to boomers - don't ignore the employer channel. If your product/service can be repackaged to help companies accommodate and manage older workers, you may find a new revenue stream.
And finally, a note to today's human resource vendors. Doesn't matter what you sell - recruitment & staffing, compensation & benefits, rewards & recognition, training & development, HR technology or talent management [fill in the blank], etc - you also have a huge opportunity with tailoring your solutions to the needs of employers with respect to an aging population.
Related Posts:
Will Boomers Retire or Keep Working: Two Opposing Views.
Recession Turns a Graying Office Grayer
Marketers Placing too Much Emphasis on "Boomers".
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