THE COMING OF THE GREYPRENEURS

Let me start with a few statistics:

• Nowsourcing has revealed 25% of the US workforce will be 55 years of age and older by 2024.
• 4 in 5 boomers expect to keep working rather than retie due to financial need.
• Life expectancy is almost twice what it was just 100 years ago.
• 60% of workers over 45 have experienced or seen age discrimination in the workplace. (IBM has forced more than 20,000 older employees 40 years or older out of the workforce in order to correct the seniority mix in the organization since 2013)

These statistics are important for small business owners. The main objective of a small business is to grow and to increase its bottom line. Growth, in many situations, will require the hiring of additional staff.

Let me share my thoughts on why this “age group” can provide a boom to a growing business:

• They have experience in the work place which they can share.
• They need to work and are willing and eager to take advantage of an opportunity
• Their initial salary requirements, depending on age, may be lower.
• In my experience they may be a more conscientious and stable worker than a younger employee who is still in the “exploration stage” of a work career.
• Contrary to popular belief, they are capable of learning new technologies.

A common complaint among small business owners is a lack of time to get everything done. It is possible that some of these people may be willing to take on an internship position at little or no pay. Some benefits include:

• You now have the time to grow your business.
• You are molding a possible future staff member with your value system and expectations.

Now is the time to determine how you can best take advantage of this new “people tool”. As small business owners you can help yourself and help others.

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Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack