In 2020 and beyond, we are expecting to see a dramatic shift in CRE recruiting focus, with more strategies aimed at attracting the booming 65+ workforce and using it to companies’ strategic advantage. Why? Contrary to what you might think, the fastest-growing segment of the labor force in this coming decade isn’t Millennials or Gen Z workers. It’s the Baby Boomers, the generation born between 1946 – 1964.
Historically, Americans retire around the age of 62. So, why is this generation different? They are healthier, have less physically demanding jobs, and want to continue working to earn more for their retirement. According to a recent Glassdoor Survey, the overall American labor force is projected to grow by 5.5% over the next decade. The 65+ population is expected to rise by nearly 60% over the next 25 years. This is faster than any other demographic group! However, few employers today are well-positioned to make the most of this growing talent pool, with talent attraction efforts focused on the hiring needs of tech-savvy Gen Z or Millennial workers.
There are a couple ways real estate recruiters can attract both seasoned workers and newer generations in the coming decade:
- Learning and inclusion efforts are key – CRE Employers who invest in relevant, accessible learning programs will be the best positioned to attract, retain, and benefit from an age-diverse workforce.
- To effectively recruit this generation, recruiters must cast a wide recruiting net, by removing any biased language in job descriptions. For example, even specific phrases may discourage older candidates from applying, such as digital native, guru, ninja, or GPA of 3.5 or higher.
- Promote the power of varied perspectives – Creativity and innovation become possible when organizations have a diverse workforce. For example, mature job seekers bring a vast skill set and tremendous experience, combined with a robust professional network.
- Include age-related diversity in your employer branding – create a media-rich career site with images and videos that demonstrate diversity in the age of your employees and leadership!
Ultimately, commercial real estate recruiters and companies must adapt as Baby Boomers become the fastest-growing segment of the workforce. As more and more people want to keep working past traditional retirement age, talent pools in the coming decade will be more diverse than ever!
Louis Dodaro, Managing Director, About Louis