This paper examines the growing trend of workers aged 65 and older remaining in or returning to the workforce. It explores the economic, demographic, and personal factors driving this shift, including changes to Social Security eligibility ages and improvements in health care. The paper highlights the many benefits older workers bring to employers—such as loyalty, experience, and lower absenteeism—while also addressing widespread misconceptions and age-discrimination practices. It concludes with practical recommendations for employers seeking to attract and retain older employees through flexible scheduling, phased retirement, and job restructuring.
Today, many workers who reach retirement age are opting to keep working. Several factors contribute to this trend: economics, changes in retirement age, a continuing need for personal achievement, and employers' desire to retain experienced staff. In today's economy, many workers simply cannot afford to retire (Hawthorne, 2003). At the same time, the age of eligibility for Social Security retirement benefits will eventually climb from 62 to 67, with a substantial reduction in benefits for early retirees. This means that many older Americans will spend at least two to five additional years in the workforce, or will need to adjust their lifestyle significantly.
In addition, many older people simply want to keep working. The world faces a future in which a whole generation is healthy, financially comfortable, and restless. Many will choose to continue working, or will return to work after an initial retirement.
The number of workers over 65 rose 22% from 1990 to 2000, reaching 4.2 million. That figure was projected to jump an additional 30% by 2010, to 5.4 million, according to the Labor Department (Block, 2002). For this reason, it is important that employers recognize the value of older workers (Hawthorne, 2003).
According to Employment and the Older Worker, an Administration on Aging fact sheet, "the myth of failing competence in older persons is based on an anachronistic picture of the world of work based on industrial and other physically demanding labor. With technology creating a greater emphasis on brain-work over 'brawn-work,' employers are tapping into minds which do not necessarily fail with age. The high-tech tools of today's workforce are extremely conducive to maintaining an older, more experienced and knowledgeable workforce. Further, today's 'senior' population represents a group more familiar and comfortable with these tools than their precursors."
Currently, statistics show that more than 43% of the adult population is over 50. Therefore, employers have access to a millions-strong resource of experienced and well-trained workers with a practical understanding of modern business. Older workers are often more experienced at managing people, tend to be more loyal to their employer, are less likely to take unannounced days off, and are less likely to be distracted by competing personal demands.
According to Beverly Goldberg, author of Age Works: What Corporate America Must Do To Survive the Graying of the Workforce, many companies hold misconceptions about older workers (Morris, 2000). One such myth is that older workers cannot learn new things. Goldberg argues that this is completely untrue, pointing out that the fastest-growing group of Internet users in the country is people over 50.
Another common misconception is that older workers are absent or ill more often than younger workers. This is also inaccurate, as older workers have proven themselves to be just as—if not more—reliable than younger ones. According to Greenberg (Morris, 2000): "People confuse the fact that older workers may have more chronic conditions, such as high blood pressure, with the whole idea of healthiness. Such conditions are treatable by a pill once a day and do not affect attendance. Older workers tend not to be as likely to stay out late and then call in sick. Also, statistics on injuries on the job show that older workers are not as prone to injury, whether as a result of greater experience or more of a 'look before you leap' mentality."
With today's improvements in health care, many older employees stay with companies long enough to have a measurable positive impact on the bottom line. Older workers bring a variety of benefits that younger workers simply cannot, including vast experience, business expertise, and established professional contacts—all qualities that help companies grow.
"Discriminatory hiring practices and EEOC complaint trends"
"Loyalty, experience, and training ROI advantages"
"Flexible work, phased retirement, and telecommuting options"
Hawthorne, N. (2003). Two trends show why diversity needs to include disability. Networks.
Morris, Ellen. (April 21, 2000). Forget the whippersnappers — go gray to fill your job needs. Bankrate.com.
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