The Hot Mama’s & Papa’s of The Work Force

In a society that exults youth, the world of business is now forced to look at gray hair as an asset. The oldest baby boomers are starting to enter thier 60’s raising the prospect of a vast wave of retirements. When they take their gold watch and leave they are also taking an intangible asset with them, invaluable experience. Kellie Johnson, President of California based Ace Clearwater Enterprises told the Chicago Tribune that she is in the fight of her life trying to replace skilled workers as they retire.

Here’s the problem; from 2007 to 2014, workers who are 55 or older will increase at four times the rate of the labor force growth overall. During this same period, those under 55 will grow much slower. The 78.2 million Baby Boomers, born from 1946 to 1965, are followed by a generation that is 16 percent smaller. Do the math.  Starting in 2008 the oldest Baby Boomers will turn 62 and qualify for Social Security and that spells trouble for a lot of companies.

In Uncle Sam’s 3 million member workforce, 6 out of every 10 federal employees could retire over the next 10 years. As a result a recent congressional proposal has been put forth to lure retirees back to work with financial incentives without the usual penalty: a pay cut tied to thier retirement benefit.

Since 2001, AARP has put together a list of “best employers” for workers over 50 based on recruitment practices, training and benefits. At CVS Pharmacies, more than 1,000 employes take part in a “Snowbird” program that allows them to migrate between stores throughout the country as the seasons change. Not only are they holding onto their skilled employees, CVS says the older workers are friendlier to customers and have a better work ethic than their younger counterparts. There really is “Gold in the Old!”

That’s good news for workers who want to continue working past retirement and bad news for companies who are indifferent to their employer/employee relationships.