24 October 2025

The Boomer Retirement Time Bomb

Recommendation

The graying of America is a not a new topic, but it is getting increasing attention now that the first baby boomers have filed for Medicare and are eligible for Social Security. Their sheer number – 76 million – dictate that, as in so many other spheres, they will make an impact, for better or worse, on work and retirement. Many boomers likely will want to remain in the workforce, either to earn money or to stay active, or both. While this will help ease the looming labor shortage, it also poses certain problems for companies that tend to see older workers as too expensive, too demanding or, simply, too old. Professors Donald L. Venneberg and Barbara Welss Eversole tackle this issue head on, but unfortunately their book reads too much like the academic research papers, statistics and surveys they often cite. While you might not expect a book about age demographics and workplace practices to be a page-turner, this research reveals an important story that will determine America’s future. BooksInShort considers this significant reading for human resources professionals and innovative CEOs who want to bring seasoned, talented people back on board – and keep them working.

Take-Aways

  • The US workplace will grow grayer as the number of Americans aged 65 and older doubles by 2040.
  • Companies will face a shortage of skilled, experienced workers in the near future.
  • Retiring baby boomers, tighter immigration policies and age-discriminatory corporate practices will exacerbate the labor crunch.
  • Yet older workers will want to stay on the job for financial, social and emotional reasons.
  • Mature employees are more dependable, committed and creative than – and just as flexible and motivated as – their younger colleagues.
  • Organizations that actively retain and recruit older staffers gain increased productivity.
  • To attract more seasoned employees, companies should avoid “age stereotyping.”
  • Companies need to encourage “age-neutral” cultures that value maturity and experience.
  • Firms that offer work-life balance programs with flexible work schedules have seen their health care costs decrease.
  • While retirement once meant a sharp transition from work to leisure, contemporary circumstances are making this transition more fluid and even reversible

Summary

Living Longer and Getting Older

In much of the developed world, old people now outnumber young people. In the US, life expectancy for men and women is now 75 and 80 years, respectively. Estimates say that the population of Americans aged 65 and older will double by 2040, while the under-65 population will grow by only 10%.

“It is expected that the prime workforce age group (...those ages 25-54) will be in short supply for the next decade or two.”

By 2015, the number of employed Americans older than 55 is expected to grow to 20% of the total workforce, up from 11% in 2000. Baby boomers, the 76 million people born in the US between 1946 and 1964, are driving important changes in contemporary workforce demographics. The boomers’ eventual retirement will set off a projected worker shortage, especially in skilled and experienced individuals. The US Bureau of Labor Statistics estimates that the civilian workforce’s growth rate will decline dramatically through 2025. According to one scenario, if all the boomers were to leave their jobs as they reached the normal retirement age of 65, the US would not be able to meet its labor needs for decades.

“To be able to retain the senior workers that organizations have...[firms]will need to reverse the current trend toward pushing these seasoned workers out of the job market through an enduring youth bias and retirement policies that incentivize early retirement.”

Corporate practices that limit the hiring and retention of older workers and tighter immigration policies contribute to this looming labor crunch. The 70-million-strong millennial generation (born between 1980 and 1995) can’t fill the gap; they will not have attained the experience and know-how needed to replace the baby boomers and the in-between group, generation X (the 51 million Americans born between 1965 and 1979).

“The irony is that while workers are living longer, more productive lives, discrimination begins as young as age forty.”

Finding labor offshore and using technology to displace workers has put only a dent in the problem. Businesses will need to retain and retrain older workers to compensate for the projected shortfall of younger employees. Companies likely will find willing takers for their offers: The economic slowdown has cut into boomers’ pension funds and will force many of them to postpone retirement. Studies also show that, apart from financial need, both men and women want to remain engaged and employed beyond the age of 65. This attitudinal shift, along with economic constraints, should bolster the ratio of working people to pensioners and help fill the projected talent and skilled-labor shortage.

“As many as 70% of boomer workers want to continue to work and contribute past the ‘normal’ retirement age.”

Businesses not only must develop new human resources policies and practices to keep their current senior employees, they also will have to recruit retirees back onto the job. Companies will need to confront the challenges of handling work-life balance issues and “managing [an] intergenerational workforce.” This graying of the labor pool will demand rethinking what work and retirement mean. Astute firms will need to assess how these changes affect their corporate culture.

Why Older Is Better

Workers aged 55-plus have attained the same level of college education (35%) as younger workers but have earned a greater percentage of advanced degrees. On the whole, they tend to be more satisfied with their bosses and jobs than younger workers are. Studies show that older workers believe in a “strong work ethic”; they are more accomplished, reliable and skilled than younger workers.

“It is easy to fall into the trap of assuming that age automatically determines relevant skills.”

Yet some companies consider older employees a liability due to their higher salary and benefit costs. By offering early retirement programs to baby boomers, corporations achieve short-term cost reductions that ignore the contributions of these seasoned employees. Instead, companies should consider their senior staff members as assets that can earn high returns in terms of the experience, knowledge and talent they possess. In addition, mature employees serve as mentors to more junior staff, paving the way for secure succession planning.

“Work and life are often seen as two spheres that compete with each other for scarce resources of time, money and emotional involvement.”

Besides their “human capital,” which is a measure of their education, training and performance, senior employees also have built up a store of “social capital,” which employers largely discount. Long-time personnel develop contacts, networks, experience, shortcuts and other intangible ways of knowing “how to get things done.” When its older workers leave, a firm loses access to their internal and external social networks and, as a result, overall productivity usually suffers. One study found that social capital – although unmeasured – can be an older worker’s most valuable contribution to the workplace, compensating for any lack of technical expertise.

“Organizations tend to have youth-oriented cultures that are difficult to change, despite the existing antidiscrimination laws.”

Research shatters “two common myths” about older workers: that mature employees can’t learn new material or do their jobs as well as their younger colleagues. A 1999 national survey of corporate HR professionals ranking the capabilities and traits of older workers against younger cohorts found that most older workers present less turnover and absenteeism; more creativity, commitment and dependability; and just as much “ability to acquire new skills” as their younger colleagues. In addition, 48% were “more flexible” and 49% were “more motivated.”

“It is difficult to replace the acquired confidence, emotional maturity, network or relationships, and years of experience that an older employee brings to the table.”

However, many employers don’t focus on these positive attributes. Companies often unwittingly reinforce biases about older workers “cruising to retirement.” Management often denies training to older workers, believing they will not be employed long enough to recoup the investment. Thus, senior staff can hit a “silver ceiling,” where employer discrimination curtails their advancement. Organizations that consider soon-to-retire employees as undeserving of active engagement in their jobs risk losing the accumulated knowledge these mature workers own. It’s a waste of talent, and it fosters instability – baby boomers remain with firms an average of 10 years versus three years for millennials and gen X members.

Meaningful Work

Many older workers stay on the job for nonfinancial reasons; they find their jobs interesting, enjoyable or useful in terms of staying physically and socially active. Older staffers gain more motivation and encouragement from meaningful jobs and their co-workers’ appreciation than they do from benefits and salary. To secure older workers’ full commitment, employers should create corporate “age-neutral cultures,” to counter the “youth culture” pervasive in modern society. An age-neutral culture acknowledges the value of more experienced workers and creates a nondiscriminatory ethos among staff members. Adapting corporate cultures is not easy, but changing labor demographics will hasten that transition.

“Most workers want to somehow downshift their careers into a less intensive but still challenging and rewarding mode.”

To overcome widespread age bias, managers must ensure that human resource and organizational decisions are not based on age or “age stereotyping.” This includes altering the perception that some jobs, such as those that are technologically based or that require new skills and training, are better suited for younger workers. Address the specific training needs of older workers, and recognize that some of them may not feel comfortable learning in classrooms or on computers.

Going Back to Work

About 80% of US companies attest to encouraging older workers to remain on the job, but only a third seek veteran candidates for new positions. Some companies, such as Walmart, Home Depot and CVS Pharmacy, actively solicit older workers for their specific skills and experience, but most don’t.

“There is a growing body of research that has been able to link flexible workplace cultures with increased employee health outcomes.”

Retirees most commonly re-enter the workforce because they need health benefits and supplemental income, but they also go back to work because they dislike retirement, wish to keep applying their skills or feel they still have a significant contribution to make. They prefer to work for companies that enjoy positive reputations, value their experience, provide mentoring opportunities, offer flexible schedules, and grant good pay and benefits.

“The idea of retirement itself as a terminal event (exit from work to leisure) may be a dying concept.”

Companies that wish to attract older workers should examine their hiring practices. Recruitment ads seeking “high-energy” employees with “fresh thinking” for a “fast-paced” environment signal a subtle age bias, while asking older people to submit to psychometric testing could discourage them from applying. Recruiting material that mentions “expertise” and “knowledge” resonates with senior candidates.

“Flexibility Can Defuse the Time Bomb”

Achieving work-life balance particularly appeals to older employees and recruits. Some may find themselves in the “sandwich generation” that cares for elderly parents and adult children at home. Others wish to ease out of their full-time obligations gradually. Human resources policies that cede some control to employees concerning the time and structure of their jobs may encourage more people to stay in the labor pool, rather than leave it completely by retiring.

“Although rare, it is becoming less unusual to find a few workers still active in the workforce at age one hundred.”

“Flexible work arrangements” (FWA) are an important part of a firm’s work-life balance policy that benefits all workers, regardless of their age. FWA calls for letting staffers set their own hours and for measuring their performance by their results, not by their “face time” at work. Companies that implement FWA, which includes flextime, job sharing, telecommuting and compressed work weeks, report enhanced productivity, better recruitment and retention, and strong overall performance. In addition, these firms enjoy reduced overhead, absenteeism and overtime expenses; in fact, studies have found a link between work-life balance programs and decreased health care costs.

“In youth we learn, in age we understand.” (Marie von Ebner-Eschenbach)

Companies with work-life programs – including Motorola, DuPont and Eli Lilly – train their managers to juggle the company’s needs for productivity against those of employees for flexibility. Supervisors must learn to measure workers’ performance in terms of outcomes versus time spent in the office. Some tools to use include judging timeliness on project schedules, comparing the outputs of flex-time and full-time workers, or using focus groups to gauge employee attitudes. Companies also can measure employee retention rates, customer satisfaction and worker health care claims. Alternately, employees asking for flexible schedules should prepare to explain how they will accomplish their tasks and should understand how their time away from the office will affect their co-workers and their unit’s productivity.

Using FWA demands that managers be flexible, too. While accustomed to exercising power, leaders must relinquish some control over their employees and redirect their focus toward project outcomes rather than supervision. This changes the manager-employee relationship and requires a new level of trust between workers and executives. Not all managers may be able to embrace FWA; in such cases, firms can assure better compliance by introducing incentives for managers who develop creative applications to direct workers in this new environment.

Where It’s Working

Many companies already have recognized the need for change. For example, Costco reduced turnover with its successful flex-time program, and IBM found that “90% of employees working from home reported an increase in productivity.” Most employees at AstraZeneca and Accenture said their firms’ policy on work-life balance was one of the main reasons they stayed with the companies. These employees ranked the importance of work-time flexibility on a par with compensation and expanded career opportunities.

Workplace changes are happening because the definition of retirement has changed. While retirement once meant a sharp transition from work to leisure, contemporary circumstances have made this transition more fluid and even reversible. Today, older workers know that the workplace is somewhere they can receive recognition and compensation while making a contribution to society. Companies that fulfill these desires can hire more experienced employees and benefit from the new reality of older workers.

About the Authors

Donald L. Venneberg is assistant professor of organizational performance at Colorado State University. Barbara Welss Eversole is assistant professor of human resources development at Indiana State University.


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The Boomer Retirement Time Bomb

Book The Boomer Retirement Time Bomb

How Companies Can Avoid the Fallout from the Coming Skills Shortage

Praeger,


 



24 October 2025

Getting Your Share of the Pie

Recommendation

Author and grant-writing expert Valerie J. Mann has successfully won close to $95 million for her clients. Now she’s written a book for US organizations that don’t have the expertise to learn what’s available or the additional funds to hire a professional to prepare their grant applications. She makes grant writing an understandable, straightforward process, as she covers the initial search for funding, how to back up the claims in your proposal and even what you can learn from rejection. She includes a glossary of common terms, a sample grant proposal and other useful information. Mann delves into the specific details of several different kinds of grants, particularly for law enforcement, although she does not spend much time discussing grants for individuals or the arts. Will this book make you an expert? Well, that takes experience, but BooksInShort finds that this helpful manual will initiate beginners and set any grant seeker on a productive path.

Take-Aways

  • In a grant application, a carefully designed project matters more than great writing.
  • Carefully read the grant eligibility requirements before beginning your application. Call for clarification. Don’t waste time applying if your project does not fit the criteria.
  • Match your project with private foundations based on their area of focus.
  • Start your search in your state, as local applications are less time consuming than federal grants and the competition is not as great.
  • Be specific when describing the need your proposed project fills. Use descriptive examples and persuasive language.
  • Show that your solutions are cost-effective and that similar projects have worked.
  • Support your need-based claims with statistics and other information such as matching funds letters, proof of nonprofit status and project participants’ résumés.
  • Follow all guidelines. If the rules call for a five-page narrative, don’t send six pages.
  • Due dates are nonnegotiable; build grant-writing time into your schedule.
  • Honestly evaluate your staff’s capacity to win a grant and administer a funded project.

Summary

Grant Basics

Grant funding unfolds in a logical order: a nonprofit’s leaders identify a need, design a project and seek a funder whose mission makes it a good match for the project. In the quest for funding, good grant writing is important, but it doesn’t make up for shortfalls in a poorly designed project. A project’s design is based on a clearly identified need – and so are a grantor’s parameters. Private-sector grant givers include individuals, businesses and foundations, all with widely varying missions and requirements.

Government Grants and Loans

In general, for-profit businesses are not eligible for grants, though in the US they can receive low-interest loans and other assistance from government agencies, primarily the Small Business Administration, which offers expertise as well as loans, and the US Department of Agriculture (USDA). Some government units don’t grant funding, but instead act as guarantors for commercial loans. For example, the Community Development Block Grant (CDBG) program partly funds economic development projects that repair infrastructure and generate jobs. This grant can make up only a small portion of such projects’ total funding. For some projects, low interest loans might be the only source of funds. For others, particularly large capital projects, funders might offer a mix of grants and loans. In some cases, grant applicants can count the “in kind” assistance they receive from supporters as part of a grant’s required local matching funds.

Putting Together a “Fundable” Project

Critical thinking is the basis of solid project designs and grant applications, because identifying a need and proposing a solution are at the heart of grant funding. However, grant writers must not make assumptions – such as figuring that a project that worked in one place will work in another.

“If a project is poorly conceived, will not fit the need or the need is fuzzy, a professional writing job can only accomplish so much.”

Some needs are relatively easy to identify: Perhaps your town’s sewage treatment plant needs to be rebuilt. Other problems are less straightforward: Perhaps your nonprofit wants to help reduce your community’s high school dropout rate. You must design a program that will address the known underlying issues: lack of parental emphasis on education, poverty and a dearth of positive activities for youth in a crime-ridden area. A successful project might include teaching the benefits of a complete education, building up the street presence of the local police or helping unemployed parents enroll in job training classes. Robust program design begins with identifying problems and addressing them.

“What counts with grant reviewers is a simple, direct statement of the facts. Please let your facts shine through and speak for themselves. They do not need to be embellished or exaggerated.”

Any grant proposal must prove that the requested funding will solve – or help solve – the problem presented. First, make sure that your solutions are cost-effective and sustainable, your project’s effectiveness is easily measurable and similar projects have worked well. Determine if your project is eligible for other funds and explain how you will maintain it after the initial grant period, whether by applying for other grants or raising other funds for next year’s budget.

The Search

Federal and state government grantors usually have specific methods for rating applications, often involving a formal, well-documented procedure. Governments offer fewer funding sources than the private sector, but government sources are easier to find since the law often requires them to publicize their programs. The US Department of Health and Human Services runs the grants.gov website, a good place to begin searching. The site, which covers 42 federal agencies that offer grants, makes it easy to search for newly posted grants or for potential grant funds available under the 2009 American Recovery and Reinvestment Act (ARRA). You can search by agency or topic, and sign up for email alerts. The other way to find federal grants is to use cfa.gov, home of The Catalog of Federal Domestic Assistance. To cast a wider net, use both websites. Grant Station (grantstation.com) also lists many governmental, private and religious resources for grant seekers. Many times banks and corporations create grants to fund projects in their areas, but the types of programs they support vary widely.

“There seems to be a general impression...that the federal and state governments are offering tons and tons of grant money...This is, in general, not true.”

Some national efforts, such as the CDBG program, make funds available for states to administer. Statelocalgov.net can help you locate useful state, municipal and county websites. The website for the Grantsmanship Center in Los Angeles shows multiple sources of government and foundation funding. The Foundation Center (foundationcenter.org) provides a comprehensive research tool for locating foundation grants. Many of these features are available to users for free, but the core service, the Foundation Directory Online, charges a fee. You can also tap into some of this data through regional and satellite locations.

“State and federal funding sources generally prefer a collaborative effort...generally such projects can exhibit a greater benefit and public purpose.”

Various sectors offer different kinds of funding. For example, ARRA allocates law enforcement funding from federal programs. The Department of Justice grants funds to state agencies, which distribute the money. If you seek law enforcement grants to cover new hires, overtime or equipment, start with state grants. A search on a state’s website for “law enforcement” will give you the name of the appropriate agency. Try to obtain a state grant first, because the competition is less fierce.

“Small Business Development Centers throughout the country...provide for cooperation between the private sector; the educational community; and federal, state and local governments.”

The USDA and the US Department of Commerce offer various economic development grants. They are generally focused on public works projects that can boost employment and attract new businesses to an area. The Commerce Department gives grants via the Economic Development Administration (EDA). Its funding application can be cumbersome; the hardest part is devising a Comprehensive Economic Development Strategy (CEDS) for your area. More information is available online at eda.gov. Businesses seeking grants should contact their local or state economic development organization.

Making Your Case

Statistical data is the most convincing proof for the claims in your grant application. Use census.gov to find various kinds of US Census data, from local area block-by-block statistics to national demographics. With some localities, information from the American Community Service (ACS) may be more up-to-date. If ACS statistics cover your area, use them to make your case. The Bureau of Labor Statistics (bls.gov) can provide unemployment figures, average price indices by sector, data on how Americans spend their time and information about consumer trends.

“Many localities have programs that assist local business...Most of the time, these programs are funded with monies from the federal or state government.”

States usually have planning departments that gather a lot of statistical data. In fact, you’ll generally find more help at the state level than at the federal level. State agencies may be able to share background information on previously successful, model projects; trade magazines also have good information about successful projects. Seek the data that is most germane to your application. If you are applying for law enforcement funds, then crime statistics, perhaps collected by the nonprofit you are trying to get funding for, will bolster your case.

“Documentation may include pictures, income surveys, studies, public hearing notices, annual reports, cost estimates, proof of matching funds and letters of support.”

Local governments also compile useful statistics about the number of different businesses, the amount of below-code housing, the level of tourism activity and the like. For some projects, you may have to conduct your own survey, for instance to assess an area’s sidewalks or to gather residents’ opinions. Complete, accurate documentation of the claims in your grant application is crucial to establishing credibility and winning funding.

Writing the Grant

Start by getting organized. Obviously, finish the applications with the soonest due dates first. Read the eligibility requirements carefully to screen out parameters that might disqualify your project. Such factors could include a location that doesn’t fit the funder’s geographic scope, a mission that doesn’t align with the grant’s purpose or the need for matching funds.

“Writing collaboratively is fraught with pitfalls and must be handled carefully in order to avoid hurt feelings, miscommunication and a poor product.”

In most cases, a basic letter of inquiry will be your first contact with a foundation. Unless the organization publishes specific guidelines, keep this letter to two pages and use it to introduce your project. Be sure you address it to the proper person. Keep your funding request in line with the foundation’s typical allocation. If making your project happen will require funds from other agencies, say so. Write with feeling and urgency about your proposed project and the way it dovetails with the funder’s priorities. Design a letter you can modify for future use with different funding sources. Many funders require such a preliminary letter.

“This process will probably take longer than you think...factors outside of your control come into play.”

If you apply for money from organizations that want full proposals, contact them first to determine your project’s eligibility. For grants without rolling due dates, call regularly so you don’t miss the notice soliciting applicants. Assess the cost in time and resources of applying for each grant in light of your chance for success and how well it fits your purpose. Be realistic when considering your resources, such as your staff’s ability to write grants and administer programs.

“Don’t be caught unaware. Keep following the process closely every step of the way.”

Focus on one section of the grant application at a time when you write. Grant givers want specific information, clear examples and project models that explain your work and your planned undertaking. Punctuation, grammar and spelling all matter. Mirror some of the language in the grant-giver’s solicitation. For instance, if the agency is dedicated to funding sustainable agriculture, pepper your application with that phrase.

“Women’s Business Centers provide assistance to the female entrepreneur. SBA also provides help to businesses interested in going international.”

With technical or complex grants, you may want help writing particular sections. If collaboration is necessary, first establish that the grant writer is in charge of integrating his or her information into the final product. If you must work with a committee, have the members review the work of one writer rather than attempting to combine written work from various people. Complete any preliminary registration steps early in your grant-seeking process to avoid snags. For examples, the online submissions interface and process at grants.gov is rather complex and using it requires first obtaining a Data Universal Numbering System ID (DUNS). Online grant applications will likely be the norm in the future. Generally, you will be able to download applications, work on them and upload them to return them to the funding agency.

Anatomy of a Grant Proposal

Most grant applications contain these components: a cover letter or sheet; a two-page summary of the application’s key points; a descriptive and statistical “statement of need”; a “project description,” which outlines precisely how you would use the requested funds; a section of “goals and objectives” specifying the exact steps you will take to implement your project and a statement about the project’s intended impact. Grantors will ask about your “administrative capacity,” that is, your ability to manage the project and the grant. Include a description of your organization’s other successful grant-funded programs. In the “budget” section, list the program’s costs and the exact way you would allocate the grant funds. In the “sustainability” section, suggest how you will be able to keep funding the project after the grant expires. You will usually need to supply an “evaluation plan” detailing how you will measure your project’s impact.

Administering Funds

Once you win a grant, the grant-giver will require some accounting of how you spent its funds. Foundations usually ask for periodic progress reports. Federal and state agencies will have more demanding requirements, such as the submission of planning documents. Some agencies have stringent labor requirements; others will audit your project. Study the “grant agreement” carefully so that you understand these requirements before undertaking your project. If you don’t fulfill your agreement, you may be asked to repay your grant. With some grants, funders understand that you may expend as much as 15% of the requested sum for administering the grant.

“Their goal is to improve local economic indicators, such as the unemployment rate and assessable base.”

If a government funder turns down your proposal, learn why by requesting a “debriefing.” Private foundations may be less helpful in this respect. Grantors reject projects for many reasons, from bad writing to poorly designed programs to competition from other projects that serve a greater or more desperate need. If you know more about why you were rejected, you’ll be better prepared when you re-apply or apply elsewhere.

About the Author

Valerie J. Mann, who has more than 30 years of grant-writing experience, is president of Mann and Mann Grant Solutions. She gives grant-seeking workshops and seminars.


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Getting Your Share of the Pie

Book Getting Your Share of the Pie

The Complete Guide to Finding Grants

Praeger,


 



24 October 2025

PrimeTime Women

Recommendation

Marti Barletta follows up her earlier book Marketing to Women with an in-depth analysis and prescriptive approach to selling to the largest, most powerful market segment in the US: 50- to 70-year-old “PrimeTime Women.” Far from being an economically dormant audience of middle-aged or senior citizens, PrimeTime Women have come of age. They have money and the “moxie to spend it.” Barletta analyzes how the life-stage changes women undergo in midlife affect the ways you should market to them. She offers a generous toolbox of strategies and techniques to help you reach this audience through its “social values, life/time factors, decision styles and communication keys.” Her case studies illustrate how two companies integrate these sales principles with amazing results. Barletta often winks at her readers with wry parenthetical humor, and she sprinkles the conversation with lively consumer quotes. BooksInShort highly recommends this worthy resource to marketers aiming for the hearts, minds and wallets of PrimeTime Women.

Take-Aways

  • For US business success, gear your marketing to “PrimeTime Women,” females between the ages of 50 and 70.
  • PrimeTime Women differ from men, women of other ages and their younger selves.
  • They are happier, freer, and are more purposeful, confident and intrepid.
  • Don’t underestimate PrimeTime Women’s income, wealth and spending power.
  • PrimeTime Women make more than 80% of the buying decisions for households with about 80% of the money.
  • They respond to „empathetic and authentic“ marketing.
  • Marketers must appeal to the four “Star Points” of the “GenderTrends Marketing Model”: “social values, life/time factors, decision styles and communication keys.”
  • 80% of all boomers plan to keep working, perhaps switching to part-time work.
  • PrimeTime Women need time-saving support, financial planning, computer upgrades, office assistance and household help.
  • To persuade your company to target these buyers, demonstrate their economic power.

Summary

“The Power of the PrimeTime Purse”

Women from ages 50 to 70 have much more consumer buying power than marketers historically have assumed, and they have gained increased marketplace heft in the 21st century. Women’s decision-making and spending habits are different from men’s at all ages, but the unique attributes and consumer behaviors of this group of women make them a vital, vibrant – if often underrated – audience.

Marti Barletta founded The TrendSight Group, a consultancy that helps companies market to women. She also is the author of Marketing to Women.

The US adult population will grow by 22.9 million between 2006 and 2016, including 22.1 million who will join the older-than-50 crowd, a significant majority of them female. Baby boomers currently make up most of the “PrimeTimers,” but as boomers pass through this demographic, aging Gen X and Gen Y consumers will replace them in the PrimeTime marketing cohort. The same marketing principles will apply to the age-50-to-70 population in the future.

“Most marketers are sadly unaware of the power of the PrimeTime market.”

Boomer women’s socioeconomic strides put them eons ahead of their mothers and grandmothers. They are college educated, enjoy enhanced reproductive and property rights, hold better-paying jobs and now launch 70% of all new businesses. While men’s inflation-adjusted median income rose only 8% from 1990 to 2003, women’s rose 26%, with the largest growth (58%) attributed to women aged 55 to 64. These customers make 80% to 85% of US home, corporate and small-business purchasing decisions.

“Shattering Conventions”

David Polston and Martin Horn, senior vice presidents at the worldwide ad agency DDB Chicago, have conducted an annual “Life Style Study” of 3,000 individuals since 1975. They also study “Girlfriend Groups,” pairs of long-time, female friends in their 40s, 50s and 60s. Many of their findings defy stereotypes. Polston and Horn depict PrimeTime Women as dynamic individuals with unique hopes, fears, talents, desires, strengths and limits, and with a growing sense of themselves and their inherent power. They find these customers are different from same-age men, women of other ages and their own younger selves. PrimeTime Women are:

  • More joyful – With age comes a certain self-contentment, an eagerness to embrace life.
  • More liberated – Freed of stereotypical expectations, they live by their own priorities.
  • More purposeful – They cut their teeth as activists during the turbulent ’60s and ’70s, and they still care strongly about politics, volunteerism and the environment.
  • More confident – Having “been there, done that,” they trust their life skills.
  • More intrepid – A full 59% of these women believe their best achievements lie ahead.

“What’s on Her Mind: Freedom, Friendships and Fulfillment”

While both genders approach age 50 with trepidation, men have fewer support systems and coping mechanisms to help them move into midlife. Men tend to devote themselves single-mindedly to their careers and often are bereft when they retire or lose their jobs. Women who prioritized their families above their careers better understand the ebb and flow of the work-life balance. Men respond to adrenalin-based “fight or flight” reactions when challenged, thus often limiting their interactions with other men to nonemotional topics such as sports and business. Conversely, women experience hormonally based “tend and befriend” reactions that help them cultivate close female friendships. These connections can be invaluable to marketers.

“PrimeTime Women spend at the high-dollar end of the consumer, corporate and small business markets.”

Getting older frees PrimeTime Women from family chores and social conventions, endowing them with greater resilience and more appreciation for life. Since 84% of these women had their children before age 40, by age 50, they’re moving from “mommy mode” to “me mode.” An “extra boost of postmenopausal zest” and a newfound urge for greater authenticity spur them to reconnect with old interests, discover new ones, share time with friends and help their communities. You cannot use outdated, male-oriented marketing strategies to sell to such customers.

“PrimeTime Mental and Physical Changes”

The aging process negatively affects mental processing speed, short-term memory and cognitive performance, but aging also has two little-known benefits: wisdom and peak brain performance. Women have a stronger “crossover” brain capability, so they can process information more holistically. This could even be the source of their legendary intuition. While female and male brains have different cognitive strengths, “intriguing evidence suggests that male brains become more female with age, and female brains become even more female.” This may allow both men and women to see life’s big picture better and to gain more faith in their gut instincts. Such mental-health factors offer multiple marketing opportunities for new and enhanced products and services.

“If they had their own country, their spending power would rank their economy as the sixth largest in the world, outstripping the GDPs of Spain, Saudi Arabia and Switzerland.”

Most physical changes don’t become serious until after people enter their 70s, but even when minor ailments creep in earlier, PrimeTime Women “accept...adjust...and move on with their lives.” While they might not be too concerned about a few signs of aging, they appreciate products that meet their evolving needs and let them fight back if they wish, such as hair color (Clairol), body-shaping undergarments (Spanx), sexy lingerie (Soma), age-defying cosmetics (L’Oreal) and a positive approach to feminine beauty (Dove), especially when the marketing materials feature women who look like them.

“PrimeTime Life-Stage Changes”

Society is rife with stereotypes about the middle-aged or older woman, labeling her as an “empty nester,” a “reluctant caregiver” to her elderly parents or a “doddering grandmother.” In reality, the empty nest has turned into the “next quest”; caregiving has become a source of creativity and strength; and today’s grandmas are “engaged, empowered and energetic.”

“Message to marketers, especially those of you who sell big-ticket items: learn to communicate with PrimeTime Women.”

PrimeTime caregivers are sometimes “sandwiched” between caring for both younger and older family members. The truth is not nearly as horrid as most media accounts set forth. Only 5% of Americans older than 65 live in assisted-care facilities, and that number is declining, since PrimeTime Women often are the caregivers for their relatives. They offer new markets for products and services that can enhance the quality of life they want for themselves and their aging parents. Cutting-edge firms include the cab and companion service Driving Miss Daisy, the online Parent Care service that helps adult children meet their parents’ needs, and many other firms offering grocery delivery, cooking, housekeeping, adaptive clothing and ergonomic tools.

“Marketing messages that include or focus on a positive dimension will do a better job seizing PrimeTimers’ attention, holding their interest, locking in recall and motivating a reaction.”

The typical PrimeTime Woman will be a grandmother for some 30 years, given a life expectancy of about 80 and the likelihood of having a first grandchild at the average age of 47. But her busy life is quite different from her own grandma’s retirement. Still, doting continues: In 2002, US grandparents spent an average of $500 (thus composing a $30 billion market) on their grandkids’ clothes, books, dining out, education, living costs, jewelry, entertainment, medical and dental expenses, and more, including $3.4 billion on toys (especially high-ticket items).

“Looking Ahead” to Retirement

As more midlife PrimeTimers start planning for retirement after age 70, they open potentially huge markets for real estate, housing, travel and furnishings. Marketers must figure out what these women will want to do when they retire, and where they will want to live. Some 80% of all boomers plan to keep working, perhaps switching to part-time work, changing industries, volunteering, or starting or expanding a small business. Busy older women will continue to need time-saving support, such as financial planning, home-office design, computer upgrades and networks, office assistance and household help. Look for other behavioral and spending changes in entertainment, travel, education and fashion as PrimeTime Women rearrange their fundamental priorities to suit their evolving retirement preferences.

“Much of what passes as gospel about women entering ‘prime time’ just doesn’t hold up under close inspection.”

People older than 50 are the fastest-growing segment of the US housing market. Women control 80% of home-purchase decisions, including 80% of the $125 billion spent annually on remodeling kitchens and baths and converting kids’ bedrooms into offices, workout areas and entertainment centers. Boomers own 57% of the US’s 6.8 million vacation homes and 58% of its 37.4 million investment homes. This underscores the huge potential for selling them home products and services: appliances, furniture, interior design, lawn care, pest control and security. PrimeTime Women also have extra time, money, freedom and opportunity for new explorations. Smart travel companies, including Gutsy Women Travel, Grannies on Safari, Adventure Divas and AdventureWomen, now advertise to draw traveling women and their like-minded girlfriends.

A Marketing Model for PrimeTime Women

The “GenderTrends Marketing Model” explores how women differ from men in four ways: “social values, life/time factors, decision styles and communication keys.” Knowing these four “Star Points” lets you focus on your consumers’ motivations, select better marketing tactics and develop effective communications. The GenderTrends Marketing Model overlays these four Star Points with a circle of 12 marketing activities: “advertising execution, promotion, cause marketing, positioning, product development, package design, retail environment, selling skills, event marketing, public relations, sponsorships and alliances, and e-marketing.” Studying these “nuts and bolts” marketing elements in relation to the four Star Points reveals the specific impact each activity can have on each point.

“While the stereotype of ages 50-70 may be ‘the sunset years,’ the reality is that it’s more like high noon!”

As you target PrimeTime Women, and to expand your marketing strategies and insights, study how other firms sell products that are similar to and different from yours. As you focus on the culture of PrimeTime Women, facilitate their purchase path to your door. While men tend to make quick, decisive “straight line” product choices, women often follow a “spiral path,” asking friends, gathering data and investigating options. PrimeTime Women can shortcut this spiral by using their confidence and expertise (enhanced by your marketing) to reach buying decisions.

“Integrated Case Studies – Best Practices”

Few companies have geared their marketing toward PrimeTime Women, but the Curves fitness franchise and MassMutual Financial Services have achieved “brilliant results” with the GenderTrends Marketing Model. They grasp the sensibilities of the PrimeTime Woman customer, offer a congruent message and a clear brand personality, execute innovative marketing plans and view women as an “integral part” of their “corporate DNA.”

“A number of companies...have dipped a toe into the water – created terrific ads or an excellent event or a strong corporate halo program – but few...have jumped into the big pool with a splash.”

Founded in 1995, Curves opened 6,000 franchised outlets within seven years. With four million members in 50 US states and 42 other countries, and with 90% of its franchises owned by women, Curves has garnered many franchise and advertising industry awards. Most members are PrimeTime Women, and the company includes them in all aspects of its “empathetic and authentic” marketing.

“Never kissed a frog. Never had to.” (Mass Mutual ad showing affluent PrimeTime Women)

The global financial services company MassMutual was one of the first firms to take advantage of the fact that 80% to 90% of boomer women have sole or joint responsibility for managing their household’s money. Since boomer women are likely to live 15 to 18 years longer than their husbands, they will continue to control assets jointly amassed during their PrimeTime years well into their 80s and 90s. MassMutual successfully created a marketing approach for this audience.

“Notes to the CEO”

To convince other people in your firm that PrimeTime Women are the “golden bull’s-eye of target marketing,” share these “seven building blocks of the PrimeTime Women business case”:

  1. Multifaceted, energetic PrimeTime Women offer a major underserved market.
  2. Women make most consumer purchase decisions worldwide, and most corporate and small-business purchase decisions in the US.
  3. They make most of the spending decisions in households with the most money.
  4. PrimeTime Women are radically different from past generations of female consumers.
  5. Marketers who cling to outdated stereotypes of women will lose.
  6. To sell to a PrimeTime Woman, you must understand her and connect with her.
  7. “PrimeTime Women are the healthiest, wealthiest, most educated, active and influential generation of women in history. This is...your prime marketing opportunity.”

About the Author

Marti Barletta founded The TrendSight Group, a consultancy that helps companies market to women. She also is the author of Marketing to Women.


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PrimeTime Women

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How to Win the Hearts, Minds, and Business of Boomer Big Spenders

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