The Graying Of The Worcester Workforce
What happens when 78 million baby boomers begin to hit “retirement” age?
For the Worcester region it may mean a big dose of reality.
Baby boomers are redefining not only what it means to grow old but have turned the concept of retirement upside down. Many members of this generation intend to work longer and want to contribute to their community. However, many communities are ill-prepared for the graying of the region.
Consider these facts:
According to the U.S. Census Bureau, Massachusetts ranks 12th in the nation for states with populations of individuals aged 65 and older.
Massachusetts ranks 10th in population for those over the age of 85.
By 2012, 1 in 5 workers in the state will be 55 or older according to AARP.
Labor force participation rates of those aged 65 and older increased 101 percent between 1977 and 2007 (Bureau of Labor statistics).
Nearly half of the boomers in the state report that they intend to retire later than 65 or not at all, so we can expect to see not only the age of retirement trend upward, but be redefined on many different levels .
Employers need to consider younger boomers as well. The cost to businesses for working caregivers is estimated to be $33.6 billion annually (Metlife/NAC, 2006). Consider the case of Nancy Smith. Nancy was born in 1962, still a boomer at age 46.
Helping to care for her elderly parents and raising two children, she is also a member of the sandwich generation, those individuals sandwiched between providing care to parents and children while juggling work responsibilities. Supported by her employer, Nancy may be able to juggle her responsibilities in a way that doesn’t financially impact the organization.
Without workplace support, we can expect negative impacts. Researchers have identified the following negative effects on work: lost time from work, decreased productivity, lost career opportunities, unpaid leaves of absence
How can we better prepare for the graying of our workforce? On October 30, the Colleges of Worcester Cons-ortium, Geron-tology Studies Program will host a conference to address these challenges. We strongly encourage members of the business community to register for the conference and be part of this important discussion. More information is available at www.cowc.org.
The time to plan for supporting an aging workforce is now. While the number of workers aged 55 to 64 is expected to increase by 36.5 percent by 2016, the number of workers between the ages of 65 and 74 and those aged 75 and up are predicted to soar by more than 80 percent. Are we ready?
Dr. Kelly Niles-Yokum is the director of the Consortium Gerontology Studies Program, a program of the Colleges of Worcester Consortium Inc.
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