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Generational Shift

By
Real Estate Appraiser with Reliable Appraisal

It is happening all around us..  It will continue to influence our own organizations and client base in the future. 

The "it" is the continual generational shift in our society.

 

How will this generational shift influence the future of our businesses? 

 

Generation Y (born 1978-1989)                      21%

Generation X (born 1965-1977)                      43%

Baby Boomers (born 1946-1964)                    42%

Schwartzkopf Generation (born before 1946)    7% 

Here is a thought for you: Xers are no longer the young people in the workplace---now 28 to 40 years of age!

Generation X and Y since 2005 have made up over 50% of the population.  Over the next five years over 10 million Generation Yers will join the work-place.  As soon as 2010, Generation Yers will out number Generation Xers. One thing for sure is that ttraditional work-place "norms" will continued to be challenged. Are you preparing your business for the shifts internally and externally?

While all this is going on we need to pay close attention to theBaby Boomers.  Some Boomers are taking early-retirement whether they can afford it or not, and returning to the workforce in one capacity or another. Their needs and requirements are changing. How can we best prepare our businesses  for this generational shift?

There are 5 million Americans over the age of 65 in the work-place.  These workers collectively represent an incredible store of skill, knowledge, wisdom,relationships, and the last vestiges of the old fashioned work ethic.  Xers will be needed to  fill the "gap" for mid-level and senior-level leadership talent in organizations. How do we best transfer this knowledge and experience into our businesses before they exit? How do we best develop Xers for our future management positions?

High maintenance will lead to high performance fromGeneration Yers.  They have high expectations for how they wish to be managed.  They want to be recognized for who they are and what they are doing and compensated accordingly.  They will lean on you to help them succeed. Have you taken the opportunity to learn of the expectations of GenY?  Your future clients?

Please share your ideas and/or experiences...  Heck, identify your generation!!

 

 

Comments (10)

Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro
The last time I took MCE, which was a couple of years ago I took a class on generational marketing.  I found it so interesting.  I enjoy working with first time buyers and most of them lately are in that Gen Y age.  They have been so enjoyable to work with and are extremely computer literate; which only makes sense because they grew up with computers. 
Mar 12, 2007 01:39 PM
Bob Sloop, Consultant, Indianapolis, IN
RS Mortgage Consulting - Indianapolis, IN
Baby boomer here, it is interesting to say the least, nice post and I think you will get many responses.  I think we all had to grow up and make our own mistakes in life, hopefully we all learn from them and I wish these two generations do not have to go through the mistakes I had made to learn these important lessons.  I have raised both generations, so that makes me an old fart, but somewhat wiser. Lets see what happens in the future years to come, I am sure it will be very interesting.
Mar 12, 2007 02:02 PM
Andy George
Century21 Drue Self Real Estate - Las Cruces, NM
GenY here, sometimes I can squeeze in as an Xer. Haven't looked into generational marketing very much but I have considered it as my city is becoming a very inviting place for retirees.
Mar 12, 2007 05:00 PM
John McKenna
InfraredClass.com - Dallas, TX
As I got older, my Father got smarter... hmmm.  It is amazing to watch this happen over and over and over and ...
Mar 17, 2007 06:41 PM
Dan Allred
Allred Realty - Thousand Oaks, CA
DRE#01761967
This is one of the best I have read thus far relating to the breakdown of our clientel now and to come!
Mar 17, 2007 07:41 PM
Tchaka Owen
Galleria International Realty - Hollywood, FL

Is Schwartzkopf Generation a real term?

 

Mar 17, 2007 08:06 PM
David A. Podgursky PA
THE PODGURSKY GROUP @ Re/Max Direct - Boynton Beach, FL
THE PODGURSKY GROUP - Make the Right Move!

GenXer here...

I think someone should post a REAL psychological view of the generations

Mar 18, 2007 02:31 AM
Meg Stewart
Reliable Appraisal - Frisco, TX
Appraiser-Frisco, Texas

Great idea David...  Perhaps someone will build on this post referring to a study........

 

-Meg

Mar 23, 2007 11:00 PM
Michael Hutchins - Consumer Advocate, Chicago
Michael Hutchins Ent. - Chicago, IL

GenX here.  Its posts like this that give me more and more confidence in what I'm doing here on AR.

Mar 24, 2007 05:46 AM
Meg Stewart
Reliable Appraisal - Frisco, TX
Appraiser-Frisco, Texas

Great point Michael.  Technology will be the foundation for the next generations.  AR is a great example of that. 

Hang on to your hat.... I have heard terms for the next gerneration like MyPods, Baby Boomlets and the Boomerang Generation!

 -Meg

Mar 24, 2007 10:07 PM