The Aging Workforce And Its Impact On Organizations

The Aging Workforce and Its Impact on Organizations Abstract There are approximately 76 million baby boomers in the United States. These are the people that were born between 1946 and 1964. Baby boomers make up one-third of the workforce in the United States. Unfortunately, there are not enough younger workers to replace the older workers. Labor shortages in key industries will force a radical rethinking of recruitment, retention, flexible work schedules and retirement. About 76 million baby boomers are set to retire by the end of this decade. 35 % say that they will work part time just for the interest and enjoyment. 26% say that they will work mainly for the income. 17% say that they have a plan to start their own business. 5% of older workers say that they plan to work full time at a new job or career. Lastly, 16% say that they will not work at all after retiring. According to www.usnews.com, more baby boomers are extending their careers. Large numbers of boomers will still retire, and finding enough new workers will be a growing challenge for many employers. The numbers of new entrants into the workforce is likely to fall short of the total of boomers headed for retirement. Immigrants could help ease this projected shortage. Thus, employers will need to confront a number of challenges to accommodate older employees. Among the older workers are intergenerational relationships, age discrimination, physical job demands, training and flexible work schedules. Employers whoShow MoreRelatedHow Human Resource Planning Is Different From Manpower Planning? Essay1494 Words   |  6 Pagesused by an organization to forecasts its human resource needs and make sure, that it has adequate number of skilled and suitably trained employees at all times, to perform the tasks of the organization efficiently and help it to achieve its goals. This is a process, which continuously runs in an organization. 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