The Impact of Baby Boomers

The worldwide demographic is changing, and the world’s population is getting older. The longer life spans of this generation will allow people to travel and work later in life, generating new demands and possibilities. Your company can take advantage of future prospects by understanding the shifting demographics and needs of the evolving population.

The baby boomer generation, born between 1946 and 1964, is nearing retirement age. This generation has been a huge influence on the workforce for the past fifty years and will continue to affect employers for years to come.

The baby boomers got their name from the baby boom that occurred during their time of year of birth. So many children were being born that people thought there was a baby boom. The baby boomer generation was very large compared to other generations due to WWII ending just before they were born and the GI bill allowing their parents, who had grown up during the Great Depression, to send them to school. This led to many children being born around 1946-1947 creating the baby boom.

The baby boomers are now almost all over the age of fifty-five and will be retiring within the next ten years, leading to a huge impact on the workforce. However, baby boomers also have a certain skill set that comes from experience and time on the job.

Did you know that 1 in 5 people in the North American workforce is of retirement age?

Toffler Associates remind us that 21.7% of the workforce n 2014 were between 65 and 74 years of age. A common theme in my work is the need for organizations to leverage an increasingly multi-generational workforce. The infographic below provides a useful reminder about the impacts an aging society will have on our lives and our organizations.

Dr. Jeff Suderman is a futurist, consultant, and professor who works in the field of organizational development. He partners with clients to improve culture, leadership, teamwork, organizational alignment, strategy and organizational future-readiness. He resides in Palm Desert, California. Twitter: @jlsuderman Email: jeff@jeffsuderman.com

Source: Toffler Associates