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How the Baby Boomers Affect Your Business In The US and Abroad

April 18, 2012 | Comments: 0 | Views: 164

Happy the war had ended, Military men ran home to their wives and families at the end of World War II to spawn a new era of people called 'The Baby Boom Generation.' The baby boomers were people born between the years 1946 and 1964. Although there were more people born at the turn of the 20th Century, the baby boomers account for the largest number of births per thousand people of all people still living today.

"By the sheer force of its numbers, the boomers were a demographic bulge that remodeled society as it passed through it." Wikipedia

Most people are unaware of the economic significance the baby boomers plays today and I'm here to tell you, it's catastrophic. In 2011, the first baby boomers began retiring and will be completely retired by about the year 2029. Since they are the largest segment of the population, there are more of them retiring from the workforce than there are people to replace them.

From a business standpoint, the economic future could mean economic failure. This is likely one of the main reasons for outsourcing labor to other countries. Outsourcing not only saves a company money, but it also allows for companies to hire more experienced workers than the pool they will have to choose from locally. India is by far the number one choice for technological outsourcing not only because they are in a huge economic boom, but their workforce outnumbers the United States' by four times.

"More people now live in India than in the United States, Indonesia, Brazil, Pakistan and Bangladesh combined." BBC News South Asia

Another major concern with the baby boomers retirement is that as a whole, they make more money than any other segment of the population. The retiring boomers will not only be making less money, but they will also be spending less. Our economy's success is built on a foundation of money constantly cycling. If money no longer cycles, the economy could collapse.

As the baby boomers age, their demand for healthcare, public transportation, and other public programs will increase exponentially. This means that companies are going to have to invest a large sum of money to retrofit for the older segment of the population. As crazy as it may sound, they will also have to increase the size of fonts and displays on all forms of publications, media, advertisements and even such things as ATMs, remote controls, cars, etc.

If you want to survive as a business owner for the entirety of your career, you must begin planning for this mega-paradigm shift now. Obviously, it depends on the nature of your business, but even if you are able to minimally outsource your labor, at least it's a start in the right direction.

I am the owner and Chief Marketing Officer of Suited Marketing. I will inspire you to be a better person and to live a fulfilled life and I will also teach you how to build a successful business.

Source: EzineArticles
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