Tag Archives for Baby Boomers

Experienced Workers to Seek Greener Pastures in 2016

Published in the Pawtuket Times on January 25, 2016

In 2016, you can likely expect to see an increasing number of experienced workers seeking new employment. According to the recently released AARP survey, making “more money” was the key motivator for 74 percent of the survey respondents.

“The economy may be doing better these days,” said AARP Senior Vice President Jean Setzfand. “But a lot of workers are still worried about their paychecks. While our survey, which included many Baby Boomers and Gen Xers, found most people looking want more money, we also found a wide variety of reasons for their job search rationale.”

Looking for Greener Pastures

The “Experience in Work” survey (with its findings detailed in a 47 page report released this ), conducted for AARP’s new career website, aarp.org/work, finds that of the approximately 4 in ten inclined to seek new work this year, 23% are either extremely or very likely to try to find a new job this year, and another 16% say that they are somewhat likely to job-seek during that period.

Researchers say that respondents, ages 35 to 64, cite career growth potential (21%), better work flexibility (25%), more enjoyable work (30%), as well as better health benefits (28%) as reasons they plan to seek new employment this year.

Added Setzfand: “Things are so fluid that many of those likely to switch jobs this year say they do not expect to stay in the same industry. An even larger group of job searchers do not know what type of business they will end up in at all.”

The 10-minute, online, unbranded survey (a nationally represented sample of 1,291) conducted by Phi Power Communications, Inc., found that that experienced workers who are already looking for a new job say the tools most commonly used in their search are online listings (62%), personal contacts (40%), and company career listings (33%).

Most of those surveyed (62%) are currently employed, and a solid majority (66%) have been in the same job for at least five years, pointing up the need for likely job seekers to update their skills.

Meanwhile, experienced workers are willing to take the leap outside of their job sector. A quarter (24%) of those likely to switch companies say that they do not expect to remain in the same industry. An even larger percentage (42%) do not even know what type of business they will end up in.

But, finding new a new job is not a piece of cake. Age discrimination (42%) is listed as the biggest obstacle to gaining a new higher paying job, followed by “not being offered enough money” (37%), a poor regional or local labor market (24 %) and “lack of availability of full-time jobs with benefits” (23%).

According to Kathleen Connell, AARP Rhode Island State Director, the survey findings capture how older workers value their job experience. “They see career growth continuing at 50 rather than experiencing a decline in their value to employers; they believe they bring experience and knowledge to the table that can be leveraged to find flexibility that meets their financial needs and lifestyles; and many, for the first time, may be doing the math and realizing how much health benefits play a factor in their overall compensation,” she says.

While the survey respondent’s attitude reflected in this AARP phone survey seem obvious at age 50, Connell believes that many workers now think this way as they turn sixty years old and they anticipate another decade or more of full-time employment.

Connell adds, “Conversely, one can infer that people are insecure in a fragile economy and a culture of mergers and acquisitions that result in the arbitrary elimination of jobs. So, career flexibility is a means of adapting, if necessary. In Rhode Island, our scale makes it difficult for most people to easily replace a lost job. And therefore, people in their 50s may be looking to advance to new job possibilities before they hear footsteps.

“Still, what the survey may show most clearly is that older workers are looking for a bigger paycheck in order keep pace with inflation and, hopefully, to save more for retirement,” says Connell.

The Secret to Keeping Employee’s satisfied

Edward M. Mazze, Distinguished University Professor of Business Administration at The University of Rhode Island, sees the New England region and the Ocean States Economy slowly improving. Businesses are hiring employees with specific skills, to replace individuals that have either retired or left for new job opportunities, he says, adding that a company’s growth and new technology also create the need to expand and hire new employees.

“The needed skill set and knowledge base for many jobs have changed as a result of the way businesses compete in today’s market-place. Individuals with experience and a willingness to continue to learn will find jobs because they add value to their organizations, adds Mazze.

“Employees are an important asset of an organization no matter what their age or educational background,” says Mazze, noting that this intangible asset does not appear on the balance sheet.

The widely acclaimed economist sees the major challenge companies face today is how to keep their employees satisfied. This goes beyond pay for performance, he notes.

The formula for retaining employees is quite simple, says Mazze. “To build a good workforce, the company must make work interesting, recognize the accomplishments of its employees, provide good working conditions, have a competitive compensation system and an opportunity for the employee to be promoted and continue to learn, he notes.

But, Mazze adds a major key to keeping employees satisfied is the culture of the company and the values of management. “It is not unusual for experienced workers to have five or six job changes in their career – some because of better opportunities and others because of down-sizing and right-sizing companies as a result of economic and financial factors,” he says.

AARP’s website (www.AARP.org/Work) provides useful information, tools and connections to an array of resources. This website includes a job search engine, a list of companies that recognize the value of experienced workers and recruit across diverse age groups, and tips for workers of all experience levels seeking employment or exploring new workplace options.

Herb Weiss, LRI ’12 is a Pawtucket Writer who covers aging, health care and medical issues. He can be reached at hweissri@aol.com.

The First of the Generation Xers Starting (Gulp) to hit the Big 50

Published in the Woonsocket Call on January 10, 2016

With the New Year’s celebration on January 1, the first of America’s 62 million Generation Xers are on AARP’s radar screen as potential members. These individuals have hit a demographic milestone, turning age 50 this year.  Now, it’s time for the generation that is following the Baby Boomers, to begin thinking about their later years and what resources they will need if they are thrust into the role of caregiver for their parents and grandparents.

Demographers says that Generation Xers (born between 1965 and 1979) is the middle generation, sandwiched between Baby Boomers and Millennials.  “As they grow older, it is important to acknowledge that they are having a different experience than their cohorts, and that they are more than just an unsung demographic who wore parachute pants and acid wash jeans,” says a recent AARP press statement, announcing the first arrival of this generation into their fifth decade.

The First Vanguard of Gen Xer’s Turn 50

AARP notes in 2015, 4.4 million Gen Xers hit the big-5-0.  This year another 4.1 million are expected to join the ranks of Americans over age 50, notes AARP, predicting that this generation will take on the role of challenging “outdated perceptions of aging and empower people to take control of their futures”

“AARP is excited to welcome Generation X to the 50-plus community and be a resource for them as they embrace their age and live the life that they want,” said Sami Hassanyeh, AARP Chief Digital Officer. “They face different challenges and have different goals than their predecessors, and deserve every opportunity to explore the possibilities that lie ahead.”

According to the Washington, D.C.-based AARP, the nation’s largest aging organization, Generation Xers carry far more fiscal responsibilities than previous generations have or even the next one, the Millennial Generation.  Now, in their 40s and 50s, this generation is financially supporting their children while being caregivers for their aging parents.  With life expectancy increasing Generation Xers must continue working to pay the bills, but like the aging baby boomers must rethink the concept of growing old and where they will put their time and energy in retirement.

“Though Generation Xers feel less financially secure than their parents in regards to retirement, they also plan to work longer and embrace new opportunities in this evolving life phase. Most people turning 50 today can expect to live another 30-plus years, and many are already taking steps towards increasing their longevity – 87% consider themselves in good health and 55% maintain a healthy diet. They are re-imagining this life transition and expect their future years to be more flexible and rewarding than ever before,” says the AARP statement.

Key Generation Xer’s Metrics

AARP Research provides a snap shoot the Generation Xers (www.aarp.org/research/topics/life/info-2015/generation-x-snapshots.html?cmp=RDRCT-GNXNST_DEC08_015).  As to diversity: sixty percent are white; 18 percent Hispanic/Latino; 12 percent are African and 7 percent Asian.  Most are married (64%) but one in five (19%) have never married.  Fifty percent of Generation Xers have children age 18 years or younger living at home while 67 percent of this generation have children of any age living at home.  This generation is well-educated with 35 percent receiving a Bachelor’s degree or higher (35%). Twenty seven percent have some college education.  The median income of this generation is $70,501.

Fifty six percent of this generation feels overwhelmed with financial burden (carrying an average debt of $111,000). Fifty five percent use the internet for on-line banking.

But, when thinking about retirement, 35 percent are confident they will have enough income to live the life they envision in retirement.  But, few Generation Xers are confident Medicare (34%) and Social Security (24%) will be available to them like it is for those currently receiving the retirement checks.

Looking at health, Generation Xers say that “the number one element for a good life is good health.”  They take responsibility for maintaining their health and well- being, too. Eighty six percent of this generation has health insurance.  Seventy two percent say that they trust their physicians the most for health information.

“From my perspective, this age group entering our membership demographic signals an opportunity for AARP to build our relevance in the lower end of the 50+ population,” said John Martin, Director of Communications at AARP Rhode Island. “When I meet these folks I get excited because more likely than not, they have been connected to the Internet for some time and are up to speed when it comes to technology and social media.

Time is on Their Side

“Generation X, the research shows, is quite forward-looking – as well as motivated — when it comes to working and living in one’s 50s with an eye toward health & fitness, retirement planning and having a say in making sure one’s community is heading in the right direction. The good news for Generation X, I would say, is that time is on their side. They can make changes during the final 15-20 years of their work life that will make everything after much better. So, when they embrace online resources and I can keep them current via email on issues relevant to the road ahead it is very exciting,” Martin added.

“I am pleasantly surprised when I meet people across Rhode Island who declare ‘now that I’m 50’ it’s time to join AARP. To me, what they are saying is that they get it,  that membership represents a transition that is all about fulfilling their aspirations and building confidence that they will live out their lives with independence and dignity.”

AARP is no longer the membership organization for just the Greatest Generation (1900 to 1924), the Silent Generation (1925 to 1944) and Baby Boomers (1946 to 1964). It is fr Gen Xers (1965 to 1984), too, especially if they want to take control of the quality of life they will experience in their retirement years and beyond.

For more information about AARP, go to AARP.org.

 

 

 

 

Baby Boomers Already Making Reservations

 Newly-Released AARP survey details travel trends by generation next year — 2016

Published in the Woonsocket Call on December 6, 2015

With the coming New Year, Baby Boomers have already begun to plan next year’s vacations.  A new AARP survey released last month gives a little insight into what America’s Boomers are us a glimpse of this generation’s travel trends (about 76 million strong who spend over $120 billion annually to travel), from destinations, to lodging and trip planning tools used.

“The vast majority of Baby Boomers are planning to drive, fly or set sail on leisure trips in 2016, with an average of 4 or 5 trips already in the works,” said Stephanie Miles, VP, Products & Platforms, AARP. “Boomers make up a large segment of the traveling public, and so it’s particularly important for the travel industry to be aware of what Boomers are looking for in their vacations going into 2016. This new survey finds that their travel desires often differ greatly from younger travelers.”

Key motivators for older travelers to take vacations are to spend time with family and friends (54%), to relax (42%) and to get away from the routines of everyday life (39%), note the researchers.  Millennials are more likely than any other generation to plan a trip to “go on an adventure.”

According to AARP’s Travel survey, released on November 24, a whopping 99 percent of Baby Boomers respondent say they will travel in 2016, about three-quarters have already chosen their destination(s).  About 12 percent who are planning on taking a domestic trip have already booked it in September.

Baby Boomers tend not to use online resources and mobile apps for planning and booking trips to the same degree as their younger generations will, note the survey findings.

For the traveling Boomer, the survey says that the most important items to bring on a trip are meds, comfortable shoes, a camera and sunglasses.  But these older travelers do not forget to bring a good book and emergency phone numbers, too

The survey findings indicate that while Boomers carefully watch their pocket books the cost of the trip is not the “deal breaker,” say the researchers.  More than half of Millennials and Gen Xers say that cost is a barrier to leisure travel, but only 45 percent of Boomers agree with these younger generations. Additionally, more than 6 in 10 Boomers say that higher airfares have had no impact on their personal travel plans.

International traveling “will be especially hot” next year for older travelers. About 32 percent of the survey respondents plan to be traveling overseas in 2016 with 29 percent scheduling these trip in the spring.  Europe attracts the interest followed by the Caribbean and Mexico (each 19 percent) for the older travelers who view these “bucket list” trips or “once-in-a-lifetime experiences,” say the researchers.

But America’s Boomers are also planning to take domestic trips next year on weekends and during the upcoming summer. The survey results indicate that nearly a third of the Boomers will take advantage of hot summer weather to make domestic trips, with 23 percent planning weekend getaways.  Twenty-six percent of the older respondents say they will take domestic multi-generational trips (with three or more generations traveling together) in 2016, but that’s down from 32 percent in 2015.

Boomers, heading off to warm U.S. destinations, will be packing their sun tan lotion, shorts and flip-flops when traveling in 2016.  Florida (19%) and Las Vegas (9%) will be the most popular domestic destinations for these older travelers.  Big cities like New York, Boston and Chicago also catch their attention. While hotels will be booked by a large majority, 30 percent plan to stay with family and friends.

When it comes to hotel lodging amenities, Boomers look forward to free Wi-Fi.  Forty-three percent say that when choosing a hotel, free Wi-Fi is key to their booking a room.  Eighty six percent of older travelers seeking rental homes also want this amenity. While roughly 4 in 10 Boomers stay at hotels or motels when they travel, Airbnb and VRBO are gaining in popularity: 1 in 10 Boomers are planning to use those services to rent a private residence instead of using a hotel on a 2016 trip.

The researchers say that during travel Boomers do not tend to linger in an airport terminal and are the least likely generation to take advantage of onsite airport amenities, expect for restaurants.

As to social media, the survey found that when on vacation about two-thirds of the respondents say they will not post to a social media site. About eight three percent will stay connected to “the outside world” by watching news on TV or online.

Finally, older workers continue to behave differently from those in other countries. Slightly half plan to use all of their vacation time next years. When on trips, one-third plan to bring work with them that ultimately will account for 10 percent of their vacation time.

AARP’s online survey was conducted September 17-28, 2015 among males and females 18 and older who had taken at least one trip 50 miles or more away from home, with a two-night stay, in the past two years.  The survey can be found at aarp.org/2016TravelTrends.