Baby Boomer Insights

What we can learn from Stump, Best in Show winner of the Westminister Dog Show

When you're a Boomer, it's bound to happen eventually - someone uses the expression, "You can't teach an old dog new tricks." It's meant to slam everything from our lack of technological sophistication (a complete myth) to our desire to start a new career after decades in an existing one (we're doing that daily now).

Well, this week, Boomers everywhere could draw inspiration from the very subject of the quote - an old dog. It seems Stump, a Sussex Spaniel, won Best in Show at the Westminister Kennel Club Dog Show.  Not only is Stump the first of his breed ever to win the most prestigious award in the dog world; at 10 (70 in dog years), he's also the oldest. (BTW, did you know the Westminister show is the second oldest continuous sporting event in America? Only the Kentucky Derby is older.)

Stump came out of retirement to compete and no doubt some of the young whippersnapper dogs snickered and whispered to one another, "Can you believe this dude? He doesn't belong here! He's washed up already!" Reckon old Ch. Clussexx Three D Grinchy Glee showed 'em, huh?

I see a lot of parallels between Stump and today's Boomers who are re-entering the workforce or deciding to postpone retirement:

> Neither sees any reason to retire when there's more to be accomplished;

> Even if we've had a health problem or two in the past, it doesn't mean we can't come back stronger than ever and ready to work;

> We're eager to please. We still have a lot to offer and if you give us a chance, we'll show you just how good we can be;

> We don't see what all the hub-bub is about regarding age. Most of us don't even think someone's old until they reach 74. (That's what the Edelman/Strategy One Boomer Insights and Implications Study revealed, anyway.);

> We love adventure travel. Stump plans to travel the world now with the younger pups, something we Boomers love to do too, whether for work or play (and preferably a little of both).

It's worth noting that this was Stump's 51st career "best in show" win, proving once again, 50 doesn't have to be the end of a pro's career - it can just as well be the begining.

I hope Stump rakes in the endorsements. A thumbs up for Stump is a thumbs up for mature workers everywhere!

Boomers seek "encore careers" to use skills, give back

Recently, while hanging out with some longtime girlfriends, we got to talking about "what's next" for us. We have all enjoyed (or are continuing to enjoy) satisfying careers that tapped our skills and interests, but none of us sees ourselves as retired (including one who already is retired, but "works" more than ever as a volunteer).

To the person, we all envisioned a future being just as busy as we are now, just in a different way, whether that means volunteering or starting a whole different career.

There's a term for what we've described: an encore career. Essentially, it's when people choose to use their talents and skills to pursue a passion or longtime interest that may or may not have anything to do with what they've spent their worklife doing. For instance, a high-powered business woman who decides to devote her time to training unskilled, poor women to prepare for their first job. And in doing so, she trades money for fulfillment.

Some reports suggest as many as 80+ percent of boomers will "re-career" in some way after they have reached the traditional retirement age of 62. I count myself among them.

That's one reason I so enjoyed hearing from Terry Nagel, managing editor of www.Encore.org this week. He pointed me toward a release about the winners of a recent contest in which boomers told their own stories about what they chose as their encore career and why. The stories are inspiring, unique and often unexpected.

But Encore goes a step farther by offering specific advice on how to know if you're ready for an encore career. The site even  suggests where boomers may want to look for an encore career. 

The boomer trend toward re-careering isn't  driven just by economics. Sure, many boomers will continue working because their finances dictate that they do so, but the fact is the boomer generation is eager to give back and leave a legacy. And what they don't already know, they're willing to learn. That's one reason we see so many boomers going back to school, oftento  community colleges, not to seek degrees but to learn more about a subject that's relevant to their encore interests. Look for colleges to make significant changes to their curricula, tuition structures and even class hours.

With unemployment headed north, boomers delaying retirement and an incoming president promoting change through more social engagement, we can expect to see all kinds of new flavors of boomer careers over the next several years.

They won't all rush to nonprofits, of course, which is why companies looking for reliable employees need to consider boomers who are looking  for new careers, often before they're old enough to retire. I see all of these changes as tremendously positive and it excites me to think what might be next for me!

What the changes in the current financial markets mean to Boomers - and you

Like many Boomers, I've been looking for the silver lining in the huge storm we've been weathering for the past couple of weeks. A month ago, many of us had a 401k we thought we could rely on for retirement. Now, it's anybody's guess what will happen next.

There are some trends we can expect, though:

> Boomers will work longer than they expected. Many Boomers have always planned to work into their late 60's, primarily because they really enjoy working and enjoy the good health that will let them continue to work. Now, though, even more Boomers will delay retirement because they simply can't afford not to work.

> Companies will need to consider how Boomers will impact the workforce.  We're not going anywhere any time soon, so smart companies will think about how continue to integrate us into a multi-generation workforce, especially one full of ambitious Gen X and Gen Yers eager to take on some of the roles we currently play. Also expect to see Boomers impact the benefits  companies offer, as we look for more creative plans that take into account our position as a sandwich generation caring for both children and parents.

> Colleges can expect an uptick in enrollment of Boomers. Now that Boomers are expected to work longer, many will be returning to college to upgrade skills and study whole new interest areas that will enable us to work even longer. Already, many community colleges are reporting larger Boomer enrollments, with many noting that as many as half of these "new" students already hold college degrees.

> Multi-generational households may make a comeback. Boomers have already said they intend to age in place, staying in their homes as long as they possibly can. With the rise in unemployment (especially for new college graduate Gen Yers), and the financial pinch being felt by the parents of Boomers who have already retired and will likely see their retirement income dwindle, expect to see families moving into together.  By the way, I grew up in a multi-generation household and count myself blessed as a result.

> Boomers will become pickier consumers. After years buying pretty much what we wanted when we wanted it, Boomers will now start pulling back on the consumerism and looking for deals. Expect brand loyalty to tank. Boomers already are less brand loyal than other generations, but now we'll look for more bargains and be willing to try new brands (provided the brand earns our trust).

So, the financial losses that Boomers are experiencing right now are grabbing headlines, but as you can see, the roll-down effect is significant. That's why it's more critical than ever for companies to understand the Boomer mindset and habits (old and new). 

National Employ Older Workers Week to focus on why Boomers may save your organization

How ironic that last week saw Boomers sweating over their retirement funds just days before National Employ Older Workers Week. No doubt, many people who were beginning to see retirement on the horizon are now wondering if they'll be able to retire at all.

At Edelman, we've been advising our clients that Boomers won't be following the typical retirement pattern set by their parents. In our 2007 Boomer Insights and Implications Study conducted by our market research firm, Strategy One, we learned that a vast majority of Boomers plan to work well past age 62 (the first time they can draw Social Security). Most said they would work even into their 70's, in part because Boomers like to work, want to contribute and because many need to work in order to maintain the standard of living they wish to have.

With the financial shake-up of the past few days, expect more Boomers to stay put in the workplace and for many who have already retired to start looking for part-time work to help supplement their pensions. Already, 40 percent of the workforce is 45 or older and another 8 million Americans 55 or older have joined the workforce in the past 10 years, according to the U.S. Department of Labor.

National Employ Older Workers Week isn't a new concept, though. It started during the Eisenhower administration 40 years ago and was created to bring attention to the importance of having older workers in the workforce. Originally, the government emphasized training programs to help older workers keep their skills up-to-date, especially those with limited financial means. Today, the emphasis on older workers is more about appreciating our contributions, as well as acknowledging that we're essential to addressing the upcoming worker shortage.

As a member of the Boomer Nation, of course it's obvious to me why it's wise to keep experienced workers in our companies and government agencies. We're loyal to our employers, have experience that usually translates to wisdom (which employers can tap through mentoring programs) and we have the energy and good health to continue working. Throw in the surveys done by the U.S. Committee on Economic Development which note that older workers show up to work and are punctual, are committed to quality, and have good judgment, and you have a pretty darn compelling argument to seriously consider employing Boomers and beyond.

Since the oldest Boomers don't turn 65 until 2011, we can expect to see  this trend of older workers for quite some time. Smart companies need to have a plan in place for how to deal with this phenomenon because it affects all multi-generation work forces.

I got a dose of the older worker trend just yesterday. Ralph and I went shopping for a new bed and at all five places we visited, we were waited on by someone who was clearly 60+.  I must say I have never received better service and I actually took some comfort in having a silver-haired person explain the difference in the various ways sleigh beds are manufactured and why I should care.

Later in the day, at a big box discount store when I was waited on by an eye-rolling gum-popping twenty-something who always answered my "Thank you" with "No problem," I started thinking I'd like to see a lot more snow on some roofs in retail!

Boomers as entrepreneurs: we'll rule the future of business

On Friday, I got the opportunity to speak at one of my all-time favorite conferences, the annual meeting of the Women Presidents' Organization. The impressive group is made up of women entrepreneurs around the U.S. and Canada who run companies that collectively generate $8.3 billion in annual revenue. These aren't hobbyists - they're serious, smart business executives who really know their stuff. To the person, everyone I met was very impressive  and inquisitive.

The theme of the conference was innovation and my presentation was about how to generate great ideas that drive innovation. I argued that the best ideas often come from process and explained the seven steps Edelman uses to arrive at some of the ideas behind our best campaigns. (We call it the Pioneer Thinking Roadmap and it is a very thorough, facilitated process that works regardless of the size of the company.)

Attendees also heard from one of my all-time favorite authors and big thinkers, Malcolm Gladwell, who introduced the world to the concept of the tipping point.

One thing I especially enjoyed about this particular conference is that most of the women are boomers who are very enthusiastic about their companies and very willing to share their best practices with one another. I learned, btw, that 68% of WPO members do business with one another.

Maybe part of the kinship I felt was driven by the fact that my own company, Edelman, is a privately-held boomer-led company. Sure, we have our share of Gen Y and Gen X, as all agencies do, but for the most part, the senior management is made up of boomers who have extensive experience in business and a thirst for independence and creativity. Even the folks who run our digital practice are boomers, a fact that surprises those who assume only the "kids" understand or care about the digital revolution.

Boomers play a very important role in  business growth and will continue to do so for the next couple of decades. Already, 50-year-olds make up a quarter of the workforce and a full 40 percent of the self-employed. Look for this trend to grow in the coming years as boomers retire from Corporate America to start their own businesses. Perhaps you've heard it said we don't retire, we rewire.

So what are the implications of this rewiring? It is significant and includes, among other things:

> Companies with a large boomer employee population need to have strategies in place  to tap into this brain trust in a way that ensures skills transfers before the "brain drain" occurs;

> Companies that service small and medium businesses need to understand that these businesses will increasingly be run by smart, experienced boomers who will be demanding, creative and very inquisitive. They'll want to do business with people they believe are as smart as they are.

Perhaps the most important insight of all is that no one in any generation should assume retirement looks a certain way or that boomers are eager to abandon the corporate workforce just to travel and watch the grandchildren. We're just as likely to start travel companies that specialize in multi-generational travel!

In other words, what I witnessed at WPO is a glimpse into the future, one that includes independent thinkers who will run the economic engine and be very choosy about where they buy their fuel. Are you ready for them?