BUSINESS OUTREACH . . . . . . . . . .
The aging of Iowa’s population will change the way Iowans do business. Therefore, the goal of the business component of the Iowa Consortium for Applied Gerontology (IaCAG) has been to encouage businesses to prepare for an aging workforce and to seek new opportunities for serving an expanding older customer base.
According to statistics from the Bureau of Labor, more than 50 percent of the U.S. workforce will be 40 years or older by 2010. By 2050, the number of available employees in the 25 to 34 age group will shrink dramatically, but the numbers in the 50+ age group will expand sharply. These major changes in workforce demographics will have far reaching consequences for businesses and are occurring faster in Iowa than in most other states.
In addition to managing an aging workforce, the business community in Iowa will be providing products and services to an increasing number of older adults.
This means that businesses who can leverage their knowledge and effectively employ older workers and market to aging customers will position themselves for greater success, while companies that are not equipped to deal with these changes may forego what could be a very valuable segment of their business.
The bottom line is that businesses will have to prepare themselves for these demographic changes to maintain the competitive edge so necessary to survive in this global economy. Iowa businesses, in particular, will need to be at the forefront of these issues because our population is aging first.
The specific areas/topics being addressed have been:
• Changing face of the work-force: Leveraging demographics to your advantage
• Multi generational interaction at the work-place/ Getting the generations to work together (Baby Boomers, Generation X, Generation Y)
• Managing elder care: Providing elder care benefits (through EAPs)
• Myths and stereotypes: Technology and older workers
• Benefits of the older worker: Knowledge retention
• Managing age bias at the workplace
• Getting ready for the older consumer
Our newsletter series was designed to raise awareness about the aging population in Iowa and how these changes may impact businesses, employees, and consumers. Past issues are available here as pdf files.
