Employer and Employee Issues Within an Aging Workforce

In a recent survey of small businesses, about one-third of the companies responding said they were setting up plans to pass along the knowledge gained from their experienced workers to younger employees in preparation for the retirement of older workers.

In fact, small businesses are outpacing their larger counterparts in preparation for the impending retirement baby boomers. These businesses, however, also are working to hold onto their seasoned employees.

And although many company leaders agree that workers growing older will have a big effect on businesses, few are doing much about the problem of aging workers.

The survey showed that about one-third of baby boomers still have not decided when they are going to retire, and more than half of the people in the 41 to 50 age range are concerned that they are going to have to work either full or part time after they retire in order to have enough income. And nearly two-thirds of the baby boomers said that their number one fear concerning retirement is that they might run out of money. One of the main reasons that the boomers have these concerns is that nearly one-third believe that they are well behind where they should be in saving for retirement.

The survey also found that most older employees, in the neighborhood of three-fourths of the total, are satisfied with their jobs, compared to about one-half of younger workers. Older employees also said that one of the main reasons they remain with their employer is because of the retirement benefits.

Issues connected with worker benefits are going to become increasingly important as the baby boomer generation ages. Company leaders have already identified healthcare as the number one benefits-related issue with which they grapple. For larger companies, aging workers are especially prominent. In these businesses, company executives list long-term care issues as a big concern, along with benefits for retired employees.

If you’re a business that needs a critical position — or two — to fill today, let the Opti Staffing Group help you find the qualified and experienced professionals you need to keep your company running smoothly. We look forward to hearing from you.

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