AARP Touts Benefits of Aging Workforce

The Employment Guide and the AARP Foundation have announced an opportunity for employers and older workers to come together during "Employ the Older Worker Job Fair Series." Since the celebratory day of Labor Day, a day set aside to honor our nation's workers, was established 125 years ago, the labor force has evolved dramatically and older workers are now a considerable resource within the pool of available laborers.

Currently, the number of people in the labor force aged 55 and over stands at 17%, but that number is rising quickly and is estimated that it could be as much as 24% by the year 2020. (According to a report issued by the U.S. Bureau of Labor Statistics) Many factors effect the decision to remain in the workforce longer including longer life expectancy, the passing of age discrimination laws, and rising healthcare costs making it necessary for more income later in life.

The fact that older workers are remaining in the work force longer is actually good news for employers. Especially when you consider the possibility of a huge number of Baby Boomers, typically between the ages of 43 and 61, choosing to retire and causing an extreme labor shortage. In fact, experts suggest that by 2012, there will be more than 3.3 million fewer workers than there are jobs. The retainment of older workers in the employment force, would eliminate this shortage.

The Business Case for Workers Age 50+, a recent report issued by Towers Perrin for AARP described how employing these workers and keeping them that way just makes good business sense. Some of the benefits described in the report include: they are more motivated to exceed expectations of the job than younger workers; they bring experience, dedication, focus, stability and enhanced knowledge to their work. However, the study also showed that employers would need the right mix of enticement to attract and keep those older workers. Health care benefits, innovative growth opportunities, and flexible work schedules are some of the motivators that were included.