There are tens of thousands of Boomers retiring each year for the next decade.
What does that mean to the business world?
Lest we not forget, Boomers shaped today’s corporate culture. Boomers advanced technology exponentially.
Think Apple. Think Microsoft. Think Southwest. Think Starbucks.
You get the idea.
These are not people who you should expect to just bow out. Boomers continue to hold tremendous economic power. Boomers will be reshaping the definition of retirement and you can expect them to continue to lead.
So what should we expect?
One thing we should know is that this group is diverse in how they lead their lives, how they spend their time and money and how they view the world. They are not only different from other generations, they are different from one another.
- Financial wellbeing will certainly influence the choices they make.
- Sense of community and social well-being will also drive choices. Boomers want to give back and they want to see how their contribution of time and money is having an impact. And, don’t forget many Boomers are quite competitive and want to know they are giving their fair share yet oftentimes have no idea what others like them are doing to make a difference.
- Sense of purpose is very real. Boomers crave relevance now and in the next chapter they choose. They will actively participate in shaping the future, seeking issues that they can help resolve.
- Staying connected is essential and it is not just limited to being online and checking in with friends on Facebook. This is about meeting new people and reconnecting with old friends and colleagues. It is about taking time to develop deeper relationships and helping each other in the pursuit of their goals and interests.
- Consumerism will stay part of the equation. For those who dismiss the Boomer and do not have a customer experience map in mind will be missing out.
We are reading and hearing lots about Boomers and Millenials and we should. They are power generations that must be taken seriously and respected for who they are.
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