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(Language warning:) Gen-Xer Gavin McInnes calls Baby Boomers “the worst generation.” Ironically, his parents, who are also Boomers, hate their own cohort and passed this along to Gavin – who passes it along to you! MORE:
READ Gavin McInnes’ “gut-punchingly hilarious” memoir, “The Death of Cool”
There has been a great deal written and discussed about GenY and their soon to be dominance in the workplace. How are we (Baby-Boomers) to prepare them to run companies, marketing campaigns, and innovation labs? By effectively coaching and mentoring them!
The Bureau of Labor Statistics state that Baby-Boomers will hold an average of 3-5 jobs in their careers; GenX 11-15; and GenY 25+. Why is this? Many state that Millennials evidently are not getting the upward movement they believe they deserve and, therefore, feel compelled to change jobs. My take is different. I do not blame Millennials for this, but existing company business professionals for not mentoring and coaching them. They are not being taken under the wings of company managers and co-workers and led through the labyrinth of corporate bureaucracies. How can a new college recruit be expected to know the inner-workings of a large corporation? And this high-rate of turnover is extremely expensive for businesses. An article in INC magazine by Suzanne Lucas states: “What do all these costs add up to? Well how much? Estimates run as high as 150 percent of annual salary. Much less for lower level positions, but still significant enough to make retention a high priority for your business.” Most companies realize this, and have set up on-boarding programs, but they only go so far.
While an organization can set up formal mentoring programs, I believe “natural” connections work the best. What is the number one attribute of a good mentor? Listening! I’ve always subscribed to the idea that God gave you two ears and one mouth so you will listen twice as much as you speak. [This is especially true for successful sales people – they need to uncover the “real” needs of their customers before a sale is made.] You need to hear the challenges/concerns of the [typically] younger employee before you can assist them.
A common misconception is that a mentor has to be someone senior or in a higher management position; mentors can be peers, who may actually be better able to give hard-hitting advice. I also believe someone out of the direct chain of command will make a better mentor. Mentoring, while I believe works best in an informal setting, it needs to be done on a regular, consistent basis. Every month or every other month, depending on the assistance required. It should be done away from the workplace if possible, so you can give undivided attention. Mentoring takes time and commitment from both parties; make sure you set aside enough time so meetings are not rushed. Just as important as being mentored, is mentoring others – to play it forward. It can build your own character and give you insight to the organizational needs of others.
While coaching is similar to mentoring, I believe it is more of a process done in the chain-of-command. Both are extremely important to retain the best employees and reduce hiring costs.
Efectuarea unui babyboomer, sistemul de geluri!
Though it may seem as though the entire tween population is the consistent and unavoidable movie theater crowd, recent films and TV shows have proven that with the right script and the right cast, the baby boomer is the actual market to target.
Brands have a phenomenal opportunity to engage with these customers through new entertainment content specifically being created for this market.
Older audiences have been incredibly underserved as an entertainment media audience, but Hollywood has started to realize the major opportunities being missed as a result, which provides brands a phenomenal opportunity to engage with this, the largest generational customer base.
The baby boomer generation is massive, the largest ever born in U.S. history. Healthier, more active, and more likely to stay in the workforce longer than their parents, boomers are far more affluent with money to spend. It is estimated that baby boomers will control 70% of the nation’s disposable income over the next 20 years. As such, baby boomers offer the most disposable income – and free time – available to spend while watching movies.
Baby boomers are one of the hottest markets to Hollywood right now, and a multitude of films are in pre-production, offering phenomenal starring roles for brands eager to engage the audience. Below are five ways to tap into this opportunity before your competitors do:
1. Oldies but Goodies: Align your brand with content that is already proven to capture the baby boomers attention.
As for any age group, nostalgia is an incredibly effective advertising strategy. Research proves that to transcend cultures and tap into emotions that fuel purchase action as a result of the increased feelings of connectedness.
NBC figured this out with the Holiday season broadcast of The Sound of Music Live!, bringing back the classic in true throwback form: as a live televised musical, a format not utilized since the Eisenhower era. The program drew 18.6 million viewers with a median age of 55.
2. Books which already have an established baby boomer fan base.
Brand managers can also look to the NY Times best sellers list to see what books have resonated with baby boomers. Books that have proven to be successful films geared towards baby boomers: Philomena, The Best Exotic Marigold Hotel, and virtually any feature adaptation of a Tom Clancy novel. Hollywood currently has acquisitioned over 100 books slated to be turned into films in the near future, and baby boomer targeted content are amongst them.
3. TV shows and feature films with actors who appeal to the baby boomer demographic.
In order to appeal to this growing number of older viewers, numerous TV shows have recruited older actors. CBS brought on 66-year-old Ted Danson and notable Cheers alum to the cast of CSI in 2011, while Tom Sellack, 69, joined the cast of Blue Bloods. Mark Harmon, 62, has been the star of NCIS for over a decade now. And this coming fall, Scott Bakula, 59, will join the cast of the spinoff NCIS: New Orleans. Even Fox, the network with the youngest audience, brought on 46-year-old musician Harry Connick Jr, who has become a favorite of the mom viewers.
As for films, any project Meryl Streep is attached to tends to garner high box office numbers, particularly with baby boomers. Actors such as Tom Cruise, Liam Neeson, and Bruce Willis – all who are over the age of 50 – are more than just relevant names at the cinema, and continue to drive and deliver strong numbers at the box office.
3. Don’t be afraid to partner with projects who are taking modern-day risks.
The 50+ generation may be older, but they are not old. In fact, they are the leaders in technology adoption and media consumption.
An example of this is the Oscar-nominated film Gravity and its use of 3D technology. In the past, the most predominate use of 3D has been geared more towards children, as most would assume that kids would be the most eager and willing to embrace the advanced technology.
With Gravity, however, with the combination of Sandra Bullock and George Clooney being an older cast, the technology married with the storyline performed extremely well at the box office. The film succeeded in capturing an older audience who were more than willing and able to pay in the extra dollars for 3D, and grossed over $221 million with 59% of the audience being predominantly older.
As technology evolves, so are baby boomers, said Beth Brady, global head of Nielson Marketing. And it’s something marketers must not forget. “Don’t tell them [baby boomers] they’re old because they do not think they’re old. They think, ‘Not only am I not old, but 50 is the new 30,'” said Brady.
4. Create strategic, promotional partnerships with film and TV projects.
One of the best ways to leverage a brand experience interwoven into content appealing to baby boomers is to create strategic, promotional partnerships that live outside the theater using already planned brand media or available retail space. Sponsor screenings or explore ways to work with the film’s marketing department with grass roots efforts. The possibilities are endless. This allows the brand manager to create a multi-prong campaign strategy that resonates and creates higher awareness and engagement.
Fox Searchlight’s The Best Exotic Marigold Hotel, starring two actresses in their 70s and targeted to people over 50, was the breakthrough movie that had studios immediately adding films to their slates that appeal to the baby boomer demographic. Fox Searchlight even held screenings through American Association for Retired Persons and specifically targeted retirement hot spots, including Arizona and Florida. The comedic drama ended up surpassing $100 million at the box office on a $10 million budget, an overwhelming response that was well beyond the production’s expectations.
Identifying the baby boomer generation as a valuable audience is the first step. In order to strategically align your product with these types of opportunities and optimize exposure to the baby boomer audience, working with industry experts who understand the role each generational group plays in the modern entertainment world is invaluable. Tap into this underserved consumer group – with money and time to spend – before your competitors do.
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Beyond retirement and the iconic, stereotypical senior porch rocking chair, Baby Boomer seniors today are living longer and finding surprising, new ways to share their time, energy, and talents with others in their later years.
Do you remember watching your grandmother quietly knitting, while watching TV or listening to the radio for seemingly hours as your grandfather sat with her or puttered around the house? Well those days have passed as Baby Boomers and seniors all across the US are taking on new challenges, new roles, and new activities reflective of the fast paced times and economic climate we live in.
Today, Baby Boomer seniors are stepping out more than ever, even taking college classes in various areas of study and interest. In fact, proudly, some 20 years ago, my own mother graduated from the University of Maryland when she was 72 years old with a major in sociology, and a minor in linguistics. Yes, it took her 10 years, many buses and many, many late nights as she worked toward her lifetime goal of becoming a college graduate with her 4 year degree. To everyone’s utter surprise, she even successfully took algebra to get that degree. The course load was heavy, the time was well spent, and she was able to attain her lifelong goal… And it kept her young, alert, and active. My children, siblings and I will never forget them announcing over the loudspeaker that she was the oldest candidate that day at graduation!
With current statistics revealing that an astonishing 80 percent of seniors plan to work past age 65, and that one quarter to one half of them have not been able to save for retirement, things are bound to be different for the rapidly aging Baby Boomer generation.
It has been estimated that when the Baby Boomer generation reaches 65 years of age, the 65 and above demographic will be twice what it is today. With these unprecedented, massive numbers of seniors depending on Social Security for retirement, and working late into their senior years to supplement their Social Security income, Baby Boomers are in the prime, financial position to need to work longer- at least part-time- into their later years.
With that said, they will continue to be one of the busiest generations ever, as they balance working into their later years to earn extra income, help their children with their grandchildren, volunteer in their communities and churches working with the homeless, youth programs and literacy programs, register for college courses, join senior centers to take art classes, exercise and other classes, and the list goes on.
With this generation of Baby Boomer seniors putting aside the rocking chair in exchange for a more central role in American culture and society, many Baby Boomer seniors will be in the position to share their lifelong, valuable experiences, expertise, and the wisdom of their years with many people in and outside of their homes. Striving to make a meaningful difference in the world around them, these dynamic, active Baby Boomer seniors will be in the strategic position to positively impact people of all ages and backgrounds in unprecedented ways.
UK — Future Thinking is launching the results of Ageing Well, a study of Baby Boomers ( 50-70 year-olds) in the UK, France, Spain and Germany.
The online study, in conjunction with marketing consultancy Seniosphere Conseil, gathers views from 1,600 Baby Boomers on what they do to age well, where they get advice, their physical and mental wellbeing and spending priorities, among other issues.
“In recent years the 50+ market has become increasingly important to brands,” said Julian Kenway, commercial director at Future Thinking. “Our Ageing Well study, in association with Seniosphere, helps to understand the effects of ageing and the evolving needs of the baby boomer generation.”
Findings will be presented at two breakfast seminars in February. More information can be found here.
The first of January 2011 was the first birthday of Baby Boomers. That is, they have reached an age where they are starting to retire and they are retiring in their multi millions.
Baby Boomers were first born in 1946, just after the war, and at that time couples were so happy to have peace again. Young men returned from War in 1945 and young women were pleased to see them – well you know what happens when young couples are happy and have not seen each other for a while. Lots of babies were born.
In my country of New Zealand, the population is only over 4 million and yet over 100,000 baby Boomers will be retiring this year. It will keep increasing each year after. In the states the number retiring this year is 10,000 per day.
This all begs the question, who is going to look after them (us) in our retirement, financially speaking. I am not there yet but only 5 years away.
We once looked to the age of 65 as retirement but all that has changed rapidly over the last 3 years with the credit crunch. Economically most of us have suffered, with loss of equity in our houses, plus it is not as easy to sell a house if that Baby Boomer wishes to downsize.
Later generations are choosing to have less children so there are not as many youngsters out there earning the money to support our superannuation.
In New Zealand a number of well educated youngsters have left to work overseas where they can command higher paying jobs. Can you blame them?
In the next 20 years in NZ there will be over 1 million people over the age of 65 and the working population is expected to drop.
Who is going to look after the Baby Boomers financially? My answer is ourselves. We just can’t rely on the Government for payments and can’t rely on the younger generation to produce enough income for us to retire on.
Somehow we have to find income that will support us in our retired years. We will have to keep working longer but usually our employers do not want to keep us after 65. In the States the 401k scheme has drastically been whittled away so retirement funds are not what was expected.
We Baby Boomers do not feel old at 65 so we can do something, perhaps not too physical, something that will not involve a boss (we had several of those and a lot of us have been bosses). We don’t want to drive to work or take public transport to a job so that leaves working from home.
Now that the Internet is on the scene, we Baby Boomers have many online income opportunities. If we take that path we can retain our financial dreams and go on holiday as planned.
The baby boomer generation is retiring — some voluntary and many more forced into retirement due to downsizing and layoffs. Personally, I un-retired myself before I even retired… knowing I cannot stop working after retirement.
Isn’t it time to start the perfect baby boomer home business? Something “perfect” for you… geared totally towards your interests, your skills, your life?
That is where a home-based business comes into the picture. There are so many options to work online nowadays… seriously. It’s not that difficult either so don’t let your negative mind talk you out of something that can help you get out of your little world, find creativity in your retired life, find new friends online, and earn an income while you have fun.
I’ve had website income for ten years now, and yet, I am still learning new ideas and techniques. I love learning! I also attend website/blogger conferences – and when you love what you do, and find people who speak your language (depending on what your niche topic is), it’s simply a wonderful lifestyle!
You might simply choose a topic to blog about and write about it… details, details. Add some advertising and produce an income. Sounds simple, and it really is — though you do need to write many articles. Once you get into the flow of writing on one topic, it gets easier and easier. You write a Kindle book based on all your articles, and upload to Amazon. Visitors ask questions, another article is written. Boom… done!
You might also sell on eBay or Amazon. People earn large incomes doing both… totally amazes me when I meet someone at a conference and hear their story. Did you know you can supply Amazon with the items they sell? Many do! Families are supported using these websites, and you can do the same. You simply need to put the time and effort into learning the ropes, like others have done, and Just Do The Work.
Another idea is working for others online. Many online businesses outsource work to others. I wear many hats as a website owner and some jobs are better left to someone else, while I do more strategic or personal jobs. These businesses hire writers, people who transcribe audio files to text files, researchers, graphic artists for images and logos or headers, and video editors. If you don’t have these skills, take a class to learn and then earn!
You might even start a local home-based business… dog walking, gardening for busy working moms, watching kids for 2 hours (maybe from 3:00 to 5:00 pm) after school, cleaning homes, sewing unique items for sale at different local outlets. Seriously consider what you enjoy doing and how you might turn that into a small business. There are so many possibilities if you open your mind to them… people will pay for conveniences in their busy lifestyles.
So many possibilities if you only open your heart and mind to them!