According to projections by the US Census Bureau, by 2025, the number of senior citizens is going to reach 65 million which at that point will surpass the number of children under age 13 (58 million). This is because the majority of the largest generation group in the US – baby boomers – will enter the 65+ age group with the oldest of them being over 85. By 2030, all baby boomers will have passed age 65.
Despite the trend of Baby Boomers planning to stay longer in the workforce than the generation before them, by 2026, the demand for direct care will create a huge gap in the labor market according to the Bureau of Labor Statistics.
What does it mean for the Senior Living Facility (SLF) operators?
An opportunity to begin marketing to both potential residents and workers!
Baby boomers are the most loyal generation.
This generation is probably the best-researched of all in the US due to its size and influence on the economy. One of the common findings is that baby boomers are the most loyal generation when it comes to brands and companies. They are also the most active consumers of goods and services. Baby boomers are more likely than other age groups to have a positive impression of a business when they receive free samples, promotional products, and discounts.
This creates a great opportunity to incorporate promotional products into your marketing campaign for potential residents. As Advertising Specialty Institute (ASI) states in their 2019 Global Study, useful promotional products like tote bags and drinkware tend to have a greater impact as they are likely to be used on a regular basis.
The same study shows that 53% of respondents prefer products made in the US and favor advertisers that gift them US-made promotional items.
Millennials are cause-driven employees.
By the time baby boomers will reach their retirement age, Millennials will be in their 30s and 40s and will become the main workforce in the country. It is important to understand their mentality to attract much-needed care workers to support SLFs and their growing population of residents.
The Millennial Impact Research shows that Millenials are largely cause-driven and prefer employers that support it. They care more about social issues than institutions and believe in working together for the greater good which makes them the perfect segment to target by SLFs’ talent acquisition departments.
Employee recognition programs and incentives, as well as a high level of engagement and a sense of belonging, are key to retaining Millennial workers. Branded swag, company activities, and rewards are great tools for this.
Millennials are also the first generation to prioritize work-life balance which can also be supported by swag (branded yoga mats, noise-canceling headphones) and experiences (mindfulness seminars, creative classes) to incentivize Millennial employees’ loyalty.
Now is the best time for SLF Operators to change their marketing and employee engagement strategies to future-proof their business before 2030 when all baby boomers will have passed age 65. Promotional products and experiences are one of the best tools for new client prospecting and employee retention.