America’s Most Valuable Workforce: Boomers, Of Course

Coming soon: disruptive Granny hackathons 

AtlasCommentators and talking heads are belatedly realizing what real-world businesses have known for years: the Boomer-Plus Generation is America’s most valuable workforce – the Atlas upon whose shoulders the nation’s economy rests.

In fact, futurists are urging companies and government to incentivize Boomers to delay retirement; far-sighted GM is already encouraging key older workers to stay on and/or join a mentoring program to transfer knowledge to Millennials.

Boomer employment 2014_GALLUPAs usual, Boomers are ahead of the “experts”. They are working longer, retiring on average at age 62 in 2014 versus 59 in 2002, and one-third are still in the workforce at age 68 (GALLUP).

They are also following encore careers in record numbers – not just as employees. As we have written previously, the Kaufmann Foundation reports the greatest growth rate in new business startups 2000-2013 was among entrepreneurs aged 55-64 (25%). The startup share accounted for by the 25-34 age group declined by 14% over the same period.

In the July 27th, 2015, issue of Forbes Magazine, contributor Chris Farrell urges   incentives to keep Boomers working. Noting that many “want, and often need, to earn a paycheck well into the traditional retirement years” he persuasively describes the benefits when workers stay on beyond 65; they generate income and remain active; organizations retain invaluable experience; younger employees are mentored; government collects more taxes and boosts the Social Security fund.

U.S. HH Net Worth by Age of HH HeadFarrell’s analysis is a welcome relief from the usual formulaic media focus on pitiful Boomers facing under-funded retirement.

Following the axiom that bad news sells more newspapers (and clicks) than good news, typical stories list a litany of woes while studiously avoiding the fact that Americans over fifty own 80% of U.S. household net worth.

Technology entrepreneur, futurist, distinguished academician and Washington Post columnist Vivek Wadhwa is far out in front on the issue of postponing Boomer retirement.

In Why Teaching Grandmothers To Code Isn’t A Crazy Idea (Washington Post, August 15, 2014) he takes the discussion to the next level.

Granny the programmerAdvocating second career tech training for retired workers and venture capital funding of older entrepreneurs, Professor Wadhwa explains that while talented “kids in dorm rooms” design great social media and mobile apps, solving bigger problems requires entrepreneurs “to have a world view and to be able to see the big picture.” 

He feels older, experienced workers have these skills and that writing computer code isn’t very hard “anyone can learn and many (older workers) can excel.”

Among his recommendations: tech incubator firms should hold hackathons for grandmas so older people can build more socially useful apps than those created by the young.

America’s most valuable workforce vs. yesterday thinking 

It’s not just the experience and know-how of workers and entrepreneurs over fifty that make them America’s most valuable workforce – they also own the vast majority of the nation’s spending power. The Boomer-Plus Generation will fuel the enormous Longevity Economy (AARP) for decades to come.

However, we wonder when conservative Madison Avenue will get the message. Its solons have enshrined traditional 18-49/25-54 demographic dogma for so that it’s difficult for them to imagine ad campaigns that target the 50+ space.

Fortunately, at least a few adland Millennial outliers are open to learning how to engage the 93 million members of the Boomer-Plus Generation™, born 1940-1965. As owners of 70+% of American household wealth, the 15th most populous “nation” on the planet and the world’s third largest economy behind the U.S. itself and China, it’s worth risking a harrumph or two from the old guard in order to expand brand share.

The experts at the Boomer-Plus Consulting Group don’t harrumph– instead, we mentor disruptives to achieve amazing creative breakthroughs. We get better at it with age, too.

Opportunity_We can do it

Boomer - neXt SM logo_MMOriginally published as a Boomer-Plus Consulting Group post; in September, 2017, we up-branded as Boomer / neXt to welcome the 4 million Gen Xers who join the Boomers in the 50+ space each year.

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