Lina Ko November 26th, 2007
According to a recent American Express survey, baby boomers are the bosses least likely to throw a Holiday party, dole out business or send a fruit basket.
The survey indicated that there are now four generations showing up at Christmas parties in workplaces. They all have their different attitudes and expectations and different ways they wish the party would happen. Either they don’t come to the party, or they come and complain.
It’s not just parties, according to the survey. Younger bosses are likely to consider bonuses this year. Older bosses, on the other hand, are less willing to give workers extra time off than their younger counterparts.
Even more disturbing, baby boomer business owners and manager stand out as miserly. Millenials – those born from 1980 on – have been described as the most self-centred of the four generations now in the workplace. Boomers are shown to be fed up in this survey – they are greying, they are in charge, and this Holiday, they choose to be cheap. I wonder why?
Lina Ko November 19th, 2007
I read with interest in The Record that my friend David Foot, the renowned demographer who wrote Boom Bust and Echo, said that there’s no looming labour shortage in Canada at a conference in Kitchener last week.
According to Foot, politicians and business representatives shouldn’t worry about a critical skills shortage as the country’s demographics don’t suggest it. He pointed out that the leading-edge boomers are leaving but the trailing-edge boomers aren’t going anywhere for at least 10 years. The trailing-edge boomers include work professionals in their 40s who are raising teenagers and paying off their mortgages.
Contrary to popular belief, Foot also pointed out that too much has been made of Canada’s declining birth rate. Experts seem to forget that the baby boom echo is having a profound impact on enrolment rates at universities. This means that there will be more than enough qualified professionals to pick up the slack as the leading-edge boomers retire in the coming years.
Whether there is a labour shortage or not in the next decade, it is important for Corporate Canada to start creating a formal process to pass on boomers’ knowledge to the younger generation of workers before they retire. Boomers’ knowledge needs to be tapped to prevent the loss of institutional know-how and expertise.
Lina Ko November 12th, 2007
Geriatric generations traditionally dominated the cruise ship industry, but no longer. Cruise line marketers are discovering that faces on cruises are getting younger every day. Sure, there are still grey-heads, but increasingly and more often, it’s the trailing-edge boomers – those aged 45 to the early 50’s – who are enjoying their slow-paced holiday on the sea.
Mid-lifers are ready to enjoy life. A survey of 2,231 people by YouGov found that only one in five older than 50 felt under any financial pressure. Why? Boomers have benefited from a booming property market and will relax into their golden years with a highly-valued house. With the strength of the Canadian currency and the slowdown of the U.S. property market, a lot of Canadian boomers are seeking to purchase retirement homes or vacation properties down south.
This outlook is obviously conflicting with what the doomsayers have predicted – boomers may not have enough savings to retire. But depending on what their priorities in life are, there is a segment of the baby boomers who are enjoying life with their disposable income and not worrying about retirement.
Lina Ko November 6th, 2007
With life expectancies increasing and phrases like “60 is the new 40″ becoming more commonplace, you would think that CEOs who are leading-edge boomers will continue to keep rocking. Not according to The New York Times which recently reported that the chairman of Directors & Boards, Robert H. Rock, who is also the president of the investment company MLR Holdings, suggested it may be a good idea for chief executives to step down once they turn 60.
According to Mr. Rock, in some highly innovative industries like investment banking, technology and pharmaceuticals, chief executives frequently retire early. “In these industries, companies stay young by giving up-and-comers the chance to race ahead,” Mr. Rock writes. “Change comes fast and companies need to keep up. They can stay young by placing a steady flow of younger managers into key positions, including the top spot.”
I’m not a CEO, but I know I feel younger every day by working with and being inspired by my many younger colleagues. I think retiring a successful CEO at 60 will be throwing out a very scarce resource. Corporations should be looking at having a succession plan in place with younger stars but should still be able to count on the wisdom and experience of the ageing CEO even though he or she may want to slow down or step aside.