Do you know the significance of Labor Day?
Sunday, August 31st, 2008Labor Day was created to celebrate American workers and how hard they worked every day, we at The Employment Guide can’t think of a better way to celebrate workers than to take a look at the modern day worker and all that they do so now a perfect time to reflect upon the American workforce. Since the inception of Labor Day 125 years ago, the complexion of the workforce we honor has changed dramatically. Increasingly these laborers are older Americans.
The U.S. Bureau of Labor Statistics reports that the share of the labor force aged 55 and older, currently at 17 percent, is rising rapidly and, by 2020, it is projected to be nearly 24 percent. The graying of the labor force can be attributed to many factors including longer life expectancy, the enactment of age discrimination laws, and significant increases in healthcare costs, necessitating more income later in life.
Older workers staying in the labor force longer is good news for employers. A mass exodus of Baby Boomers, currently between the ages of 43 and 61, from the labor force as they reach retirement age would cause a significant labor shortage. Some experts predict that by 2012, there will be 3.3 million fewer workers than jobs. Retaining older workers longer would alleviate the expected shortage.
Keeping these workers employed also makes good business sense. A report prepared for AARP by Towers Perrin, The Business Case for Workers Age 50+, found that older workers are more motivated to exceed expectations on the job than their younger counterparts. They also bring experience, dedication, focus, stability and enhanced knowledge to their work.
But businesses will have to offer the right mix of rewards in order to attract, retain and engage older workers, according to the study. These include health care benefits, innovative growth opportunities and flexible work schedules.
To find these valuable older workers, visit our website to learn more about Employ the Older Workers Job Fair Series—a national effort, reaching more than 55 cities, to bring together older workers and 50+-friendly employers. If you need more information on how attend as a job seeker or participate as an employer drop me an email at amy.hoster@wiserworker.com. I would love to hear from you!






