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The Aging Workforce: What It Is and Why It’s Happening

The Aging Workforce: What It Is and Why It’s Happening. Retirement Patterns Over Time: Retirement Is Becoming Less Common. Labor Force Participation Rate of Workers 65+, 1948-2007. Percent of Population 65+ In the Labor Force. Source: U.S. Bureau of Labor Statistics.

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The Aging Workforce: What It Is and Why It’s Happening

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  1. The Aging Workforce:What It Is and Why It’s Happening Designing the Age Friendly Workplace

  2. Retirement Patterns Over Time:Retirement Is Becoming Less Common Labor Force Participation Rate of Workers 65+, 1948-2007 Percent of Population 65+ In the Labor Force Designing the Age Friendly Workplace Source: U.S. Bureau of Labor Statistics

  3. Key PointsThe Aging Workforce • There will be more older workers on the job than at any point in history • Many baby boomers will be eligible to retire soon but they won’t • Having more older workers will affect your organization • Older Workforce vs. Aging Workforce Designing the Age Friendly Workplace

  4. The Aging Workforce:Why It’s Happening • We Need Older Workers • Older Workers Need and Want to Work • Social Security Needs Help Designing the Age Friendly Workplace

  5. Supply and Demand:Baby Boom, Baby Bust Change in Population by Age Group, 2005-2025 Number of People Designing the Age Friendly Workplace Source: WA Office of Financial Management

  6. Potential Labor Shortage? Baby Boomers Reaching Retirement National Supply and Demand Projections for RNs Projected RN Demand Projected shortage of over 1,000,000 nurses in 2020 FTE’s (Thousands) Projected RN Supply Year Designing the Age Friendly Workplace What Is Behind HRSA’s Projected Supply, Demand, and Shortage of Registered Nurses? National Center For Health Workforce Analysis, Bureau of Health Professions Health Resources and Services Administration. (2004).

  7. Potential Labor Shortage? Baby Boomers Reaching Retirement By 2010, as many as 60 percent of today’s experienced utility workers will retire. Who will do the work? Designing the Age Friendly Workplace Source: IBEW Journal, April 2005

  8. Politics? Cost? Feasible? Filling Vacancies:Four Ways We Will Avoid a Crisis • Immigration • Automation • Outsourcing • Retaining older workers • Have skills and experience to get the job done • Need (and may want) to work Designing the Age Friendly Workplace

  9. Older Workers Need to Work:Insufficient Savings Percentage of Workers Designing the Age Friendly Workplace Source: U.S. Bureau of Labor Statistics

  10. Older Workers Need to Work:Average Out of Pocket Costs for Health Care Source: Out of Pocket Health Care Expenses By Age and Insurance Coverage, 2003 Agency for Healthcare Research and Quality Designing the Age Friendly Workplace

  11. Older Workers Want to WorkTop Three Reasons for Working During Retirement • Need the money (61%) • A desire to stay mentally active (54%) • The need for health benefits (52%) Brown, S.K. (March 2005). Attitudes of individuals 50 and older toward phased retirement. Washington, DC: AARP Knowledge Management. Retrieved on 7-23-2009 Designing the Age Friendly Workplace

  12. Social Security Needs Help: The Old-Age Dependency Ratio 1 old / 2.5 young Ratio of People 65+ to People 18-64, % 1 old / 5 young Designing the Age Friendly Workplace Source: Stephen Goss, Chief Actuary Social Security Administration Presentation to Senate Finance Committee 2/2/2005

  13. From The Daily Olympian, 9/2/2007 and 9/3/2007

  14. The Aging Workforce:Review • There will be more older workers on the job than at any point in history • We need older workers to get the job done • Older workers need and want to work • Social Security needs help • Older Workforce vs. Aging Workforce • It’s time to prepare for both! Designing the Age Friendly Workplace

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