Tuesday, July 21, 2009

Boomers as Entrepreneurs and Temps: Helping the Economy

As many of those in the baby boomer generation contemplate retirement, the workplace will definitely be impacted, but how? Many of them see they have less money saved than expected, be it in a 401K type of account or pension and see the need to return to or continue working.

Even as recruiters suffer due to fewer temporary workers being sought out, recruiting companies like Robert Half International (whose sales fell by 30% at the beginning of 2009) are going after the baby boomers. They are very skilled and ready to work once corporations go back to more hiring. This trend appeared in BusinessWeek as reported by Ali McConnon in their June 30 issue. A greater workforce of experienced individuals can turn around the recruiting industry, since their track record is proven and they need less training. The corporations are willing to pay more for them also.

As temps, the boomers are a worthwhile market for the recruiters since they are more likely to continue as part-timers as opposed to younger workers who just temp until they can find something full-time. As such recruiting companies are seeking out boomers through organizations like the AARP and CARP.

Entrepreneurial Start-ups

Like we have discussed in previous posts, small business looks like it has the potential to succeed in many ways despite the current recession. According to Tony Wanless of the National Post, many North American boomers are aspiring to start businesses as opposed to pursuing leisure activities in their retirements. On the whole they are healthy and have a strong drive to succeed in life. The Ewing Marion Kauffman Foundation that studies entrepreneurship, even sees the 80 million boomers leading the way out of recession.

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