| The
Future of the Older Worker in America
As the baby boomers age they face a future that is challenging
in several ways. The rise of ageism as a recognized form of
discrimination will certainly confront them. The first of
the baby boomers are now crossing 55 and 56 years of age.
This is typically the time when most cases of age discrimination
occur. This fact would indicate they would not want to stay
in the work force. However, at the same time due to emerging
realities baby boomers will find that their skills will be
in continued demand for the next 30 years. Such factors as
the lack of qualified workers, the fact that the number of
persons younger than 45, in America is declining, and the
number of immigrants, legal or illegal cannot fill the need,
plus the increasing life span of Americans means that employers
will need their services for the foreseeable future and they
will be available. The question is how prepared are American
employers to come to grip with these trends?
According to the United States Department
of Labor the number of persons at age 55 or older working
in the United States has grown to 32.4 million persons. However,
as a percentage the people' age 55 or older in the work force
is only 2.9%. This is the lowest percentage since recording
began in 1950. For example in 1950 there were 11.3 million
persons age 55 or older working and they represented 4.9%
of the work force. While the number of persons age 55 or older
in the work force has increased steadily since 1950 their
percentage has dropped steadily. By the year 2010 America's
native work force will begin to dwindle, if the baby boomers
begin to retire en masse. Again, the question is how prepared
are American employers to come to grip with these trends?
Again, according to the DOL companies
are not doing a good job of courting older workers. In fact,
in spite of efforts on the part of various government agencies
and professionals in the recruiting industry, employers routinely
discount the value of older employees and will often opt for
younger less qualified persons to fill vacancies. One study
done by William M. Mercer, (Capitalizing On an Aging Work
Force), company indicates that employers are still hiring
as though they will always be able to find qualified younger
persons to fill important positions. In the face of the demographics
described above it is interesting to speculate just how much
longer employers will be able to continue this practice.
Not all employers are oblivious to
these demographic changes. For example General Motors has
quietly dropped its "early retirement program" and
is now actively encouraging its older employees to stay on,
to postpone retirement. Unfortunately most employers are not
as active in this area as General Motors is.
What can employers do to hold on to
their older workers? Below we offer a few suggestions that
may help.
1. Start planning right now. What percentage
of your current work force will be 55 years of age or older
in ten years? What are their plans for retirement? Are they
planning on retiring as soon as they are able to do so? Would
they like to continue working? Are there any changes that
the employer can make that will encourage older employees
to stay on past customary retirement age? Are you as an employer
willing to make such changes? The time to start is now.
2. Take into consideration the fact
that the increased life spans of Americans will probably lead
older workers to be concerned that if they retire at 65 their
retirement income may run out. This fact should be discussed
with older workers so that they recognize these facts. 3.
According to a University of Michigan study, most workers
age 50 or older indicated they would like to postpone retirement
but cut the hours they are working, or move to jobs with fewer
responsibilities. At the same time they report that they are
having a hard time convincing their bosses that this is a
good idea. In light of the demographics listed above, it would
be a very good idea for employers to give these ideas serious
consideration.
4. Other studies have found that once
employees retire it is much more difficult to get then to
come back to work and rejoin the rat race. The above indicates
it would be a good idea to keep your older workers working
by postponing their retirement. This may mean that you will
have to accommodate some of their requests, but in the long
run that will be easier than trying to lure them back to work
once they leave.
5. The good news is that according
to the AARP 80% of baby boomers plan to work past customary
retirement age. The worrisome news is will employers be ready
and willing to accommodate their needs as they age?
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