Today’s Aging Workforce

February 21st, 2006: Our speaker, Tim Wollerman from the AARP, addressed the critical topic of the aging workforce and its impact on all of us. Whether we are an employee, employer, or a consumer of goods and services, this phenomenon, and how it is handled, will affect all of us. Our speaker shared many insights into the changing to an older workforce and challenged employers to develop an innovative strategy to ensure their company succeeds.

According to Wollerman, the aging of the workforce cannot be ignored. Today’s older worker is as significant factor in the workforce. That will only increase as time progresses. Currently one half of the entire US workforce is between the ages of 42 to 60. A half of all Federal Government workers are eligible for retirement in the next 5 years with a potential of a 10% turnover just from retirement. Surprisingly over 60% of today’s employers do not account for an aging workforce and 80% do not specifically appeal to or address the concern of mature workers.

Corporations are concerned about the aging of the workforce. Concerns include “rising healthcare cost,” “inadequate knowledge transfer,” “wrong new talent to replace old,” and “the legal ramification of hiring employees back after retirement.” This represents significant factors an organization must address to cope with the upcoming shortage of workers.

Baby-boomers, as they reach retirement age, are likely to associate retirement with something far beyond the traditional concept of retirement. Seventy percent say they will work well into their retirement age. Some even say they will never retire. The reasons baby-boomers’ cite for staying in the workforce, in order of importance, are salary, healthcare, and meaningful work.

Mr. Wollerman’s presentation was a great preview of what he will share at the Charleston Rotary Leaders Forum, “The Senior Aging Economy: The Double-Edged Sword” on Wednesday. His insight helped us all see the issues we are facing. He challenged everyone to be proactive, address the concerns, and most importantly tap the potential of the “50+” workforce.

Presented by Wayne Outlaw