In describing generations, keep in mind that it’s not about the current age or a life stage. Your generational cohort is determined by the year a person was born. With that said, let’s talk about a generation that makes up a substantial part of the global population: “baby boomers.”
“Baby boomer” is the term for the generation born after World War II. The term is pretty straightforward, describing the sudden spike in birth rates after the war was over. This phenomenon was attributed to a renewed sense of hope and optimism after World War II. People wanted to start a family and were convinced that the economy would prosper after the war. Across the world, there was a rise or a “boom” in the birth of babies.
Who are the baby boomers?
Baby boomers are people who were born between 1946 and 1964. The baby boomer generation is unique in the sense that their generation can be objectively defined by census data. This data reveals the sudden and sustained rise in birth rates in 1946 that ended in 1964. As of 2021, baby boomers are between 57 and 75 years old.
The generation of baby boomers was the largest generational group in the U.S. until the millennial generation in 2019. Because there are a lot of baby boomers and they grew up while the U.S. economy was reviving, their generation was economically influential.
How can the baby boomer generation be described?
Compared with the generation of their parents, baby boomers reached new heights in education attainment and employment. This generation also marked an increase in the number of women in the workforce. Additionally, the baby boomer generation is also generally expected to live longer by 10 to 25 years, compared with their parents. This brought about significant adjustments in employment and retirement. Since baby boomers will have long years spent in retirement, they also need to prepare well for their future. More baby boomers are staying longer in the workforce compared with generations before them.
What does this mean for employers?
Employers must ensure that their company procedures, guidelines, and policies do not discriminate against any age group and that equal opportunity is given to all, no matter what age.
Older workers also will have different priorities and lifestyles from younger employees with less experience which will affect their decisions. For instance, while those who are younger may be prioritizing buying a house, baby boomers will be more geared towards planning for retirement. When it comes to benefits, younger employees may focus on the number of leaves for family obligations. Baby boomers may seek benefits for retirement purposes like 401(k), annuities, or health insurance plans.
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