The Herman Trend Alert|
October 21, 1998
Aging Baby Boomers will be Powerful Workforce . . . for Years to Come
In spite of the fact that many Boomers are looking forward to retirement, we forecast that a large proportion of this generation will continue to work—full-time or close to it—far beyond the traditional retirement age. The demand for qualified workers is very strong, and will continue at high levels for at least another ten years.
The number of workers in the 45-64 age group will continue to grow as Boomers age. In ten years, they’ll represent 20% of our workforce. The proportion of workers in the 25-44 age range will decrease at about the same rate as the older group expands. We will see practically no growth in the 20-24 age range or the 16-19 group. With fewer younger workers to replace them, older workers will be in increasing demand by employers. Expect compensation packages to become more attractive as employers compete with each other—and with the siren song of retirement—to keep older workers on the job.
Not needing to rush home to children in the evening, the older workers will work later . . . and will enjoy more flexibility in their hours from their employers. Seniority pay will be a higher cost, but it will be offset by lower safety exposures and reduced mobility among these more "mature" members of the company team. Older workers will offer much-needed stability, and that is a valuable benefit to any employer in our intensively competitive environment.
Wise employers will begin now to attract and value older workers, shifting their cultures to embrace and appreciate what may be their most viable workforce for the future.
© Copyright 1998- by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Joyce Gioia, Strategic Business Futurist. 336-210-3548 or https://hermangroup.com. To sign up, visit https://HermanTrendAlert.com. The Herman Trend Alert is a trademark of The Herman Group, Inc."
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