Baby boomers in the workforce. How are they affecting business in America.
The Boomer generation is a demographic term for the Americans born somewhere in between 1946-1964. Based on a 2000 United States census, the Baby boomer generation is a population of roughly 83 million. To date, baby boomers range from 42 to 60 years of age. This means that the baby boomer generation is on its way to leave the labor force of the country.
Baby boomers are offsprings of a healthy, erudite and bounty living. Because of this, they have changed the perspective of growing old by reinventing themselves to pursue a new passion.
Because of the distinctive characteristics of baby boomers, they have caught much attention and are the subject of studies and surveys. And for one thing, baby boomers belong to an influential generation that significantly affects the economy of the United States.
In an investigation conducted to discover how baby boomers expect retirement, here are some of the key findings:
For baby boomers, retirement is an occasion to dedicate themselves to the family and to enjoy their leisure time by pursuing their interests and hobbies. Anyway, they view retirement as a chance to improve their skills and find another career opportunities for their age.
Baby boomers quest for both personal and career fulfillment has becomes a driving force for them when preparing and planning for retirement. They secure social security by accessing health and life plans.
Baby boomers are an optimistic generation with conservative financial hopefulness.
So compared with their parents, baby boomers are far more likely to be continuously working while enjoying their leisure and comparatively the boomers made more money than their parents.
Tracing back to the annals of American history, the US economy has predominantly prospered since the baby boomers matured to enter the labor force. Historically, they are considered to be the prime source of the work force. But now that there is the expected demographic decline of baby boomers, the Unites States Bureau of Labor Statistics expect labor shortages that must be resolved quickly. Otherwise, it will inflict dire consequences to the economy.
However, there are some solutions to address the foreseen labor shortage by targeting the other variables that affect the demographic landscape. Organizations and firms can consider retaining the older workers, correcting the gender imbalance in work designations, outsourcing and hiring immigrants.
Since the baby boomers entered the labor force, the US economy has grown faster than its overall population. And the impending decline in the participation of baby boomers to service, will mean a slower rate of labor force growth as well as impact the economy.
To make up for the threatening flux of baby boomers' contribution to work force, they should be encouraged to remain in service for a longer span. To encourage the aging baby boomers to stay in the labor force, enterprises and organizations should consider the following:
In the years to come, the minimum age of retirement of the recipients of Social Security pension shall eventually be raised to 67. Brace yourself for a longer working life.
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