Pew Research: Investing in the Future means Investing in Older Workers

A recent study from the Pew Research Center reported findings that should have employers everywhere taking a closer look at their workforces. In doing so, they might see some unexpected changes.

If we go back to the mid-1980s, around 11% of adults aged 65 or older were still working. Fast forward to today and that segment of the workforce has grown significantly to 19%. While this is a positive trend for those who want to work in later life, it poses a pressing question for employers…one that is explored in this February 2024 article from Esquire. That question is what will happen when, inevitably, older adults do call time on their working years? And the answer is that the outflow of talent and experience will wreak havoc on the productivity of companies everywhere.

What is required to address this issue is relatively simple on its surface - companies need to invest in older workers to both attract and retain them as high-performing employees. This includes funding for training and recruitment of older workers, and compelling retention incentives for those on the cusp of or closing in on the current retirement age. Further, companies should tap the knowledge and expertise of older workers to help develop their younger colleagues. As the saying goes, there is no substitute for experience, so employers need to realize that they already have incredibly valuable assets in hand that can help ensure their companies continue to grow and meet their goals.

But lots of today’s companies haven’t fully grasped the gravity of the problem, nor do they appreciate that it’s not a feature of an indeterminate future that is slowly approaching. It is happening now, today.

According to the Pew study, older workers are typically highly educated, physically healthier than the generations that preceded them, and, given the change from physical labor to a more administrative or service-oriented nature, better suited to the demands of today’s jobs.

According to the U.S. Bureau of Labor Statistics, adults aged 65 or older are one of the few demographics projected to increase their participation in the labor force in the coming years (the only other group predicted to do the same are workers aged 55 - 64) so conclusion is clear…this segment of the workforce is crucial for success, and investing in the future means investing in older workers.

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