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Are smart homes the key to healthy ageing?

It’s time we scrapped the idea of smart homes as the province of the young and digitally savvy. Research shows that smart homes could be the cornerstone of healthy ageing. In fact, smart technologies enable older Australians to live longer, safely, and independently at home and in the community.

Baby boomers such as Bill Gates and Steve Jobs made technology accessible to everyone. The internet came to market during the 70’s. This availability of computers, laptops, and information at our fingertips means that the majority of baby boomers are technology literate. So whilst considered ‘technology immigrants’, on the whole, this generation embraces technology.

Consequently, there is an unrealised opportunity to market smart home technologies to baby boomers. The boomers have larger purchasing power and higher levels of education than previous generations. They are also fitter, healthier, and more technology literate than their parents or grandparents. And, this generation want to remain in their own homes. Forever. Moreover, they expect to use intuitive and cost-effective technology, particularly if it promotes independence, quality of life and well-being.

As Dr Helen Meese from the Institute of Mechanical Engineers suggests:

“Creating a home which encourages its occupants to stay mobile and active as they age has the potential to keep them both mentally and physically fit for longer.” 

So what does the future hold for smart homes for older Australians?

The New Aged Home

A smart home is:

“a residence that uses internet-connected devices to enable the remote monitoring and management of appliances and systems, such as lighting and heating.” 

However, besides the image of the high tech ‘aware’ home, the wide range of smart home technologies available to support older adults to live at home and remain independent, is largely unknown. From passive and active sensors; monitoring systems to environmental control systems; and electronic aids to daily living – technology has the potential to transform our lives as we age. And let’s not forget Voice-First technology – a multilingual technology with enormous potential. 

Although as Laurie Orlov suggests there are still many questions and much research to be done to understand whether “Voice-First” is more hype than helpful.  

Australia is considered slow in the smart home technology uptake. However, this is predicted to radically change. In fact, the industry is forecast to grow from a $377million industry in 2016 to a $4.7billion industry in 2021. 

What’s the Impact?

Delivering enhanced customer experiences (CX) for business growth is the mantra amongst marketers today. Developers, architects, builders, and renovation specialists have the opportunity to innovate by meeting the needs of the burgeoning baby boomer market with smart home technology. Healthcare providers have the potential to improve the experience of their customers by introducing smart technology such as that available from Feros Care or eHomeCare.

Whilst technology does not replace human contact or reduce loneliness, it can contribute to providing individuals, carers, family, and loved ones with a sense of safety, security, and connection. With health and aged care costs predicted to balloon over the next couple of decades as the population ages, technology, is realistically, a practical part of the solution to reduce those costs.

Given that …

  1. Australia’s population is ageing – already one-third of us are over 50 years old.
  2. The majority of people want to age in their own homes.
  3. Attitudes of older people towards technology are not as stereotypes suggest. They’re surprisingly open to using technology. 

… what assumptions is your organisation making about the ability of older people to utilise and engage with technology? How can you establish a competitive difference or obtain growth by better understanding your current and potential customers?

If you would like to explore these questions and consider how your organisation might deliver products, services, or a better customer experience for the over 50’s, contact us.

Photo by Kevin Bhagat on Unsplash

Is de-greying your workforce hurting customer experience?

Companies are adaptable, creative and profitable despite the age of their workforce. At least this is what a growing body of research is showing. So why do we have HR policies and practices that, however unintentionally, work to de-grey our workplaces? What are the impacts of our unconscious biases and ill-conceived stereotypes of older people on innovation and service delivery? Ultimately, what is the impact on the customer experience?

An Enormous Missed Opportunity

As author and activist, Ashton Applewhite, affirms,

“we live in a culture that tells us that getting older means shuffling off stage”.

Nowhere is this culture more pronounced, and damaging, than in the workplace. We’ve all heard stories of older customers (and workers) being treated less than favourably on the basis of their age or perceived age.

Baby boomers represent a vast, unprecedented, untapped market. In fact, they represent a quarter of the Australian population. And according to the Property Council of Australia (2015), almost 80% of baby boomers own their home, representing an enormous financial resource. Yet, this generation is often either ignored or neglected when it comes to customer experience. Engaging all staff to improve the customer experience of older customers is crucial to realising the potential of this market. To do this, organisations must create:

  1. An organisational culture and workforce of engaged employees committed to stopping ageism in its tracks.
  2. An environment that seeks opportunity amongst older customers by encouraging the development of new products and services and/or modifying existing offerings.

Why De-grey the workforce?

Already, McKinsey has revealed the bottom line benefits to companies offering an exceptional customer experience. The gross margins of these companies can exceed those of their competitors by more than 26 per cent. However, the recent Deloitte report Missing Out reveals the missed opportunity of capitalising on a diverse workforce – including older workers – to improve the experience diverse customers have with an organisation. For example, the report found that less than half (41%) of customers surveyed believe that organisations treat customers respectfully, regardless of their personal characteristics.

What’s Your Organisation’s Pulse?

Given the current and future size of the ageing population and workforce, it’s essential companies examine the attitudes and beliefs of their employees towards older people. Through an Ageing Attitudes Pulse Check, companies not only get a snapshot of the current mood of the workplace when it comes to older people, they potentially  have access to deep insights into how this could be affecting the quality of service delivery and levels of innovation among workers – both young and old.

The pulse check can provide companies with the opportunity to:

  1. Enhance the awareness of unconscious biases and stereotypes held about  older customers and workers.
  2. Educate their workforce on the value, diversity and capabilities of older customers and older workers.
  3. Explore options, through market research, to re-design or co-create products, services and business processes that are age friendly.
  4. Examine the role of older workers for enhancing the experience of older customers.

For a Hollywood example of how older workers can improve the customer experience of older customers. Take a look at this short scene from The Best Exotic Marigold Hotel of Judi Dench training younger call centre staff.

If you’d like to know more about how an Ageing Attitudes Pulse Check will benefit your company, contact us.

Photo by Fabrizio Verrecchia on Unsplash

Washed up jar of possibility with older workers

Are older workers considered washed up?

Few organisations have a strategic approach to managing their older workers. This issue persists despite research by Deloitte Access Economics that shows a 3 percent increase in the participation rate of workers over 55 could account for a $33 billion boost to Australia’s national economy.

The Challenge

Given the prevalence of age stereotypes in the workplace, there are some critical questions organisations need to ask:

  1. Do we understand the needs, hopes and aspirations of older workers?
  2. What are the attitudes and beliefs of younger workers towards ageing and older workers?
  3. What can we do to increase age diversity and meet the needs of all parties without negatively impacting the bottom line?

As Dr Rickwood suggests in her recent interview with Fran Kelly on Radio National, “HR policies and practices haven’t shifted to accommodate what is a burgeoning possibility in a workforce of older people”.

There are numerous examples of Australian companies that are already reaping the economic benefits of embracing an older workforce. The most well-known example being Bunnings Warehouse, which employs large numbers of older, highly-skilled tradespeople. No longer able to continue in physically demanding jobs, these people instead are offering a lifetime’s worth of expertise to Bunnings shoppers.

The Facts

According to the Age Discrimination Commissioner’s report ‘Willing to Work’, 12.7% of those aged 65 and over are in the labour force; however, this figure is expected to double by 2055.

Historically, we considered 60 or 65 to be the age at which we retired.  Or, for the financially savvy, we saw 55 years old to be “lucky”.

Unfortunately, this view of 65 as the age at which we retire largely remains. We dream of when the constraints of a workplace end, and travel and leisure beckon. However, increasingly, people are discovering that early retirement isn’t nearly as attractive as perceptions hold it to be. Indeed, many baby boomers see ‘retirement’ as a change of career.  It’s a time when they are able to enjoy more flexibility to pursue their passions and interests, whether paid or voluntary. For example, recent Australian of the Year, Graham Farquhar, revealed in an interview that he enjoyed being able to continue working in his area of expertise on an unpaid basis.  

According to research by MetLife (UK), 63% of over 50’s in their survey would consider re-training to stay working longer. There is also evidence to suggest that greater initiative is required by both older workers and businesses for training and re-skilling.

For example, organisations that invest in retention of their older, skilled workers are discovering higher organisational productivity. Similarly, it’s essential for all workers to continue to learn and educate themselves to remain relevant.

The Opportunity

Underpinning these burgeoning human resource issues is an absence of conversations with all staff – regardless of age – about their attitudes and beliefs towards ageing and remaining in the workforce beyond 50. It’s these conversations that can provide insights into how to create an open, all-age-friendly workplace environment and culture.

It is forecast that 85% of jobs in 2030 don’t yet exist. By the end of the next decade there is also a predicted shortage of workers. These two facts alone suggest that now is the time to reshape the workforce. Through their human resource policies, organisations have the opportunity to redesign work and jobs to promote flexibility. From phased or partial retirement, role transfers, blended work, bridge employment to intergenerational job sharing.

Ultimately, the Hon Dr Kay Patterson, Age Discrimination Commissioner, reminds us: “Intergenerational offices do a lot better than ones fixated on just one age group”.

Does your organisation have its finger on the pulse of the over 50’s in the office?

If you would like to better understand the over 50’s, contact us.

Photo by Andrew Bui on Unsplash

3 ideas for relevance in retirement

If you’ve heard the term “relevance deprivation” you may be older and possibly retired. Alternatively, you may be between jobs or a parent who has become an “empty nester”.  Regardless of your situation, remaining relevant is an individual responsibility.  And it can be challenging.

I’ve written before about my dislike of the word ‘retirement’. One of the many reasons for my preference to avoid the word is because it signals an endpoint. A time in our life when we’ll stop all the hard work and move to a life of leisure filled with choice. Our choice. Our way. No boss. Bliss!

What if …

We didn’t retire.  What if, instead of retiring we simply kept on living. Fully. Completely. Engaged.

Not thinking “I’m old” because old is equated with retirement.

What if, from a much younger age, we made choices and decisions knowing that life was long. Very long. Knowing that if we retire at 65 we’ll still live for 20 or more years.

What choices would we make? How differently would we live our life?

There’s work.  Then there’s retirement.

When working we remain relevant because we have purpose and meaning. There’s a reason to get up each day. At work people want us because of our knowledge, skill, or experience. We receive phone calls, emails, and invitations. Invitations to lunch. To Melbourne Cup events. To Christmas functions. Our birthday might be celebrated in the office with a cake. People notice when we’re away for an extended time and are usually grateful for our return. We’re valued. And all we have to do is show up to our workplace. Easy.

In retirement, this can all disappear. There is no office. The phone calls, emails, and invitations diminish. Whether or not we get up each day may not be noticed – by anyone.  Unless we’re in a relationship or we have adult children living with us. What happens in our day must be generated entirely by us. It requires energy, effort, and self-motivation. Less easy.

In a youth- focused culture, relevancy can feel even more challenging. Combined with an increasingly technology, digital driven world, becoming and remaining digital-savvy may also seem overwhelming.

Given this challenge, what are the options?

3 ideas for retirement relevance

In a recent podcast interview with SBS, I suggested that it was essential we all continue to learn and educate ourselves to remain relevant. Whilst the podcast was particularly focused on the disparities between millenials and older workers, those interviewed provided practical actions for reducing the gap. As I’ve said before, generational labelling was also suggested as divisive and not overly useful as a way of identifying groups of people.

Bridging a generational gap requires understanding and a willingness for both younger and older people to learn from each other. An openness and recognition that there is more than one way to do anything. And that attachment to “our way” or the “right way” limits the possibility for new ideas, innovation, and creativity.

Intergenerational relationships are crucial for us to age well. Consequently, building them into our lives is essential.

The 3 ideas?

  1. Continue learning. Whether that be through Open University, U3A, TAFE, University, free online MOOC’s, or by attending events at your local library. Foster a thirst for knowledge.
  2. Participate in community activities or hobbies where you’ll also meet and befriend younger people. Community gardens, bush regeneration, environmental or animal activist groups, book or film clubs. If there’s not one in your neighbourhood, create one.
  3. Be open. Say “yes”.

For inspiration on how to age we have role models in Judy Dench and Jane Goodall. One thing’s for sure. To remain relevant in retirement requires us to reject age stereotypes and embrace our whole life – from start to finish.

 

Photo by Benjamin Davies on Unsplash

 

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3 reasons to take a parent or older person to work for a day

Taking a parent to work for a day sounds like something we did in primary school. Certainly not something we would do as adults. So, taking our parents to the office or our workplace for a day – really?

Invisible boomers

It’s well known that baby boomers often feel invisible. Ignored by marketers and advertisers they can also struggle to get jobs as employers consider them “too old”. The perception tends to be that turning 50 is the start of a slippery slide downhill towards physical or cognitive decline. To being old.

However, the reality is quite different. Baby boomers, and beyond, are an active, engaged, experienced, interested, interesting, technologically literate, and wise group of diverse individuals. Despite greying hair, wrinkles, and a slight slowing down.

Our challenge is to close the gap of understanding between younger people and baby boomers and beyond.

In her book The Joy Luck Club, Amy Tan writes:

“When my daughter looks at me, she sees a small old lady. That is because she sees only with her outside eyes.” 

Oh to be seen beyond initial impressions formed by our outside eyes.

To be seen. To be understood. To be heard. To go beyond external appearances and first impressions requires a willingness to learn and understand.

3 reasons to bring a parent to work

The 3 reasons to bring a parent to work for a day:

  1. To remove the invisibility cloak. Baby boomers and beyond can and do contribute significantly to our communities and our lives. Invisibly. It’s time to create visibility.
  2. We’ll all be older one day. Now is the time to start changing cultural conversations about being 50 and beyond.
  3. As Lyndon Johnson suggested,

“If we are to live together in peace, we must come to know each other better.”

Why?

In a culture that seems to revere youth and millenials, why bother?

Because we’ll all be over 50 one day. Hence, the attitudes and beliefs we have about what we’ll be doing, and imagine life to be when we’re older influences how we age.  They also influence how we perceive those we may currently consider “old”. We fulfil our highest expectations. Equally, we place those expectations, those beliefs about being older, on others. As Bruce Lee so eloquently suggested,

“As you think, so shall you become.”

Given we all age, it’s time to change attitudes today so that ageism and age discrimination don’t remain into the future. After all, lifespans are becoming longer, so the desire to remain an active part of the workforce and the community well beyond 50 will only grow. Shifting entrenched cultural and organisational attitudes and behaviour is key. One way to achieve change is to bring generations together.

How?

Hollywood did it in a light-hearted way with The Intern. I love this demonstration that shows how bringing younger and older people together to gain understanding – even for a few minutes – completely changes attitudes and perceptions of what “old” is. However, this idea from NBC Universal for a ‘Bring-your-parents-work-day’ is a practical way of mixing generations for greater understanding.

This innovative idea enables young people to show off what they do by bringing their parents into their business environment. In a world where parents and children don’t necessarily live in the same town, an extension of this idea is to bring an older person you know with you to work for that day. And, whilst it is only a day, it does change the age ratios momentarily and provides the opportunity for increased understanding.

Done well, who knows what we could create or the contribution that each could make to the other? At a minimum, it would at least bring generations together as a community. And that could be the start of a conversation that creates the ripple for change.

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intergenerational community

Intergenerational understanding

It’s well known that baby boomers often feel invisible.

Often ignored by marketers, Baby Boomers can also struggle to get jobs as employers consider them “too old”.

The perception tends to be that turning 50 is the start of a slippery slide downhill towards physical or cognitive decline. To being old.

Reality is quite different.

Baby boomers, and beyond, are an active, engaged, experienced, interested, interesting, technologically literate, and wise group of diverse individuals. Despite greying hair, wrinkles, and a slight slowing down, our own research reveals that baby boomers generally feel at least 3 years younger, and often 10-15 years younger than their chronological age.

Recently, I had the privilege of staying with my Aunt in a retirement village. She was thrilled. And because she knows my work is focused on people over 50, and she loves catering, I was treated to a fabulous dinner party with a group of women from their mid-80’s to 92 years old! All independent, active and with a great story to tell.

In my work, I am lucky to meet and talk with a wide range of older men and women. The more people I meet, the more grateful I am to have the privilege of their company and conversation.

The challenge is encouraging organisations, marketers, advertisers, and PR agencies to recognise this valuable cohort of people. Usually, marketing departments and agencies are filled with millennials who “don’t get us”.

The key is to educate, inform, and inspire a new understanding that changes the cultural conversation about becoming older.

It’s a significant segment of Australia’s population comprised of nearly 8 million people!

Time to change

It’s time to change so that ageism and age discrimination don’t remain into the future.

Lifespans are becoming longer.  The desire to remain an active part of the workforce and the community well beyond 50 will only grow. Considering ways to shift entrenched cultural and organisational attitudes and behaviour is key. One way to achieve change is to bring generations together.

Why Intergenerational Understanding

Hollywood did it in a light-hearted way with The Intern. I love this demonstration that shows how bringing younger and older people together to gain understanding – even for a few minutes – completely changes attitudes and perceptions of what “old” is.  NBC Universal introduced a ‘Bring-your-parents-work-day‘ as a way of mixing generations for greater understanding. It enables young people to show off what they do by bringing their parents into their business environment. In a world where parents and children don’t necessarily live in the same town, an extension of this idea could involve simply bringing an older person you know with you to work for that day. And, whilst it is only a day, it does change the age ratios momentarily and provides the opportunity for increased understanding.

The potential for what could be created and the contribution that each could provide the other is vast. At a minimum, it could bring generations together. And that could be the start of a conversation that creates the ripple for change.

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5 things worse then dying

5 things more scary than dying 

It’s reasonably well-known that many people fear public speaking more than they fear dying.  However, as we age, a number of other fears enter our consciousness beyond the sense of foreboding, dread, or denial that can occur as we age.

A bonus of ageing is that we commonly celebrate another decade passing.  Whether that celebration involve a party, an adventure, or a quiet dinner at home with a loved one or friends. We’ve lived another 10 years!  However, the celebrations are usually for the life we’ve lived, not the life before us.

Who celebrates a 50th, 60th, 70th or 80th birthday because of what they’ve experienced and because of your enthusiasm for the next decade? Compare this feeling to the experience of celebrating an 18th or 21st.  Generally, these birthdays are celebrated as a milestone because they represent a turning point in our life.  A time when we can look forward to new and exciting experiences and adventures.  What can we possibly look forward to in our 50’s, 60’s, 70’s, 80’s and beyond?  Isn’t this a time when “it’s all downhill from here”?

No.

Well, it doesn’t have to be.

As this well known quote so succinctly states

“If it’s going to be.  It’s up to me.”   

With lifespans longer than at any other time in history, it’s time to re-think how we look forward to, think, and plan for our later years.

5 things scarier than dying

In a recent survey of baby boomers conducted by Three Sisters Group, we discovered that this age group found these 5 things more scary than dying:

1. Physical and/or cognitive decline

2. Nursing homes

3. Retirement villages

4. Loneliness

5. Being like our parents

The question is:  If we’re afraid of these things, what are we doing about it?

The reality is, physical exercise combined with good diet and a healthy lifestyle (not smoking, low alcohol intake) are the two things most likely to make the biggest difference to our lives.  Furthermore, just these two ideas could influence whether or not a nursing home becomes a reality or simply an unfounded fear.

There’s so much to look forward to as we become older.  In fact, one study (1) has shown that our life satisfaction in our 60’s and beyond is equivalent to when we were teenagers!  As a friend shared with me, being physically active and not playing the age card are essential to enjoying our later life.  And Jane Goodall simply doesn’t think about ageing.

Of course planning everything in our life isn’t necessary either.  It’s really about our level of enthusiasm for what we’re doing and what might happen in the future.  I’ll never forget my grandmother telling me that she always carried her passport with her wherever she was in Australia just in case a friend called asking her if she’d like to go overseas with them.

And if you’re wondering … there was a time she spontaneously went on a cruise and asked her friend in Perth to pack her bag for her and she’d meet her in Sydney at the cruise ship (she was in Darwin) .  Unfortunately she did end up in a nursing home – despite her best efforts to live a very full life. At least she maximised her able years to the best of her ability.

 

Source:

(1) Qu, L., & de Vsus, D. (2015). Life satisfaction across life course transitions (Australian Family Trends No.8). Melbourne: Australian Insitute of Family Studies.

 

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Over 50 paradox

The 5 paradoxes of ageing & stereotypes

Ageing is the opposite of the term WYSIWYG: ‘what you see is what you get’. What you see is not what you get. Often there’s a chasm between outdated stereotypes of the over 50’s and their actual lived reality.

Invariably, when we think of an older person we see grey hair, wrinkles, and a stack of stereotypes often associated with ageing. For example, people over 50 are often considered less capable with their technology use, less fit or able, or someone with a poor memory, or simply “past it” when it comes to working or being employable. In fact, being over 50 is often associated with loss: loss of hearing; loss of eyesight; and, loss of memory.

The reality of the over 50’s

People over 50 are fit, healthy, technology literate, and keen to maintain some type of either full-time or part-time employment. In a study we recently conducted comprising in-depth interviews, small group discussions, and a survey of 500 baby boomers technology was generally not an issue – particularly for the younger baby boomers (between 50-65 years).  In fact this generation use technology for news, movies, staying in touch with friends (they’re big Facebook users), emails, games, and messaging. However, there are paradoxes.

5 paradoxes of ageing

Our study,  revealed these paradoxes:

  1. Whilst we might see a person with grey hair and wrinkles, according to our survey, baby boomers consider themselves at least 3 years younger than their actual age. In conversations with this age group they often say that they feel 10-25 years younger!
  2. On working … the paradox is that baby boomers often want to work, however, they want greater flexibility (potentially part time), and potentially less responsibility.
  3. The greatest paradoxes exist in the area of health. For example, over two-thirds of respondents rated their health as good/excellent. Yet, the majority also suggested that they were slowing down and experiencing poorer eyesight.
  4. Over half of our sample reported arthritis and aching knees. Similarly about half of this sample stated that they experienced forgetfulness and were concerned about dementia/Alzheimer’s.

“The only thing I hate about getting older is that your health starts to deteriorate, and that to me is the most important thing – having good health.” (Female, 50-64)

  1. Nearly everyone in considers diet and exercise as essential for healthy ageing, yet:
  • Only 20% of respondents had a fitness monitor (representing a huge opportunity for                                       the fitness monitor market);
  • None indicated that they undertook resistance training or did weight-bearing exercise                                  (crucial to healthy ageing, particularly for bone density and strength).

Forget the age stereotypes

The lived experience of a baby boomer is generally quite different to perceptions. The opportunity lies in delivering products and services that meet the needs of the over 50’s. However, when it comes to marketing don’t sell to ‘old people’.  Outdated stereotypical views of the over 50’s limits thinking and stifles creativity (e.g. Cliched images of silver-haired couples on a yacht or a couple strolling hand-in-hand on a white sandy beach are over-used, corny and misleading).

This age-group is varied and interesting. Don’t miss the opportunity.

If you’d like to know or understand more, please drop us a note at livinginsights@threesistersgroup.com.au with your details.  We’ll get in touch to arrange a time for a discussion about your challenges in reaching this significant market segment. We’re committed to changing ageing. We look forward to speaking with you.

 

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Three sisters group

3 reasons why Baby Boomers are ignored

Right now approximately 15% of Australia’s population is over 65.

By 2050, the number of people over 65 is forecast to increase to over 20% of the total population.

Furthermore, Baby Boomers will be the single largest consumer of products and services in the future according to a report by the McKinsey Global Institute released last year (2016). In their report, McKinsey suggests that any organisation that ignored this consumer, did so at their peril.

In fact, compared to previous generations, Baby Boomers are …
– cashed up;
– technology literate;
– fitter and healthier.

They are also bigger spenders than Millenials.

Given these facts, why are Baby Boomers ignored?

 

3 Reasons Why Baby Boomers are Ignored

  1. Lack of understanding.Young people dominate marketing departments, advertising, and PR agencies. They generally don’t understand Baby Boomers and simply aren’t aware of the opportunity they represent.
  2. Lack of insights.Organisations don’t know what they don’t know. There is a severe lack of knowledge and understanding of people in this age range if age brackets in surveys finish at 55, 60 or 65 – as outlined in our white paper.
  3. Legacy approaches to marketing.Market growth has historically come from younger generations. The Baby Boomers were those younger generations. They were the post-war boom for baby products, then young family products and services, then older family products and services and so on.  Baby boomers are now over 50.  They became older.  Not old.  Simply older.  Organisations seem to have ignored this fact.

 

Understanding Baby Boomers

The first step to understanding Baby Boomers is to let go of assumptions.

For example, in one conversation with older people recently, a gentleman in his 60’s said that he knew younger people would see him walking down the street and think “there goes an old codger”.  His problem with the label was that it wasn’t how he felt and therefore didn’t consider it relevant.  He considered himself fit, healthy, and actively engaged with the world – despite his grey hair, wrinkles, and slower pace of walking. How we may perceive a person with these characteristics probably differs significantly to how they perceive themselves.

Looking to dive deeper? Download our White Paper to get a deeper sense of Boomers.

Filled with facts gathered from around the world, and sharing insights from our own proprietary research, this Paper reveals the impact of ageism and the basis of the opportunity available to astute businesses that embrace this ever-growing age group.

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What does this mean for business?

Organisations seeking to reach this market must:

  1. Undertake relevant research to gain insights into the needs and wants of Baby Boomers for the products and services offered.
  2. Question possible assumptions and stereotypes of the over 50’s by internal staff and external suppliers.
  3. Educate staff about this generation.  Education can occur in a number of ways including training, reverse mentoring employment programs, intergenerational design teams, or ongoing engagement with older people through community groups.

To explore the potential of the over 50’s it is vital that an organisation investigates the market for insights.  Doing so identifies opportunities providing the knowledge and basis to innovate for success. Investigative techniques include bespoke research; customer journey maps; and key stakeholder interviews, to name a few.

The gap between older and younger generations is not necessarily as enormous as labels would suggest. And, when younger people meet older people their perceptions of old change.

If you’d like to know more, please contact us.

three sisters group who is the 50 plus market

Who are the over 50’s in Australia?

The over 50’s are a third of Australia’s population.

In this 4 part series, we provide insights on baby boomers (born between 1946 and 1964) encompassing a range of topics from work and health to attitudes and technology. As a burgeoning market, it’s worthwhile investing time to gaining understanding as knowledge is necessary for new markets. This first part provides a brief introduction and then talks about work.

Abolish assumptions about the over 50’s

What do baby boomers need and want?

It varies.

In the first instance, it’s important to recognise the diversity within this age group. In fact as we age, we become more different rather than similar. Assuming a 50-year-old is the same as a 70-year-old is like assuming that a 20-year-old is the same as a 40-year-old. There’s as much variability amongst baby boomers or those 50+ as there is with any age group (in fact more so).

Overall baby boomers seek to be recognised and not ignored.

What about work?

One of the challenges for people as they age, particularly for the over 50’s, is that either retaining a job or getting a job becomes more difficult. However, even in employment, there’s diversity.

Often younger baby boomers don’t want to give up work. They’d like to continue to contribute in a workplace. Some seek to work full-time. Others would prefer to work part-time with a level of flexibility that accommodates volunteering, mentorship, or caring responsibilities (baby boomers are also part of the ‘sandwich generation’ – a topic I’ll explore in the future).

It’s also possible a baby boomer would like to remain working part-time in a role that carries less responsibility. The movie ‘The Intern’ is a great example of employing an older person.

Reverse mentoring” is also an emerging trend that some organisations are embracing and something that can go both ways. There’s also an opportunity for intergenerational job-sharing.

Simultaneously, older baby boomers are ready to finish work and seek other ways of being involved with community and remaining engaged and mentally stimulated.

Confused?

Don’t be. Given the increasing move to flexible workplaces, baby boomers could conceivably be the perfect fit for organisations willing to think laterally. The first step is to gain insights for understanding. Understanding potentially reveals opportunity, and ultimately, with imagination and desire, leads to innovation.

 

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