#SmallBiz BUZZ – How Baby Boomer Retirement Surge Is Changing Business

SmallBiz BUZZ SeriesRoughly 10,000 Baby Boomers retire each day, a trend that is expected continue for the next fifteen years. This is expected to make a big impact to our economy in a variety of ways. The recent recession has forced many Boomers to work past the retirement age that further slows job opportunities for new grads and throughout the corporate ranks. For those that do retire, it means less lower spending, little new investment, and more dependency on government coffers and younger generations for economic support. Since Boomers make up nearly a quarter of the U.S. population, how fast they leave the workforce and how they live in retirement will have a dramatic impact on the Colorado and national economy.

Source: U.S. Department of Labor, Bureau of Labor Statistics, reprinted from CBS News MoneyWatch feature.

WHY THE BUZZ?

Aside from the economic repercussions, the retirement of the Baby Boom generation will leave permanent, and lasting changes on the modern workforce. As a larger percentage of companies transition executive leadership to the X & Y generations, underlying corporate values and employee cultures may shift as well.

How will that affect those Boomers that wish to keep working? The subprime meltdown in 2007 and resulting stock market crash has forced millions into delaying retirement, a  trend compounded by data which indicates that Americans are “living longer than ever,” as reported by the CDC.  This has ultimately led some analysts to speculate that we may be seeing the end of retirement.  The Boomers that do manage to retire will leave behind millions of open jobs, many of which will not be able to be filled by the workers of following generations.

HOW DOES THIS IMPACT MY COLORADO BUSINESS?

Realistically, this is a national issue – and one that businesses of all sizes will likely have to come to terms with. A SHRM-AARP survey conducted in 2012 found that the vast majority of organizations are not prepared to deal with skill gaps left by retiring workers. Small businesses will need to proceed with trepidation, as valuable employees could be lured away by larger organizations desperate to replace their retiring staff. Companies with a little extra room in their budget may be able to limit the brain drain by focusing their recruiting efforts on younger workers who are eager to work.  The sooner this process begins, the better. These younger workers will need ample time to be trained by more seasoned veterans. If this is not financially possible, small businesses may need to consider adding some serious employee perks in order to keep the loyalty of the employees who are at risk for being poached by desperate competitors.

The other side of the issue is the expected growth in industries catering to the needs of retirees, such as healthcare and tourism. Ultimately, the retirement of the Baby Boomer generation is a complex issue, and only time will reveal the lasting effects it has on the workforce. One thing is for certain though: If you want your businesses to emerge from the retirement crisis unscathed, you need to start preparing today.

Citywide Banks Thanks Its Employees & Families with Special Day at Colorado Rockies Game

 !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?’http’:’https’;if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+’://platform.twitter.com/widgets.js’;fjs.parentNode.insertBefore(js,fjs);}}(document, ‘script’, ‘twitter-wjs’);lang: en_US

Citywide Banks has been family owned and operated since it opened its first branch on Colfax Avenue in 1963. Our bank’s family atmosphere permeates our employee culture, where teamwork, collaboration, and service excellence are the cornerstones of Citywide’s continued success.  And, the fun doesn’t always happen in the bank. This past Sunday, Citywide Banks [...]

Citywide Banks Reissuing Debit Cards as Precaution Following Home Depot Data Breach

The national retailer, Home Depot, has announced it is investigating a nationwide financial data breach that has the potential of impacting Citywide Banks customers. As a precaution, Citywide Banks will be automatically reissuing debit cards for its customers that made purchases at Home Depot during the impacted period. The bank has begun contacting these customers. [...]

Citywide Banks Hosts 48th Annual Golf Classic and Raises $6,800 for Denver Health Foundation’s Behavioral Health Endowment

Citywide Banks hosted its annual golf tournament and dinner reception this past Thursday, August 28th, at Inverness Golf Club, for more than 100 of the bank’s business clients and partners. This year marked the 48th consecutive year milestone for the event, one of Colorado’s longest running private golf tournaments. During this year’s event, the bank showcased the ongoing work being done through local nonprofit, Denver Health Foundation (DHF). Through bank contributions and golfer mulligan ticket sales, more than $6,800 was raised for DHF’s Child and Adolescent Behavioral Health endowment. This endowment provides critical funding necessary for advancements in research and treatment of Denver’s youth with conditions ranging from abuse to drug addiction, bi-polar disorder, depression, schizophrenia and suicidal disorder. [...]

Top Mobile Business Apps for Phones and Tablets

The search for apps that actually help you meander through your workday more effectively can be as challenging as digging for the proverbial needle in a haystack. Whether you use a Smartphone, Android, tablet or a combination of touch screen devices, the right apps do make business life easier. [...]

Citywide Banks MONEY MATCH for Denver Health Foundation’s Child & Adolescent Behavioral Health Endowment – Now through September 15

Now through September 15, 2014, Citywide Banks will match up to $2,000 in cash donations to the Denver Health Foundation’s Child and Adolescent Behavioral Health endowment. This endowment provides critical funding necessary for advancements in research and treatment of Denver’s youth with conditions ranging from abuse to drug addiction, bi-polar disorder, depression, schizophrenia and suicidal disorder. The bank is also featuring the Denver Health Foundation at its 48th Annual Golf Classic tournament on August 28th, where Citywide Banks will be making additional contributions. The Denver community is encouraged to make a tax-deductible donation of any size to help those in need to find the path to healing and recovery. [...]

Citywide Banks Raises Over $7,500 for Mental Health Crisis Counseling through 2014 Hope Floats Campaign

Citywide Banks employees and customers contributed over $7,500 for mental health nonprofit, Metro Crisis Services. The bank participated in the second annual Hope Floats fundraising campaign and duck derby race. Metro Crisis Services provides in-the-moment mental health crisis intervention through its Metro Crisis Line at 1-888-885-1222. Citywide Banks participated as a corporate sponsor, and rallied duck “adoptions” through its branches and social media channels. Employees and bank customers adopted 602 ducks for charity duck derby race held on August 16th in Lowry. [...]

Pass it on – Citywide Banks is now hiring!

Citywide Banks is currently offering the following employment opportunities: Senior Credit Analyst Treasury Management Business Development Officer Branch Coordinator Teller/Accounts Executive Mortgage Underwriter Valuation Specialist Loan Review Mortgage Loan Originator [...]

Citywide Banks Gives $5,000 to Gabby Krause Foundation at Employee Victory Lunch

Citywide Banks awarded Gabby Krause Foundation Bags of Fun with a $5,000 donation today at the bank’s Mississippi branch in Aurora. Branch employees nominated the local nonprofit for last month’s Charity Hand-Up Contest. Gabby Krause Foundation beat out six other Colorado nonprofits to win the top donation from Citywide Banks. Branch employees celebrated with a special lunch party with the charity. [...]

Pass it on – Citywide Banks is Now Hiring!

Citywide Banks is currently offering the following employment opportunities: Treasury Management Implementation Coordinator Branch Manager Junior Commercial Banker Teller/Accounts Executive Mortgage Underwriter Customer Service Manager Valuation Specialist Loan Review Mortgage Loan Originator [...]

#SmallBiz BUZZ – The ROI of Employee Perks

What does your company do to strengthen your loyalty? Is your company building an employee culture that will attract younger employees over the next decade? Millennials, workers currently in their mid-20′s to early 30′s of age, are becoming an increasingly critical segment of the workforce. The latest tech boom, growing use of social media, higher integration of mobile technology, and other factors, have created a highly competitive demand to recruit and retain younger talent across nearly every industry. While paycheck value is still king, companies are getting creative with ways to boost employee satisfaction, team building, and productivity. [...]

Citywide Banks Wild about Ducks in Fundraiser for Mental Health Crisis Counseling – Now thru August 14 Public Can Enter to Win $2,500 Cash

Citywide Banks is participating in the Second Annual Hope Floats campaign to raise awareness and critical funds for Colorado nonprofit, Metro Crisis Services (MCS). MCS operates the Metro Crisis Line, a free, confidential, 24/7 hotline for mental health and substance use crises, staffed by masters’ level professional clinicians. The community is invited to adopt ducks online or at any Citywide Banks branch by August 14, 2014. Every duck adopted will earn its “adoptive parent” another entry to win $2,500 in cash, which will be decided by a rubber duck race held on Saturday, August 16, 2014, at Great Lawn Park in Denver. Ducks can be adopted for $5/each or in discount packages of six ducks ($25) or 25 ducks ($100). Learn more at www.CitywideBanks.com/hopefloats. [...]

GABBY KRAUSE FOUNDATION Wins Top $5,000 Donation in Citywide Banks Charity Hand-Up Contest

Denver nonprofit, Gabby Krause Foundation, edged out six other local charities to garner the most votes in Citywide Banks $8,000 Charity Hand-Up Contest. The 15-day Facebook contest aimed to raise awareness for seven Colorado nonprofits nominated by Citywide Banks employees. Gabby Krause Foundationwill receive a $5,000 cash donation from the bank, while runner-up, Humane Society of the South Platte Valley, will receive $1,000. An additional $1,500 in donations will be split among the other nominees based on final vote standings. The Salvation Army Aurora Corps will receive an additional $500 for growing its Facebook network the most during the contest. [...]

Thousands Enjoy Free Neighborhood Concert Presented by Citywide Banks

For the 28th straight season, Citywide Banks hosted its annual neighborhood concert last night at Utah Park in Aurora. The roots rock and roll band, Chris Daniels & The Kings, performed in front of more than 1,000 fans spread across the hillside at the park’s northwest corner. The bank’s employees mingled with local families and music fans, passing out bottled water, frisbees, and other giveaways. The outdoor concert was part of the Summer Concert Series coordinated by the Aurora Chamber of Commerce. [...]

Pass it On – Citywide Banks is Now Hiring

Citywide Banks is currently offering the following employment opportunities: Teller; Teller/Account Executive (two openings); Floating Teller/Account Executive; Valuation Specialist; Loan Review; Mortgage Loan Originator. [...]