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Employee Benefits | FJG/FYI Articles

Industry Highlight The Aging Workforce:
Perceived Advantages and Disadvantages

It has been widely reported that the American workforce is experiencing a major demographic shift, largely based on the Baby Boomer generation reaching retirement age. According to a recent study, nearly 20% of the US workforce will be age 55 or older by 2012, up from just under 13% in 2000.*

For employers, what are the concerns associated with this aging labor pool? AARP asked 1,000 executives whether they agreed with some commonlyperceived advantages and disadvantages of older workers (see Fig. 1).

According to this same study, many older workers want to work past retirement age for both personal and financial reasons, which is a potential solution for staffing shortages.1 Considering this and the previous points, many companies have proactively considered these possibilities and concerns and have taken steps to accommodate the new demographic reality. For suggestions and more information on this topic, visit the AARP website (www. aarp.org) and review “The Business Case for Workers Age 50+.”

Click to Graph to Enlarge

*AARP (report prepared by Towers Perrin), The Business Case for Workers Age 50+, http://www.aarp.org/research/reference/boomers/ workers_fifty_plus.html

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