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Older Employees in Big Demand!!

Written by: Terri Benincasa

Article Overview: Employers are facing a critical workforce shortage in the not too distant future. There are fewer younger workers entering the US workforce than there are older workers leaving: in fact the ratio is close to 1:3. And this labor shortage is predicted for all industries, from construction and manufacturing, to technology and health care. At the same time, the definition of retirement is changing; more baby boomers are redefining traditional retirement planning by working longer. Sound like a formula for a great and continuing partnership between you and your (or another...) company?

Older Employees in Big Demand!!

For my fellow Boomers, this is a great headline, isn’t it? And it sounds like a complete fantasy, doesn’t it?

Well, it’s not.

Employers are facing a critical workforce shortage in the not too distant future. There are fewer younger workers entering the US workforce than there are older workers leaving: in fact the ratio is close to 1:3. And this labor shortage is predicted for all industries, from construction and manufacturing, to technology and health care.

At the same time, the definition of retirement is changing; more baby boomers are redefining traditional retirement planning by working longer. Sound like a formula for a great and continuing partnership between you and your (or another...) company? You bet it is, if you do your part.

First, get the facts and work to dispel the myths surrounding older workers in the office (better yet, feel free to share this with your HR Director…):
Myth #1:
It costs more to retain older workers than it does to recruit younger workers.
Fact:
Many older workers may receive higher salaries, but when the costs of replacement are factored in for the higher turnover of younger workers during their early years of employment, the actual cost of keeping experienced employees is equal to and may be less than that of finding and retaining younger ones.
Myth #2:
The costs for health and other benefits are higher for older workers.
Fact:
Today’s older workers have fewer acute illnesses, while younger workers have more dependents. So in reality, overall benefits may work out to be the same for older and younger workers.

In essence, the U.S. would actually be better off by capturing the work experiences of Baby Boomers and passing them on to their successors.

Second, prepare yourself for these shortages so you put yourself in the best position to negotiate the on-going work package you want:
1. Take responsibility for your own development by updating the skills you will need to remain
competitive in your industry’s workforce, and;
2. Suggest or create opportunities for sharing your wisdom and expertise accrued over decades of
learning and succeeding. Here’s some ideas to get you started:
 revised human resources policies to provide flexible work schedules and job sharing
opportunities for older workers;
 training programs designed with the older adult in mind;
 educate managers and staff members on age diversity issues to dispel their negative
stereotypes of older workers;
 learn how to provide better ergonomic workplace designed to accommodate age-related
changes;
 initiate mentoring and coaching programs that provide opportunities to pass on your wisdom
to the next generations.

We older workers need not take early buy-outs or allow an employer to make us feel that we must retire if we don’t wish to. As a generation, we are famous for our success with creating change when we see the need for it. We are living longer, better, and our desired retirement age isn’t what our daddy’s used to be; the younger workforce replacement numbers are low; and we have the industry expertise not found in a younger generation. The trifecta!

While not all older workers may wish to work longer, those who do are wise to take charge of their career continuation, and companies are wise to take advantage of this extraordinary resource - now.

Related Articles
  Young Boss, Older Worker
  MYTHS ABOUT MARKETING TO OLDER PEOPLE
  Benefits of Hiring Older Workers
  12 Steps to Implementing Anything in Your Business: Step Seven: Make Demands Effectively
  Coaching the Older Team Member

Article Tags: acute illnesses, dependents, distant future, fantasy, health care, hr director, labor shortage, more baby boomers, myth, myths, older workers, partnership, retirement planning, salaries, successors, traditional retirement, turnover, work experiences, workforce shortage, younger ones



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