On October 3, @shrmnextchat chatted with Mark Fogel, CEO of HC3 and senior adjunct professor at Adelphi Graduate School of Business about Boomers, HR and an Aging Workforce.
If you missed this excellent chat filled with advice for both older workers and employers, you can read all the tweets here:
The workforce is getting older, leading to a “silver tsunami” in our workplaces as the number of workers ages 55 and older will rise from 32.4 million in 2012 to almost 44 million in 2022. This has huge implications for both workers and employers.
Demographic changes in the workforce are having a profound impact on employers as the number of workers ages 55 and older continues to grow.
On January 23, @shrmnextchat held a special Tuesday edition of #Nextchat: SHRM Live 2018 -- Leveraging Untapped Talent Pools to Help Your Business Thrive, where we carried the SHRM LIVE 18 virtual event conversation to Twitter to hear from HR and recruiting professionals from around the world about how they’re leveraging untapped talent pools in their talent acquisition strategies.
Millennial this, millennial that. Advertisements for products to hide gray hair or wrinkling skin. Slogans like “60 is the new 40.” Increasing charges of age discrimination. All these factors indicate that the U.S. is stuck in a youth oriented society. The problem is that perception drives employers to ignore older workers, often to the detriment of the company.
Older workers a rising force
Over the coming decades “Mature Workers” (defined as age 50+) will be one of the largest sources of talent available. Given this reality and the invaluable nature of older workers’ experience and skills, organizations must develop both acquisition and retention strategies to employ the mature workforce and stay competitive. That’s where SHRM, the SHRM Foundation, and AARP come in.
Over the next few years, the aging population will lead to a 'retirement tsunami', with millions of baby boomers leaving the workforce within two decades. In Australia, the ratio of employed persons to retirees will be cut almost in half, falling from 5 to 2.5 workers for every retired individual, according to Treasury data. In the US, "baby boomers in a big lump are leaving the labor force," according to Andrew Chamberlain, chief economist at Glassdoor. In short, there won't be enough new talent entering the workforce to keep up with those leaving it.
Older Workers Are Most Engaged, Boost Revenues
Demographers call it the “silver tsunami”: a rising tide of older workers that threatens to overwhelm institutions and systems from retirement to health care to employment. Others simply call it “the aging workforce,” which sounds less alarming. But by any name, the challenge facing U.S. businesses, government and society as the workforce ages and the Baby Boomer generation retires is real. And after many years of anticipation, it has arrived.
We've all grown tired of generational stereotypes in the workplace. Baby Boomers are giving presentations on how to manage Millennials, Millennials are sick of being picked on, and Generation X has all but vanished. I recently read an article sighting the behavioral traits of Generation Z (now the Millennials have someone to pick on). It's all a stupid attempt to simplify human beings into manageable categories to limit our desire to transcend simplicity. People are not simple!
I know I have posted a few times previously on the how the population in general is getting older on average, and how of course as an after-effect of this general trend we will begin (if we have not already), to see our workforce getting older as well.
The share of workers aged 55 and older in the U.S. labor force will jump to 25.6 percent in 2022, up from just 11.8 percent in 1992, according to federal data. Some people stay on the job because they are living longer, healthier lives than their predecessors, but many are also unprepared financially to retire and need to keep working. What is the greatest benefit to this trend, and are there any drawbacks?