Younger people must be pretty tired by now of all the attention paid to the Baby Boomers, the most written-about generation in American history. But as the Boomers age and begin retiring — at last releasing their stranglehold on life as we know it — the generation is creating some great opportunities for the younger set.
Savvy Generation Xers and Yers can find a host of work options not only by taking over the jobs left by the Boomers, but by providing new services and products to this group of nearly 78 million, many of whom have lots of disposable income.
Twenty-seven-year-old Jacob Pine is a case in point. Trained at several restaurants and an avid hobbyist cook since age 15, Pine started his New York Cooks! business four years ago. He serves a mostly older clientele by preparing meals that he delivers to their homes. If they like what he serves, he’ll teach them how to make the dish themselves at home.
The key to Pine’s and others’ success in serving the Boomer segment is that they understand the older generation’s likes and dislikes. “This is a group that has money and wants people to do things to make their lives better,” says Pine.
Walker Smith, a managing partner with the Atlanta office of Norwalk, Conn.-based Yankelovich Partners, believes that another entree into the Boomer market is their continued interest in adventure. “Many wrongly thought that as Boomers aged, they’d become more mature and less youthful in their outlook,” says Smith. “Instead, they bring to their next life stage that same desire for adventure,” he says.
What follows is a host of possibilities for younger job hunters who want to cater to Boomers’ retirement needs. First and foremost, they should choose a niche that represents a passion, since most job areas are cyclical, says Todd Govig, president of Management Recruiters of Scottsdale, an executive search firm.
Financial services
Boomers need advice for several reasons. First, some have made a lot of money; others are inheriting money. Second, some Boomers have barely saved and need to be urged to do so. Third, some Boomers may spend more when they retire than they did when they earned an income, says Kay Kamin, a financial adviser with Sutton Place Financial Inc. in Chicago.
Whatever their habits and bank account, the Boomers will need to be advised on how to invest dollars wisely to cover expenses. Yet, unlike their predecessors’ generation, which asked experts to execute decisions, this highly educated group wants to collaborate on decisions rather than forsake control.
“They like getting on a computer and obtaining as much information they can, but they also want help interpreting data,” says Marc Pershan, president, Century Financial, a subsidiary of NCB Holdings Inc., a bank holding company in Chicago.
Those interested in this field can take several routes. Some may want to become certified financial planners or trusts-and-estate lawyers, Kamin suggests. Others not as mathematical may become consultants.
American Express Financial Advisors Inc. in Minneapolis seeks “talented, ambitious candidates, who have strong consultative skills, are good at listening and developing relationships, and have backgrounds in business, education or social services,” says Paul Connolly, vice president.
Leisure activities
When it comes to travel, Boomers don’t want to see the world from a bus or train seat, but they also may not opt for helicopter skiing or climbing Mt. Everest. Many seek a balance of some adventure or learning.
“The buzzword is self-actualization. Boomers want to get more in touch with local experiences and beyond the superficial,” says Peter Smale, managing director of Butterfield and Robinson in Toronto, which helped pioneer the adult bike trip concept 20 years ago.
They seek a luxurious component along with the experimental when it comes to accommodations, says Kristi Jones, principal with API Travel Consultants, a network of independent agencies based in Ft. Worth, Texas.
A ripe employment opportunity is for young, educated adventurers to serve as guides or sell travel products and accessories.
Technological aid
With rapid technological changes a part of their lives, many Boomers use computers for everything from balancing their checkbooks to buying a variety of items on-line.
Many Boomers need help, however, in mastering the most recent breakthroughs since they can no longer call the help desk at their former offices.
Food and entertaining
More diners, including Boomers, are expected to continue eating out or bringing in food, good news for anyone interested in a job in hospitality.
When Boomers eat out, they seek both healthy and decadent food and the highest quality, says Dan Rosenthal, president of The Rosenthal Group in Chicago, which owns the Trattoria No. 10 restaurant and the Sopraffina cafes. Wendy Pashman, owner of Entertaining Co., a Chicago caterer, has also witnessed the Boomers’ interest in more regional cuisines from their travels. “They don’t just want Italian but Tuscan or Sicilian,” she says.
Moving and relocating
Employment opportunities abound in real estate and home improvement as Boomers explore a variety of housing options.
Such needs are already attracting the services of real estate professionals who understand the Boomers’ simultaneous desire for maintenance-free yet active living. The Edward R. James Homes Co. in Glenview recently opened a design center staffed by designers under age 35 who are knowledgeable about the latest interior design styles.
Other Boomers who want to stay in their homes will seek help in retrofitting them for their later years. Retrofitting will involve wiring to alert relatives or medical facilities if they develop a health problem, as well as simple changes to make turning on and off water, opening drawers and getting in and out of bathtubs and showers easier as they age, says Chicago designer Leslie Stern, a specialist in this area.
Personal services
Because some Boomers never had children or their kids live far from home they will be interested in enlisting help from those willing to run errands, make deliveries, and chauffeur them around as they are forced to give up driving due to poor eyesight or otherwise limit their activities. These are the type of services family members have traditionally performed and which will require other people to fill in the gap, says Frederick R. Lynch, an associate professor of government at Claremont McKenna College.
Second careers
Because Boomers are living longer and healthier, many will find the umpteenth game of golf or bridge boring and will want to go back to work, possibly part time or as a volunteer. Because of their proven track record, work ethic and varied talents, they will be sought after for many different jobs, says Robbie Brown, president of Banner Personnel Service and Training Centers in Chicago.
Consultants also will be needed to help the Boomers figure out how to balance their lives since many will have aging parents as well as children or grandchildren, says Bonnie Michaels, head of Managing Work & Family, a consulting firm in Evanston.
