According to the panelists in The Silver Tsunami session, by the year 2012, 1 out of every 3 employees will be over the age of 50. Consequently, when it comes to hiring, it’s important for franchisees to be aware of this sizeable demographic.
This session was moderated by Blair Chancey, editor of QSR Magazine, and featured the following panelists:
Brent Alvord: president, Lenny’s sub shop
Mike Amos: franchise consultant for Perkins and Marie Callendar
Barry Flink: executive vice president & partner; Flex HR
Interestingly, the panel and moderator represented all four of today’s generations: X, Y, baby boomer, and senior citizen. In the opening discussion, Barry Flink noted that today’s work force is somewhat “schizophrenic”, with its representation of multiple generations. The new reality is that baby boomers now make up a much larger percentage of the work force. This is due to a number of factors, such as boomers being unable to collect social security as early as they once could, and improvements in medicine, causing them to be healthier and more active.
Blair Chancey, the panel moderator, posed the question, “What challenges does a workforce consisting of four generations pose?” In reply, Mike Amos stated that today, it’s not uncommon for a 20-year-old to supervise a 79-year-old employee. Business owners must also work around differences in understanding regarding technology and communications.
When the panel conversation steered towards exactly why baby boomers are such valuable employees, the following points were addressed:
- the group tends to be comfortable in positions of authority
- 300 people an hour are retiring—of those 300, 83% will continue to work in some capacity
- baby boomers/ retirees seek mental stimulation and seek challenges
- they often have accumulated savings, and can afford to become franchisees and/or obtain financing
- they like to have influence, and leave a lasting legacy to their children/grandchildren
- they wish to be a positive influence on the X&Y generations
Blair also posed the question, “How do you keep the new generations motivated?” Barry Flink replied by pointing out the importance of listening, and finding out exactly what motivates people. We have the tendency to stereotype and assume that we understand people’s motivations, whether it’s money, promotions, etc. and this isn’t always the case.
In response to the question, “How do you find potential baby boomer employees?” the panel named churches, newspapers, and your place of business (patrons) as potential sources for recruiting.
One interesting and recurring point from the panel was the difference in motivation from generation to generation. This isn’t to say that the X and Y generations are unmotivated; however, the panelists were of the opinion that the baby boomer and senior citizen generations are especially motivated, and they tend to take extra pride in what they do. They’re often driven by recognition and rewards, and they feel an extra sense of responsibility to their customers and employers.
In summary, the three final takeaways of the session were:
1) baby boomers and senior citizens are motivated by more than just money
2) individualized, focused training in the workplace is key (there are many different levels of ability and technological understanding)
3) establishing goals, recognition, and reward is crucial
If you also attended the Silver Tsunami session, I’d like to hear your reactions to the session. What stood out for you?
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