The Aging Workforce!

The saying 50 is the new 30 may be nice to hear for individuals who are noticing the effects of age creeping up on them, but others in that demographic report that it is wishful thinking. (These doubtful individuals report that they do not feel the same at 50 as they did when they were 30.)  What is true, however, is that many business professionals will be postponing their retirements and working longer.  For this reason, expect the 50+ Baby Boomers to remain a potent force in the workplace for some time.  Retaining Boomer talent and integrating it effectively with the later generations, Gen Y and Gen X, is critical to an organization’s success.

Consider the following statistics:

• One in four US workers has celebrated a 50th birthday. (This milestone was actually reached several years ago according to the US Bureau of Labor Statistics.)
• Voluntary turnover is often less among older workers.  (One national retail chain reported that their voluntary turnover is six times less for workers over 50 than it is for workers under 30.)
• One-half of all baby boomers and two-thirds of younger boomers have children under 18 living in their household. More than one third of boomers care for an older parent. (AARP)
• Boomers are concentrated in metropolitan areas as opposed to rural areas. (US Census)
• Boomers cost more but not by much–only about 10% in economic costs and less if you factor in the experience benefits they bring to an organization in areas like critical thinking and general business wisdom. (HR Magazine)
• 80% of Boomers plan to work during their retirement years with only 20% planning to retire completely from work. (AARP)

Strategies for successfully engaging older workers include targeted training that has strong hands-on and visual elements, flexible work schedules including part-time work opportunities, and specific feedback on their performance that allows them to improve.  (This is contrary to the belief that older workers are set in their ways. Boomers remain big on self-improvement and career progress.) The verdict may still be out on whether 50 is the new 30 health-wise;  it makes sense, however, that 50 may by the new 30 career-wise as Boomers as a group postpone or eliminate retirement altogether.