Visioning 2026 Blog
Generations X and Y Impact on Norfolk -- Leadership Norfolk Process Project Report
A 2007-2008 Leadership Norfolk group process project highlighted the trend of the Generation X and Y and the associated impact and how we can take advantage of this opportunity in the Norfolk area.
Read their Visioning 2026 "Trend 45: Generation X and the Millennials will have a major effect in the future.", (PDF 2.3MB), report presented to the class participants and instructors.
They found a YouTube 7 minute presentation, Millenial Generation that does an good job of explaining more about this trend and the impact to the community.
Their explanation of who this generation is, Xers born 1965-1982, Millennials born 1982-2000, provided insight on what life events define them, the workforce and how employers go wrong, and how to prepare for them. They went into depth on how the Norfolk area can prepare for them to include do's and don'ts, how they have incorporated technology into their life style, their outlook on retirement and what that means for the future for employers, product and service provideres and themselves.
The process project group provide the following recommendations for our community can prepare for them:
* Build & equip large senior center or recreation center for your retired population to enjoy.
* Grocery Stores & Pharmacies will need to expand online services to accommodate orders and delivery of products
* Organize retirement “communities” that include housing, nursing care, post office, grocery store, exercise center & recreational opportunities for the aging population. Allow members of the “community” to be employed at these businesses so those who want to work can do so.
* Put an emphasis on constructing recreational facilities right now, so this age group chooses to stay in Norfolk to finish their careers and retire in the area. If they do not see this, they will not stick around during retirement.
* Encourage Northeast Community College to offer classes/degrees that are focused on entrepreneurship and starting second or even third careers, as this will be a trend among aging Gen X & Y.
They went on to recommend what employers need to consider for the future:
* Offer a policy of a midlife sabbatical that gives people in their 50s several years off from work: a time “to figure out what to do with the rest of your life.”
* Offer classes or additional training on entrepreneurship, which will be of increasing importance.
* Offer exceptional 401K option as retirement for young employees may last 30-40 years as life spans increase.
* BE FLEXIBLE!! Your employees may opt to take several mini-retirements to travel or enjoy watching their children grow.
They closed their presentation with some thought provoking concepts.
* Technological advances will likely offer amazing perks that make the whole living longer and working harder proposition more appetizing.
* According to Futurist Patrick Tucker: “By 2020, our beds will read our heart rate and blood pressure as we wake up.”
* “And Biosensors embedded in our clothes will monitor our caloric intake,” adds Tucker
* Plastic surgery will reach the height of popularity, so include those services at our local hospital!!
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