Tut 8

Demographic Forces include generational cycles, population shifts, and changing life patterns of people who are or could be credit union members.
The Baby Boomers are the largest generation ever. They were born between 1946 and 1960 and they’ve transformed their communities and markets at every stage of life. Now they’re entering elder hood. Here are some things to know about the Boomers

As they begin to retire, about a third of them will move away from the home and community where they’ve most recently lived.
The nonprofit and cooperative concepts are important to them.
Technology is bolted on for them.
Listen to them on ease of use issues

Generation X is made up of folks born between 1961 and 1981. They are now moving from late youth into midlife and what I call “The Power Alley.” Here are some things to know about the Xers.
They are the ultimate pragmatists.
They are the ultimate comparison shoppers.
They are comfortable with technology.
Listen to them on competitive issues.

Generation Y represents folks born after 1982. The early Ys have graduated from college and they are entering the workforce, but many are still in school. They are good at and enjoy group things and are great team members. Here are some things you should know about the Ys.
Plan to meet them at school and the workplace.
Membership matters to these folks.
Technology is the water they swim in.

The changing demographics of the workforce in Singapore are changing due to the ageing population thus higher management will face more retirements and the shop floor will have to recruit younger staffs. However, it will be more difficult to hire staff as most of the younger people do not want to take up jobs that require long hours of standing and working.