Tuesday, January 14, 2014

Is your association feeling impact of Boomer retirements?

Economists and demographers are starting to note the rapid increase in retiring Boomers.

The most recent came with the release of the latest government employment numbers. See this USA Today story on the topic. 

According to the report, about 76 percent of those leaving the workforce in 2013 were people 55 or older. “For the year, the labor force shrank by nearly 550,000 workers to about 154.9 million — marking only the third year since 1948 when the U.S. workforce declined on an annual basis.”

For the last two or more decades, Boomers have been the majority of members, volunteers and leaders for most U.S.-based trade associations and professional societies.

So, here are key questions for association executives:

  • Are the increasing retirements of Boomers impacting trade associations and professional societies?
  • To what extent?
  • As Boomers retire, are they “pulling back” from their professional associations? Are they switching their time and talents to local charitable organizations?
  • What are or can associations do to retain Boomers as volunteers and/or members?
  • What are associations doing to transition leadership from Boomers to Xers or Ys?
If you haven’t thought about this, perhaps you should!

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