Alice SnellÃ‚Â kindly brings to our attention her nice post, Baby Boomers: The Beat Goes On, commenting on several reports and articles on the aging workforce challenge.Ã‚Â
This is a very important topic, and directly related to what we are doing. Let me provide an overview with these 10 points. First, some context:
1) The Conference Board published a good report in 2005 titled AmericaÃ¢â‚¬â„¢s Aging Workforce Posing New Opportunities and Challenges. Quotes:
- “Some 64 million baby boomers (over 40 percent of the U.S. labor force) are poised to retire in large numbers by the end of this decade. In industries already facing labor and skills shortages, forward-thinking companies are recruiting, retaining, and developing flexible work-time arrangements and/or phased retirement plans for these workers (55 years of age or older), many of whom have skills that are difficult to replace. Such actions are putting these companies ahead of competitors who view the aging workforce largely as a burden putting strains on pension plans and healthcare costs.”
- “More older workers want to remain in their jobs for both personal fulfillment and financial reasons. In a related forthcoming study from The Conference Board, more than half (55 percent) of older employees surveyed said they were not planning to retire because they find their jobs interesting. Significantly, 74 percent also cited not having sufficient financial resources as a reason they were continuing to work, and 60 percent cited the need for medical benefits.”
Not only in the US: the largest single group within the UK workforce in 2006 was comprised ofÃ‚Â people between 45 and 59.
2) Some consulting companies like Accenture seem to be betting that the solution will be to improve technology for knowledge transfer and train younger employees as soon as possibleÃ‚Â (interview notes of the conversation betweenÃ‚Â Accenture’s CEO Bill Green and William J. Holstein, editor in chief of Chief Executive magazine.)
3) And the market for Talent Management and Succession Planning solutions has been growing steadily, and [Read more…] about Training the Aging Workforce