Surviving the Silver Tsunami

The Silver Tsunami is coming, there is no stopping it. The only thing that can be done is take proverbial shelter. Yet, maybe you aren’t one of the people that will be affected. You could be in the younger of the two working generations, or you’re already happily retired. What about your friends that are still working? What about vendors or other companies that you are contracted with? Are they in the same position as you? If they go out of business, what is the effect on your day to day operations and bottom line? There are certain things that you can do as an outsider to help build that storm shelter for those who will be affected.

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Shifting Tides

Ever heard of the Silver Tsunami? No? Don’t worry, you aren’t alone. The Silver Tsunami has nothing to do with water or coastlines. It represents the largest transfer of wealth ever before seen in the United States. There are about 12.3 MILLION Baby Boomer business owners in the United States. 10,000 of them are retiring every day on average, and most will retire within the next 5-10 years. You may be thinking to yourself, “That’s fine, there is nothing to worry about. This happens all the time with people retiring.”. The removal of this many people from the workforce is bound to lead to some changes and force a restructuring of certain economic functions.

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Corporate Culture: Do you know what your employees are thinking?

Corporate culture clues are always visible.

There are many different definitions of what a corporate culture is and what it should look like. There is no one right answer. Investopedia defines it as “the beliefs and behaviors that determine how a company’s employees and management interact and handle outside business transactions.” Others will define it differently; such as discussing corporate values or talking about employee engagement and satisfaction. If the people are happy, that means they like what’s going on, right? Not necessarily.

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