I wonder how many people are aware that the last full week of September was National Employ Older Workers Week. Set aside by the U.S. Department of Labor to recognize the vital role of older workers in the workforce, their aim is to increase awareness of this labor segment and develop innovative strategies to tap it.
Each year has a theme. This year’s theme, “Possibilities are Ageless,” aims to explore diverse aging experiences and discuss how older workers and employers can combat common stereotypes. The intention is to promote flexible thinking about aging – and show us how we all benefit when older adults remain “engaged, independent, and included.”
I applaud that type of thinking; I just wonder why the conversation has taken so long to get the attention older workers deserve.
Jeff Rubin (file photo)
As far back as a (2014) Transamerica Center for Retirement study on workers and retirement, two-thirds of baby boomers said they planned to work past age 65 or did not plan to retire at all.
Yet that decision may have become even harder to realize when coupled with the realities of the last few years’ fluctuating economy and the subsequent spike of “ageism” in the workplace.
For older workers and others who’ve experienced job loss, their situation is compounded even further when viewed against a similar Employee Benefit Research Institute report on the preparedness of older workers for retirement.
That study revealed rather alarmingly that nearly 60 percent of workers ages 55 and older had saved less than $100,000 for their retirement years, and another 24 percent saved less than $1,000. In short, for an increasing number of traditional retirement-age workers today, the greatest fear they face may be running out of money; the consequences of which will ultimately be felt by all of us.
While many cite the need to continue working, there is also a growing number of people approaching 65 who, for reasons other than financial, are simply not ready to retire. They choose instead to remain active either full-time, part-time, or in other productive ways.
The irony in all this is the convergence of these issues at a time when businesses, industries, and communities are being forced to re-think the ways in which they perceive age, work, consumers, and their economy. It is emerging too, at a time when, according to The National Older Worker Career Center “many employers, public and private sector alike, are beginning to face the loss of experience as those workers who want to retire are doing so.”
To put this all into context, consider the numbers. According to the PEW Research Center, some 10,000 people turn 65 every day, a never-before-seen surge that is expected to peak at 4.3 million annually by 2025. There are currently 78 million boomers, those born between 1946 and 1964, and additional elders 80 and above who are living longer. 85-plus is now the fastest-growing age group.
For some, this represents an alarming concern. To others, what is happening is nothing short of revolutionary. The former refers to it as a “silver tsunami.” The latter see what is taking shape as part of a new and booming dynamic where the benefits of longevity are fueling the economy. They point to the already staggering $7.1 trillion spent annually in the U.S. on services and consumer products by those 50 and over to make their case. This longevity revolution is creating a whole range of opportunities for investors, companies, small business owners, and budding entrepreneurs ready to embrace it.
Yet the positive implications of longevity and what it means for growing old have been slow to take hold both within and outside of our homes. Many civic and community leaders, like the individuals and families they serve, are more likely to see aging as something that happens to other people rather than something to embrace in themselves. Therefore, actively preparing for transition is often an afterthought rather than a plan. This comes despite assertions from many in the financial and retirement fields who see older adults as people who are working longer, buying more goods, and generally propelling economic growth in their communities.
Businesses unwilling to acknowledge this inevitable reality find themselves facing a double-edged sword. Many lack the knowledge to capitalize on the economic opportunities inherent in catering to this elder clientele. Others, whose own long-time employees are ready to leave the workforce, find themselves ill-prepared to replace or retain the knowledge, the contacts, and the ‘how to get that problem solved’ experience of the folks who’ve been with them for years.
To retain their talents, future-focused employers are beginning to implement a variety of workplace practices including flexible and shared work arrangements, part-time and part-year schedules, and remote and off-site access just to name a few. And why shouldn’t they?
Older workers often get high marks for leadership, stability, problem-solving skills, loyalty, and reliability. They also serve as mentors to younger workers and can relate better to a business’s growing aging customers. Hiring or retaining older workers promotes retention, increases productivity, and makes good business sense. No wonder the U.S. Department of Labor has established a National Employ Older Workers Week.
Now if we can just keep the conversation going while we put more older workers back to work.
Jeff Rubin is a nationally recognized speaker, author, and adviser on community and aging issues, having spent over 20 years as a director and facilitator of community service programs at the local, state, and national levels. An advocate for “Age-friendly” and “Livable” communities, Rubin is the author of Wisdom of Age: Perceptions and insights from one generation to another. Jeff can be reached at: www.jeff@wisdomofage.net
