Inside Indiana Business Articles

2029 and beyond: Anticipating the economic consequences of baby boomers reaching age 65

The Baby Boomer generation, born between 1946 and 1964 and comprising a staggering 78.8 million individuals, stands as one of the most significant and influential demographic cohorts in recent history (Springer, 2023). This generation witnessed and contributed to significant cultural, social, and economic changes, from the civil rights movement to the rise of the internet. As they have aged, Baby Boomers have consistently shaped aspects of society, and now, with the leading edge of this cohort reaching age 65 in 2029, their impact on the economy could be more pronounced than ever.

Artificial Intelligence: Implications for Strategic Plans

At this moment, many business leaders don’t need to understand the intricacies of artificial intelligence (AI) or how to interpret raw analytics to know that they need to invest in AI. The destabilization of the economy, ongoing geopolitical tensions, and the residual impact of the COVID-19 pandemic are just a few of the circumstances that have forced us to let go of our preconceived notions about how the future will most likely evolve.

Teamwork for Engineers

Labor force problems will remain severe, and unmet labor needs can stifle growth. The inevitably higher costs of talent require new emphasis on making teams much more effective. Fortunately, there are ways to do this, and we need not wait for artificial intelligence and other future technologies.

Preparing Technical Talent for Management

Companies can ensure technical professionals are prepared to manage others but only if they’re willing to reconsider their approach. To secure and keep a deep bench of tech talent, successful organizations invest in the professional development of their engineers and technical professionals.
Being proficient at completing the technical aspects of your position can only take you so far. To stand out from others, strong foundational skills are required. Individuals who are self-aware and adept at communication and relationship building, position themselves and their organizations for success.
Controlling the narrative is important to organizations, even if it’s not publicly acknowledged as being so. Often, we want to get ahead of misinformation or ensure individuals understand what we’re trying to do and why. We want to influence and motivate behavior. We want communication to be meaningful and add value to others.
Organizations typically focus on learning and fail to address unlearning as an organizational development strategy. Whether we realize it or not, we gravitate toward what is familiar and less challenging. But without taking the time to step back and reflect upon the ways in which we approach our work we could be sabotaging our own efforts. This applies to most changes we want to implement. Instead of trying to convince your team that your change effort is the right one, help them understand why it is important to change.
Both economic development and preparedness are extremely important. But they must be prioritized. Preparedness is always first. If you are prepared, you are positioned for prosperity. If you aren’t prepared, sustainable progress isn’t possible.
As organizations adapt to change brought about by the pandemic, many contemplate how long it will take for our world to return to normal. Normal will be what we make of it. Our former ways of living and working have evolved in many ways to ensure public health is taken into consideration. What we used to consider normal may be forever altered. But I believe there are opportunities awaiting individuals and organizations that are worth exploring.

How to Diffuse Miscommunication About Coronavirus

Updates about the coronavirus are everywhere, even though much remains unknown. Workplaces are scrambling to gather information and make decisions. Leaders responsible for communicating about coronavirus have a major challenge. Tell your stakeholders what you know in an attempt to stay ahead of miscommunication or wait until you have more facts.
As awkward and difficult as starting a new job can be, the flip side is a clean slate. What are you going to do with such an opportunity? How can you make this less overwhelming? Where do you start?