Tips for managing an aging workforce

Your workforce is getting older, but you need to be wiser when it comes to managing it.

Articles

As the American population ages, the American workforce is aging, too. According to the Administration on Aging (a division of the Department of Health and Human Services), there will be 72 million Americans older than 65 by 2030 – an 80 percent increase from 2009. And by 2022, the Bureau of Labor Statistics projects that 31.9 percent of people 65-74 years of age will still be working, compared to just 26.8 in 2012.

What’s causing the aging workforce?

People are living longer and, as they do, they need more money to maintain their quality of life. Many find themselves needing to supplement a retirement income made insufficient by heavy losses in the stock market, or because they did not save enough in previous years.

There is also a desire to contribute to society again. People realize they will live longer – in some cases, 20 more years than was historically expected – and younger retirees don't necessarily want to spend their time at home.

How can older employees help you?

So, what can older employees offer you and your company? The simple and obvious answer is, “experience.” Let's look at that answer in more detail:

  • Early retirees are a wealth of information and knowledge that is relevant for today's market, which is increasingly in need of their intellectual capital.
  • Many older workers have spent a bulk of their careers at big companies. Tap into this “big company" expertise and knowledge.
  • These seasoned veterans can usually jump into a position without a need for intensive training.

Overcoming challenges of an aging workforce

Mature workers face many challenges in today's multigenerational workplace, including keeping up with rapidly changing technology, meeting demand for broader skill sets, and marketing themselves to employers online. 

Adecco offers these key pointers to help you ensure your older workforce excels:

  • Keep them interested. If you help your older employees continue to move their career forward and foster a passion for your business, they will be more motivated to learn new tasks and stay on top of the latest industry trends.
  • Make sure they're in the tech-know. It's very important for both you and your employees, old and new, to keep up with the most up-to-date advances. if you invest in training and professional development programs to keep your staff tech-savvy, both you and your workforce will benefit greatly. 
  • Get the most out of their experience. Smaller companies are always looking to leverage "big company" expertise and many older workers have spent a bulk of their careers at big companies. Take advantage of their experience.

If you're interested in connecting with talented and experienced mature workers, contact us today.