Baby Boomers, those born between 1947 and 1965, continue to have a significant impact on businesses and the economy.
During your next strategy meeting ask your team to think about how well your strategy considers age and demographics, specifically:
- “How will the makeup of our staff continue to change?”
- “How will demand for our products/services be impacted by changing age demographics?”
Impact on Staffing
Some organizations expect to see as many as 90% of their leaders exiting in the very near future. It will depend upon the proportion of your organization that is in this older demographic; but you should determine whether you will be facing a leadership shortage. Canadian businesses report that finding quality employees is their biggest challenge. Striving to be a best-in-class place to work should be part of your organization’s strategy.
You’ll need to plan for this transition, identifying those within your organization who have the greatest potential to fill key roles. Begin training, coaching, and hiring to fill the necessary roles well in advance.
Impact on Your Market
To determine your future markets look at the needs of people 5 or more years older than your current Baby Boomer customers. This will enable you to see how their patterns of purchasing goods and services will change and how demand for your products will evolve. If your clientele is primarily older, Boomers demand will likely continue for a while as the younger buyers move in. There will be challenges as the upcoming demographic will be fewer in numbers and more ethnically diverse.
Ask the question about whether we change to match the needs of the next demographic, or how we change for those who will be replacing them? Your organization’s mission, vision and strategy will be affected.
Baby Boomers’ lifestyle changes will affect the makeup of your staff and the demand for what you offer. Look at how this impacts your organization and how you can change. It creates an opportunity for a new strategy and positions your organization for the upcoming change in society.