Business Insurance: Impact of Baby Boomers in the Workforce

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NEW HAVEN COUNTY BUSINESS INSURANCE IMPACT OF BABY BOOMERS IN THE WORKFORCENew Haven County Business Insurance: Impact of Baby Boomers in the Workforce

According to U.S. News, approximately one in eight Americans is 65 or older. Estimates suggest that by 2030, one in five will be considered a senior citizen. U.S. News recently gave an analysis on the baby boomer’s impact on the workforce:

Fewer opportunities for younger workers. With baby boomers working longer, there are fewer job opportunities available for millennials looking to enter the workforce. In a tight job market, employers may have to choose between retaining older workers and hiring younger ones.

Younger supervisors managing older workers. New bosses tend to come in with new initiatives and changes that can be met with resistance by the current employees. If it is a younger supervisor managing older employees, it can potentially complicate things further.

Corporate culture conflicts. Younger workers enter the workforce driven by money and the ability to rise in the corporate ranks. Older workers, having years of experience, tend to lean towards emotional rewards, such a feeling needed, learning new skills and making a contribution to the company. The different sets of values and views can create different expectations and complicate inter-generational working relationships.

Additional costs. As employees work longer, the costs can also rise. Healthcare cost has risen significantly and older employees tend to have higher healthcare expenses than younger workers. This problem will only be compounded as healthcare reforms continue to roll out.

The new work environment presents complex new challenges to supervisors and managers working in inter-generational work environments. Conflicts may occur. However there is also an opportunity for increased collaboration that was previously unheard of.

As your advisor, we’ll make a tangible difference to your business by providing you with a better understanding of the exposures and liabilities that exist in your daily operations and implementing programs to safeguard against them, minimize losses, reduce claims, and ultimately provide significant opportunities for savings with a business insurance policy. Contact us today for more information about our Connecticut New Haven County Business Insurance (877) 602-2305