Baby boomers make up a large portion of the U.S. population, and their mass retirement will have a major effect on the workforce. Is your brand ready for the Great Retirement Boom?
Baby boomers have always done things big, and their retirement is no exception. For decades, boomers were the largest generation, born during the boom years after World War II. Growing up, they made great strides for civil rights, gender equality and social justice. Today, boomers are the second-largest generation after millennials, making up nearly 21 percent of the U.S. population1 — and by the year 2030, the entire generation will be aged 65 or older.2 That means one in five U.S. adults will have reached retirement age.
While many boomers may continue to work well past age 65, those who retire or scale back in their roles will leave a gap in workplace leadership, experience, and institutional knowledge that will be difficult for many companies to fill. Will your brand withstand the generational transition?
Here are four ways strong branding can help companies prepare for the Great Retirement and emerge successfully:
As boomers retire, companies will see an increase in the already-high demand for workers, along with a gap in the number of qualified employees available for significant roles. This will lead to fierce competition to attract the best and brightest. Competitive salaries, great benefits and a welcoming work environment all make your company more attractive to vital employees — but these are just the basics. Just as customers want to buy from brands they like, employees want to work for companies they like. Younger generations especially prefer brands that have strong values and an identity that resonates with them. Make sure your brand is not just embodied or understood by key leaders, but with everyone throughout the organization.
Trust is integral to every business relationship — from colleagues, to clients, to vendors. As boomers leave the workforce, they may take significant relationships and institutional knowledge with them, leaving companies at a loss. Businesses must take the time to foster trust and grow relationships between all stakeholders, including younger employees transitioning into leadership roles, and clients with longstanding business relationships. By doing so, brands have an opportunity to preserve knowledge, build loyalty and transition customer relationships to the next generation.
Let your more senior team members know they are important to the company and their experience is valued by giving them opportunities to share their knowledge with less experienced employees. Mentorship programs are an excellent way to grow your future leadership team and build valuable work relationships among your staff. If your younger employees are mentored in leading presentations, meeting with clients and attending industry events, they will not only enjoy professional growth; they will also be better equipped to represent your brand, embody company culture, and continue relationships with your existing clients.
To ensure your company legacy continues after your top rainmakers retire, you’ll need to invest in growing your next crop of producers. Smart brands proactively identify early-stage leaders, provide them with continuing education, and implement succession plans far ahead of retirement dates.
Recognize young leaders by highlighting their promotions and accomplishments in internal communications like company e-mails, as well as client-facing materials like your website, social platforms and newsletters. This type of publicity makes companies look attractive to employees and helps build confidence with current and future clients.
Smart brands also provide the necessary tools to help emerging leaders make connections, develop relationships, and secure new business. Impactful advertising and marketing materials not only help clients learn more about your company, they help evolving rainmakers feel more confident in selling your brand and unique value to customers.
Across the U.S., boomers have made an incredible impact on business — and they have also lived through a lot of trends. From Beatles haircuts, to bellbottoms, to power suits, to athleisure, this generation has always adapted.
Like people, brands must adapt to remain relevant and appealing to their customers. The most successful legacy brands have done just that. Think of Nike, Disney, Coca-Cola and Samsung. These brands are all aged 60 years or older, yet each one still seems fresh. That’s because they’ve adapted to the needs of their audience over time and have prioritized building equity in their brand. Branding is not a one-and-done transaction. Strong brands are built, grown and nurtured over the years, resulting in sustainable success.
If your company is looking for strategies to refresh, retain and retrain a new generation of workers, branding may be a great place to start. Whether you represent Boomers, Traditionalists, Gen Z, Millennials or Gen X (like me), rethinking your brand can help you adapt to workforce changes, and better connect with every generation.
Sources:
1 Korhonen, Veera. “U.S. population share by generation 2022.” Statista.com Aug. 29, 2023. https://www.statista.com/statistics/296974/us-population-share-by-generation/
2 United States Census Bureau; “Older People Projected to Outnumber Children for First Time in U.S. History.” Census.gov. March 13, 2018. Revised OCT. 8, 2019. https://www.census.gov/newsroom/press-releases/2018/cb18-41-population-projections.html#:~:text=2030%20Marks%20Important%20Demographic%20Milestones,be%20older%20than%20age%2065