How ironic that last week saw Boomers sweating over their retirement funds just days before National Employ Older Workers Week. No doubt, many people who were beginning to see retirement on the horizon are now wondering if they'll be able to retire at all.
At Edelman, we've been advising our clients that Boomers won't be following the typical retirement pattern set by their parents. In our 2007 Boomer Insights and Implications Study conducted by our market research firm, Strategy One, we learned that a vast majority of Boomers plan to work well past age 62 (the first time they can draw Social Security). Most said they would work even into their 70's, in part because Boomers like to work, want to contribute and because many need to work in order to maintain the standard of living they wish to have.
With the financial shake-up of the past few days, expect more Boomers to stay put in the workplace and for many who have already retired to start looking for part-time work to help supplement their pensions. Already, 40 percent of the workforce is 45 or older and another 8 million Americans 55 or older have joined the workforce in the past 10 years, according to the U.S. Department of Labor.
National Employ Older Workers Week isn't a new concept, though. It started during the Eisenhower administration 40 years ago and was created to bring attention to the importance of having older workers in the workforce. Originally, the government emphasized training programs to help older workers keep their skills up-to-date, especially those with limited financial means. Today, the emphasis on older workers is more about appreciating our contributions, as well as acknowledging that we're essential to addressing the upcoming worker shortage.
As a member of the Boomer Nation, of course it's obvious to me why it's wise to keep experienced workers in our companies and government agencies. We're loyal to our employers, have experience that usually translates to wisdom (which employers can tap through mentoring programs) and we have the energy and good health to continue working. Throw in the surveys done by the U.S. Committee on Economic Development which note that older workers show up to work and are punctual, are committed to quality, and have good judgment, and you have a pretty darn compelling argument to seriously consider employing Boomers and beyond.
Since the oldest Boomers don't turn 65 until 2011, we can expect to see this trend of older workers for quite some time. Smart companies need to have a plan in place for how to deal with this phenomenon because it affects all multi-generation work forces.
I got a dose of the older worker trend just yesterday. Ralph and I went shopping for a new bed and at all five places we visited, we were waited on by someone who was clearly 60+. I must say I have never received better service and I actually took some comfort in having a silver-haired person explain the difference in the various ways sleigh beds are manufactured and why I should care.
Later in the day, at a big box discount store when I was waited on by an eye-rolling gum-popping twenty-something who always answered my "Thank you" with "No problem," I started thinking I'd like to see a lot more snow on some roofs in retail!
