Tag Archives: baby boomers

81% of Businesses Expect Growth in 2018

Good news for job seekers! There’s reason to be optimistic about the economic outlook for the new year. In a recent poll conducted by RefreshLeadership.com, Express Employment Professionals’ blog for business leaders, most respondents said they predict growth in 2018.

Of those who participated in the poll, 23% say they will see “exponential” growth, 58% plan on “moderate” growth, and 16% said they would remain “steady, but unchanged.” Only 2% of businesses predict a decrease in business volume—a nearly 4% decrease over 2017’s predictions.

These results continue a positive trend that has been observed over the last three years of the annual poll.

“There’s a lot to be optimistic about in 2018,” said Bob Funk, CEO of Express. “For the third year in a row, there is a drop in the number of people who expect business activity to decrease, and the number of companies that predict growth continues to increase. Although there are still challenges on the horizon, like the widening skills gap, overall indications point toward a strong year ahead.”

So, what are some trends to watch in 2018 that could have a major impact on the job search?

The skills gap is widening
Across most industries, there are jobs to be found. However, candidates with the skills to fill in-demand positions are becoming fewer and far between. Attracting and retaining top performers continues to be one of the highest priorities for businesses as more than 42% say it is “somewhat” or “very” difficult to recruit for and fill positions, according to Express’ first quarter 2018 Job Insights Survey.

In fact, results of the survey indicated that the top three reasons business leaders say jobs are going unfilled are lack of applicants with experience, a shortage of applicants in general, and applicants not having the necessary hard skills. You can pull ahead of the competition by using online or community college classes to develop new skills.

Millennials are staking their claim to leadership roles
According to the Hartford Millennial Leadership Survey, 80% of millennials identify themselves as business leaders, and 69% aspire to be business leaders within the next five years. And there are many factors that point toward this generation being successful in their endeavors.

One of the key strengths millennials bring to leadership roles is their tech savvy and ability to integrate new technology into the way their companies operate. They are also one of the most diverse generations in the workplace and actively seek out purpose-driven initiatives or ways to support important social and charitable causes with the work they do. Regardless of whether you are a millennial or not, this heavy millennial presence will necessitate learning to work with others from different generations.

Baby Boomers are redefining retirement
Research from Bloomberg indicates that the boomer generation are increasingly opting to delay retirement. About one-third of workers say they expect to work past age 70. And statistics from the Bureau of Labor Statistics project that by 2024 “36% of 65- to 69-year-olds will be active participants in the labor market.

From trying out new jobs to exploring entrepreneurship to mentoring younger generations of workers, the path to retirement is becoming less traditional for baby boomers. Businesses that actively embrace and help facilitate the changing retirement needs of older generations stand to benefit from the knowledge and experience they bring to the workforce.

Only time will tell what 2018 has in store for businesses and the economy, but there are many signs that show cause for optimism. Early preparation and forward-thinking strategies are the key to putting your company on a strong foundation for the new year.

3 Reasons Why You May Never Retire

In today’s changing work culture, retirement is no longer a certainty.

Elderly couple together at the kitchenTraditionally, retirement was something that was more or less expected. You put in the extra hours while you were young so that you would have the freedom to do whatever you wanted in your later years. However, various cultural and economic factors have led to a change in this traditional retirement model.

According to the latest data from the U.S. Bureau of Labor Statistics, as noted by Bloomberg, approximately 20% of Americans over the age of 65 are still working.  Twelve percent don’t ever plan on retiring. Given the immense size of the baby boomer generation, this means that the U.S. work force is older than ever before.

Why might you end up working past the traditional retirement age?

1. You Have No Savings

Bloomberg mentions that baby boomers more frequently don’t have any retirement savings to speak of. They were hit by both the tech bust of the late ‘90s and the financial crisis of the mid 2000s, losing what little savings they had just to pay the bills.

Our white paper covers the Baby Boomer retirement situation more in depth.

Millennials are already encountering similar difficulties. As noted by CNBC, a recent survey from finance website NerdWallet found that millennials generally need to save 22% of their pay to have a successful retirement. Other experts say it should be something more like 15 %.

One thing they all agree on is that the earlier you start preparing for retirement, the better. However, millennials are generally unable to save such a high percentage of their income. This is due to a combination of a fairly high cost of living combined with the need to pay off expensive student loans as quickly as possible.

2. You Love Your Job

Many people simply enjoy working.  It gives them a sense of purpose— that they’re truly accomplishing something. They love their work family and environment, and managers go the extra mile to make the office feel like home. The money and benefits don’t hurt either. Work is what you know, work is what you like, and work is what you’re good at. So why not stay in the workforce just a bit longer?

3.  You Have Heavy Debt

Many people choose to stay in the workforce so that they can continue to pay off their debt. They can’t budget enough savings. Given the increased costs of education and housing, as well as the aforementioned tech bust and the financial crisis, it can be hard to allocate funds to a retirement account. Instead of paying off loans and saving at the same time, many workers choose to pay off their loans first. This results in a fairly significant loss of savings.

Retirement isn’t for everyone.

And that’s okay! Some people can’t afford to retire in the first place. Others find retirement dull. And still others want to keep working because they love it.

Regardless of whether you’re just starting out or are looking for a career change later in life, we’re here to help. Headquartered in Oklahoma City, OK, Express Employment Professionals is a leading staffing provider in the U.S. and Canada. We employed a record 510,000 people in 2016. If you have any questions about the job search, feel free to contact your local Express office or create an express account to apply for jobs online.

Do you plan on working past traditional retirement age? Let us know your reasons why in the comments below!

It’s Awesome Being a Millennial Job Seeker

it's great being a millennialHosting multiple generations in the workplace is becoming an important issue among employers. Right now, there could be as many as five different generations working together. And, the generation that can feel the most stress is the Millennial generation. While older generations have their own hurdles to overcome, the youngest generation has a lot to prove because they have very little experience to support their big plans for the future.

Millennials, those born on or after 1980, have a bad reputation of being uncommitted job hoppers who want the meatier projects now instead of earning them over time. But the reality is, Millennial job seekers and workers can provide huge benefits to employers.

Millennials Kiss and Tell
According to a CareerBuilder survey, 96% of Millennial job seekers discuss their job searching experiences with others, including in person and on social media. Millennials can help an employer with their bottom line by improving public opinion. People are looking for organizations that are transparent, and the more positive feedback a Millennial employee can add to the increasing louder voice of customer opinion, the better.

Millennials Search for the Final Frontier
Young job seekers have a goal in mind, will go where opportunity knocks, and are much more likely to accept job offers that require them to relocate. Younger job seekers commonly aren’t limited to their local job market, which means more job openings and greater chances of success. Fewer Millennials have families or other responsibilities that older, more experienced job seekers have to keep in mind.

Millennials Have Their Eyes on the Prize
Most Millennials have something to prove. If they can’t make their own opportunity for themselves, they will go somewhere else. While many see that as a disadvantage, young job seekers can turn that into an advantage. They are hungry and looking for opportunities to advance, which means that if the opportunities exist, the employer can have an engaged employee for the long term. This drive and motivation can offset any lack of experience and separate young job seekers from the competition.

Millennials are Rich…With Information
Have you heard the phrase, “Time is money?” Years ago, knowledge was highly valued because it took time to find the information you needed. But thanks to the age of the internet, almost any piece of information can be found with the click of a button.  Millinneials are also attached to their smartphones, which helps them be more adept to finding directions, answering trivia, solving problems, or getting the latest news and events.

Millennials can find information quickly and easily. They can provide value to employers by demonstrating how connected and informed younger job seekers are and how that behavior can benefit the employer.

Don’t worry Millennials, your time is coming. Pew Research predicts Millennials will make up 75% of the job market by 2025. The workplace and those working in it are constantly changing, and who knows what it will be like 10 years from now, but those who are taking their first steps in their career can highlight some strengths and demonstrate the value those “kids” can bring.