Axios Finish Line: Lead like Brooks Brothers CEO Ken Ohashi

1 big thing: Lead like Ken

📷 Missing summer already 

Finish Line is featuring a series of interviews by Hope King with top leaders from business and beyond. Let us know what you think: finishline@axios.com.

Smart Brevity™ count: 638 words ... 2½ mins. Copy editor: Amy Stern.

💍 Finish Line is taking a break until October while Erica Pandey gets married. She promises a rundown of multicultural weddings when she's back!

👔 Axios Finish Line: Brooks Brothers turnaround

Finish Line

An analog clock with only two symbols instead of twelve: the symbols read 'AM' and 'PM'.

blue

Axios Finish Line

Standard

1 big thing: 5 hacks for living to 100

🏰 Thousand-year-old beauty

Welcome back! We're excited to be back in your inbox. Smart Brevity™ count: 516 words ... 2 mins.

Axios Finish Line: Lead like Accenture CEO Julie Sweet

1 big thing: Lead like Julie

🗽 Parting shot

Finish Line is on fall break for two more weeks, but we wanted to bring you this extra edition with a fascinating CEO interview by Hope King. Let us know what you think: finishline@axios.com.

Smart Brevity™ count: 674 words ... 2½ mins. Copy editor: Amy Stern.

1 big thing: Reconfiguring your clock

Illustration of a sun as a clock with clouds in the sky.

💡 The truth about electrolytes

Illustration of lightning inside of a water drop.

Welcome back! We hope the end of your summer was joyful and restful! Send your questions, feedback and stunning nature pics to finishline@axios.com.

Smart Brevity™ count: 437 words ... 1½ mins. Copy edited by Amy Stern.

1 big thing: Out of the ashes

🐝 The small things

Welcome back! Smart Brevity™ count: 432 words ... 1½ mins. Copy edited by Amy Stern.

National

One in four of America's workers is 55 or older. But age discrimination persists in offices, keeping many of those people out of jobs.

Why it matters: Older workers are facing long periods of unemployment, stressful job hunts and mounting financial stress — and employers are missing out on an entire generation of life experience.

What’s happening: Many older Americans left the workforce during the pandemic.

Some bowed out due to health concerns, and others started the retirement process early because high home prices and bulked-up retirement accounts made it seem like a good time, says Julia Pollak, chief economist at ZipRecruiter.

But now COVID is less of a threat with vaccinations and inflation is squeezing bank accounts, prompting many of those people to look for work again.

"They would love to come back," says Pollak. "But labor market conditions, though rosy overall, have deteriorated for older workers."

Workers over the age of 50 are unemployed for three times as long as their younger counterparts because of roadblocks when it comes to finding work, per AARP's analysis of BLS data.

And older workers typically have to send out a larger volume of applications to get offers, Pollak notes.

The big picture: "Ageism is the last acceptable 'ism,'" says Carly Roszkowski, VP of financial resilience programming at AARP.

More than 40% of workers over the age of 40 say they've experienced age discrimination at work in the last three years, according to a recent AARP survey.

And nearly 40% cite ageism as their top concern when trying to look for work.

Employers admit that they're looking for younger talent, per ZipRecruiter data: 47% say they're worried about older workers' tech skills and 25% say they'd pick a 30-year-old over a 60-year-old if both candidates were equally qualified.

Job descriptions often use phrases like "digital native" and "tech savvy" that can make it seem like older workers need not apply, per an Indeed analysis. And job applications often ask for a birth date or graduation year, sparking fears among older applicants that they'll be screened out.

Zoom in: "Generalizing always gets it wrong," says Pollak.

There are plenty of older workers in the labor force who defy stereotypes about physical fitness and tech savviness. They also tend to score high in soft skills like reliability and professionalism — and often have valuable skills that pertain to struggling industries, Pollak says.

Take accounting. Some 300,000 accountants have left the workforce in the last several years — chiefly due to retirements — and the pipeline of new accountants is dry. The talent is concentrated among older workers.

The same is true for many of the trades, such as carpentry or aviation tech.

The bottom line: The only segment of the workforce by age that is growing over the next decade is workers who are 75 and older, according to AARP's analysis of BLS data.

As Americans live longer — and work longer — older workers will continue to be a vital part of the workforce of the future.

The American workplace's bias against age

Employers are missing out on an entire generation of life experience.

Jobs

Economy & Business

New Orleans

Axios New Orleans

Retirement plans for many Americans are complicated by financial worries and uncertainty if they ever want to fully retire, according to a new Axios-Ipsos poll.

Why it matters: Millions of people nearing retirement age are financially unprepared.

About half of people between 55 and 66 have no personal savings, according to Census Bureau data.

The big picture: Many who haven't yet retired say they are unsure how to plan for it.

One in five say they don't think they will ever retire.

Just 36% of those 55 and older — nearing typical retirement age — say they'll be able to retire when they expected.

Data: Axios/Ipsos poll; Chart: Axios Visuals

Here's what y'all said when we asked about your retirement plans.

The big picture: The responses across Louisiana highlighted anxiety about inflation, plus concerns about health care costs and other variables that might come up.

Zoom in: Bill H. in Baton Rouge retired three years ago and is living on a 401(k) and IRA. 

"The uncertainty of everyday expenses makes life impossible to plan for," he said in our national survey.

What they're saying: "I'm reluctant to overspend given the current economic climate and the possibility of the need for long term care," says reader Harry P. from New Orleans, who lives on Social Security plus money from federal retirement and other investments.

Meanwhile, Richard B. of New Orleans says he and his wife are "very fortunate" to have several sources of income, including three pensions.

Yes, but: Fewer retirees will be relying on pensions in the coming years. Thirty percent of people still in the workforce plan to use a pension to help fund their future retirement, compared with 54% of retirees who say they're using pension money.

On top of that, "roughly half the workforce, we're talking 50-plus million people, work for an employer that doesn't offer a retirement plan," David John, a senior policy adviser at AARP, tells Axios. That could mean a small business or gig work.

The bottom line: Retirement may seem out of reach, but it remains a goal for most Americans, and those who have retired say they're content: 68% of retirees agree that they feel better than ever now that they've retired.

Louisiana retirees worry about inflation and health care costs

About half of people between 55 and 66 have no personal savings.

Illustration of a nervous piggy bank with a sweat drop on its face.

Louisiana

<a class="gtmContentClick" data-vars-link-text="Retirement plans" data-vars-click-url="https://www.axios.com/2023/07/20/retirement-savings-planning" data-vars-content-id="75ba31dd-cb0b-41a1-9bfc-079c78d8ec27" data-vars-headline="Louisiana retirees worry about inflation and health care costs" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/07/20/retirement-savings-planning" target="_self">Retirement plans</a> for many Americans are complicated by financial worries and uncertainty if they ever want to fully retire, according to a <a class="gtmContentClick" data-vars-link-text="new Axios-Ipsos poll" data-vars-click-url="https://link.axios.com/click/32191675.32/aHR0cHM6Ly93d3cuYXhpb3MuY29tL2JyaWRnZT91cmw9aHR0cHM6Ly93d3cuaXBzb3MuY29tL2VuLXVzL2F4aW9zLWlwc29zLXJldGlyZW1lbnQtc3VydmV5JnM9MTI0NjY0Jm49MDEwN2YwNmImdD1jNDI3YzAxZjJmZTA0MTgzM2ZiNjkxYTQzYTc4MWY1ZjZkYjYwYzFjJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1zZW5kdG9fbG9jYWxuZXdzbGV0dGVydGVzdCZzdHJlYW09dG9w/62f6ab20d173ab15f0173903Bbd56d552" data-vars-content-id="75ba31dd-cb0b-41a1-9bfc-079c78d8ec27" data-vars-headline="Louisiana retirees worry about inflation and health care costs" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/32191675.32/aHR0cHM6Ly93d3cuYXhpb3MuY29tL2JyaWRnZT91cmw9aHR0cHM6Ly93d3cuaXBzb3MuY29tL2VuLXVzL2F4aW9zLWlwc29zLXJldGlyZW1lbnQtc3VydmV5JnM9MTI0NjY0Jm49MDEwN2YwNmImdD1jNDI3YzAxZjJmZTA0MTgzM2ZiNjkxYTQzYTc4MWY1ZjZkYjYwYzFjJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1zZW5kdG9fbG9jYWxuZXdzbGV0dGVydGVzdCZzdHJlYW09dG9w/62f6ab20d173ab15f0173903Bbd56d552" target="_blank">new Axios-Ipsos poll</a>.Why it matters: Millions of people nearing retirement age are financially unprepared.<ul><li>About half of people between 55 and 66 have <a class="gtmContentClick" data-vars-link-text="no personal savings" data-vars-click-url="https://link.axios.com/click/32191675.32/aHR0cHM6Ly93d3cuY2Vuc3VzLmdvdi9saWJyYXJ5L3N0b3JpZXMvMjAyMi8wMS93b21lbi1tb3JlLWxpa2VseS10aGFuLW1lbi10by1oYXZlLW5vLXJldGlyZW1lbnQtc2F2aW5ncy5odG1sP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1zZW5kdG9fbG9jYWxuZXdzbGV0dGVydGVzdCZzdHJlYW09dG9w/62f6ab20d173ab15f0173903B6673539a" data-vars-content-id="75ba31dd-cb0b-41a1-9bfc-079c78d8ec27" data-vars-headline="Louisiana retirees worry about inflation and health care costs" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/32191675.32/aHR0cHM6Ly93d3cuY2Vuc3VzLmdvdi9saWJyYXJ5L3N0b3JpZXMvMjAyMi8wMS93b21lbi1tb3JlLWxpa2VseS10aGFuLW1lbi10by1oYXZlLW5vLXJldGlyZW1lbnQtc2F2aW5ncy5odG1sP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1zZW5kdG9fbG9jYWxuZXdzbGV0dGVydGVzdCZzdHJlYW09dG9w/62f6ab20d173ab15f0173903B6673539a" target="_blank">no personal savings</a>, according to Census Bureau data.</li></ul>

News

Kroger is the king of sushi sales in the U.S., with over 40 million pieces sold last year.

Why it matters: When chains like Kroger — which has some 2,700 stores all over the U.S. and sells sushi at two-thirds of them — turn foods from other countries, like sushi, into big business, they become dining table staples and change the national palate.

Kroger stores get 160 million visits a week, per The Cincinnati Business Courier.

🥢 Zoom in: Kroger sold its first sushi in 1991, The Journal notes. After noticing its early popularity, the chain leaned into sushi and added other Asian foods, like seaweed salads, poke bowls and dumplings, which also drive big sales.

🛒 Zoom out: A number of other supermarkets — including Whole Foods — also offer sushi. Last year, grocery store sushi made up around 15% of the sushi Americans ate, per The Journal.

Expect that share to grow. Sushi sales at U.S. retailers were up 72% over the last year, per Circana.

Grocery store sushi is cheaper than restaurants and comes pre-packaged — grabbable for lunch-on-the-go or an after-school snack for kids.

America's top sushi seller likely isn't who you expect

The chain of stores sold over 40 million pieces of sushi last year.

Kroger

<a class="gtmContentClick" data-vars-link-text="Kroger" data-vars-click-url="https://www.axios.com/pro/retail-deals/2023/06/07/where-kroger-and-albertsons-dominate" data-vars-content-id="9bf1886a-9336-4728-861d-d2357e6c737b" data-vars-headline="America&#x27;s top sushi seller likely isn&#x27;t who you expect" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/retail-deals/2023/06/07/where-kroger-and-albertsons-dominate" target="_self">Kroger</a> is the king of sushi sales in the U.S., with over <a class="gtmContentClick" data-vars-link-text="40 million pieces" data-vars-click-url="https://www.wsj.com/business/retail/how-kroger-became-the-biggest-sushi-seller-in-america-d6ad149" data-vars-content-id="9bf1886a-9336-4728-861d-d2357e6c737b" data-vars-headline="America&#x27;s top sushi seller likely isn&#x27;t who you expect" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.wsj.com/business/retail/how-kroger-became-the-biggest-sushi-seller-in-america-d6ad149" target="_blank">40 million pieces</a> sold last year.Why it matters: When chains like Kroger — which has some 2,700 stores all over the U.S. and sells sushi at two-thirds of them — turn foods from other countries, like sushi, into big business, they become dining table staples and change the national palate.

Indianapolis

Indiana's retirees may be better off than the next generation, but not everyone's financial future seems certain — including people who've saved for years.

Driving the news: Many Americans who haven't yet retired say they are unprepared to do so and unsure how, according to a new Axios-Ipsos poll. Others question if they even want to fully exit the workforce.

1 in 5 say they don't think they ever will.

Just 36% of people 55 and older — nearing typical retirement age — say they'll be able to retire when they expected.

Why it matters: Fewer workers have access to reliable pensions today, writes Axios' Felix Salmon.

Most Americans retiring now are the first generation to instead rely primarily on private savings to navigate the financial vortex once they age out of work.

By the numbers: 30% of people still in the workforce plan to use a pension, compared with 54% of today's retirees who say they're using pension money.

On top of that, "roughly half the workforce, we're talking 50 plus million people, work for an employer that doesn't offer a retirement plan," David John, a senior policy adviser at AARP, tells Axios. That could mean a small business or gig work.

Of note: There are plenty of ways to find the best financial adviser and avoid scams, like AARP's online tool to screen them, its Fraud Watch Network, and the Financial Industry Regulatory Authority's resources on avoiding investment scams.

What they're saying: Indiana retirees tell Axios that changes to their stocks, pensions and life situations have caused uncertainty about their financial prospects.

While Belinda B., age 64, says she's doing OK, she suffered early losses in retirement thanks to the stock market that "will be difficult to make up."

However, she says her "saving grace" is that she paid off her car and mortgage and is not planning to take Social Security until age 70.

James S., a 67-year-old retired Indiana public school teacher, said his pension is losing purchasing power, highlighting that the Legislature this year did not fund any pension increase.

It was the first time in nearly 40 years no increase was approved, as FOX 59 reported.

"I must plan for a financial future that will require me to supplement a degrading pension with either personal cutbacks or reemployment of some kind," he said.

Kelly D., 61, had planned to retire this year but postponed it after being widowed in 2020.

"I have a good nest egg, but the insecurity of the stock market, the possible insolvency of the Social Security program and the fact that I won't have work income any longer are all daunting," she said.

She's currently planning to retire in early 2024, but said she's torn between spending time with her first grandchild and continuing to build her retirement benefits by working.

David H., 64, retired in February 2022, feeling pretty confident about his family's "nest egg." But thanks to rate hikes, bank failures and inflation their 401(k) has dropped by 21% in the first year of retirement, making them "a lot more jittery." He estimates he'd have to work for five more years to make the losses up.

The timing was poor, he said, because they'd just moved into a house with a bigger mortgage. It's forced them to put off plans to buy a new car and suspend "our ambitious travel plans — which was to be a keystone of our retirement — and other discretionary spending, such as dining out."

"We worry about finances much more than we ever did during our careers, but we are better off than most people, and for that, we are thankful."

Retirement out of reach for many Hoosiers

Many Americans who haven't yet retired say they are unprepared to do so.

Retirement

Indiana&#x27;s retirees may be better off than the next generation, but not everyone&#x27;s financial future seems certain — including people who&#x27;ve saved for years.Driving the news: Many Americans who haven&#x27;t yet <a class="gtmContentClick" data-vars-link-text="retired" data-vars-click-url="https://www.axios.com/2023/06/03/us-retirement-wealth-income" data-vars-content-id="a4a80ce8-55b8-416e-984b-f3ef8c740445" data-vars-headline="Retirement out of reach for many Hoosiers" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/06/03/us-retirement-wealth-income" target="_self">retired</a> say they are unprepared to do so and unsure how, according to <a class="gtmContentClick" data-vars-link-text="a new Axios-Ipsos poll" data-vars-click-url="https://link.axios.com/click/32241308.84/aHR0cHM6Ly93d3cuYXhpb3MuY29tL2JyaWRnZT91cmw9aHR0cHM6Ly93d3cuaXBzb3MuY29tL2VuLXVzL2F4aW9zLWlwc29zLXJldGlyZW1lbnQtc3VydmV5JnM9MTI0NDk4Jm49NDYyMzRmZWYmdD1kYzRlMWNjYWVkMGEwZWY1Y2NkNDI0YzFkNTRhNTc4YjYzN2M0ZDdmJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1zZW5kdG9fbG9jYWxuZXdzbGV0dGVydGVzdCZzdHJlYW09dG9w/616585d8ec66e30426613ca3B9490c402" data-vars-content-id="a4a80ce8-55b8-416e-984b-f3ef8c740445" data-vars-headline="Retirement out of reach for many Hoosiers" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/32241308.84/aHR0cHM6Ly93d3cuYXhpb3MuY29tL2JyaWRnZT91cmw9aHR0cHM6Ly93d3cuaXBzb3MuY29tL2VuLXVzL2F4aW9zLWlwc29zLXJldGlyZW1lbnQtc3VydmV5JnM9MTI0NDk4Jm49NDYyMzRmZWYmdD1kYzRlMWNjYWVkMGEwZWY1Y2NkNDI0YzFkNTRhNTc4YjYzN2M0ZDdmJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1zZW5kdG9fbG9jYWxuZXdzbGV0dGVydGVzdCZzdHJlYW09dG9w/616585d8ec66e30426613ca3B9490c402" target="_blank">a new Axios-Ipsos poll</a>. Others question if they even want to fully exit the workforce.

The Supreme Court decision outlawing affirmative action in college admissions upended higher education. Big business could be next.

Why it matters: Corporate America has a diversity problem. Pushing companies to ignore race and background when recruiting could make things worse.

Some 89% of CEOs and CFOs leading the biggest companies in the U.S. are white, according to a paper in the Journal of Accountancy that examined 681 firms in the Fortune 500 and S&P 500.

What’s happening: Edward Blum, the man who led the legal fight against affirmative action in higher education, is setting his sights on private companies, he told the Boston Globe in an interview.

Blum's latest target is Fearless Fund, an Atlanta-based venture capital fund co-founded by three black women, which is focused on startups led by women of color, Axios' Dan Primack writes.

Reality check: Black founders raised just 1% of all VC funding in 2022.

Between the lines: "[T]he Court in the higher ed affirmative action cases has expressed hostility to race-conscious efforts to improve racial equity," Pauline Kim, a professor at Washington University in St. Louis, tells Vox.

"And that may encourage people who are ideologically inclined to challenge any kind of race-conscious or race-remedial efforts to try to bring lawsuits to challenge what employers are doing."

What to watch: Lawyers are warning companies to review their DEI policies to protect against legal fights.

Quotas, like those designed to increase diversity on company boards, are the most likely to face lawsuits, the Globe reports.

Worth noting: There are also DEI efforts that have proven effective in the workplace that don't fall under the umbrella of affirmative action, Kim told Vox.

For example, a company's decision to stop relying on word of mouth to recruit applicants is likely to result in a far more diverse pool of candidates. 

That practice isn't affirmative action, but still works to diversify the workplace.

The affirmative action fight over big business is already here

Some 89% of CEOs and CFOs leading the biggest companies in the U.S. are white.

Illustration of a pattern of briefcases in different skintones.

Diversity

The Supreme Court decision <a class="gtmContentClick" data-vars-link-text="outlawing affirmative action" data-vars-click-url="https://www.axios.com/2023/06/29/scotus-decisions-affirmative-action-colleges" data-vars-content-id="d484672a-2315-4733-8b62-ed958985aa41" data-vars-headline="The affirmative action fight over big business is already here" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/06/29/scotus-decisions-affirmative-action-colleges" target="_self">outlawing affirmative action</a> in college admissions upended higher education. Big business could be next.Why it matters: Corporate America has a diversity problem. Pushing companies to ignore race and background when recruiting could make things worse.

Erica Pandey

Stories

The American workplace's bias against age

Retirement out of reach for many Hoosiers

The affirmative action fight over big business is already here

Louisiana retirees worry about inflation and health care costs

America's top sushi seller likely isn't who you expect

Newsletter editions

⏳ Axios Finish Line: Living to 100

💡 Axios Finish Line: Lead like Julie

👔 Axios Finish Line: Brooks Brothers turnaround

🌊 Axios Finish Line: Maui's awakening

⏰ Axios Finish Line: Hacking your internal clock