AARP Assists Employers with Resource Materials

By: Source: AARP.org Date Posted: 2006-06-29 12:34:32.433356-04:00

Many of today's older workers expect to work beyond traditional age.

In the workplace, they seek respect, alternative work arrangements, such as the ability to work reduced schedules before full retirement, opportunities to learn new skills and have new experiences and good benefits packages.

By 2012, nearly 20 % of the U.S. work force will be aged 55 or older—up from 14 % in 2002. As the proportion of our younger workers declines, attracting and retaining mature workers will become increasingly critical for employers to keep a competitive advantage. Many employers have been slow to adapt to the aging work force. There has not been a strong business case for hiring and keeping older workers. And up until now it has not seemed urgent to do so.

AARP conducted (with Towers Perrin, a human resources consulting firm), a landmark study, "Planning for Tomorrow's Talent Needs in Today's Competitive Environment: The Business Case for Workers Age 50+".

The research demonstrates that companies should view older employees as a solution to their work force needs. It also describes through documented best practices and case studies how to develop effective strategies for appealing to older workers.

"The mature work force is one of our greatest national assets," said Bill Novelli, AARP CEO. He continued, "AARP is committed on behalf of our more than 10 million boomer members to raising the visibility on this issue."

The report also found that 50+ workers are a solid investment for employers. The analysis showed that the extra per-employee cost of retention and attraction of 50+ workers ranges from insignificant to three percent. At the same time, the report said that 55+ workers are productive and more highly engaged in their work than younger workers. In brief, it is a myth that 50+ workers "check out" as they get older.

Companies cannot afford to have employees retire en masse and should carefully evaluate labor costs—as well as the "value" of workers in planning for future talent needs.

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