Older Workforce, Low Unemployment Changing Way Employers Look for Talented Workers

Older adults are the fastest expanding global and U.S. labor segment amid low unemployment and problems recruiting and keeping talent, reports the Daily Camera . A Wall Street Journal article noted "the rise in labor-force participation of over-55-year-olds in Italy, Japan, the U.S., the U.K., Germany, and France since 2001 equates to a combined 18.8 million workers, or a 5.5 percent boost in their supply of labor." The article credited pension changes, improved health, and education as underlying factors, mitigating drag on the growth of aging populations and fortifying public finances. The understanding that the American workforce is aging, and the potential difficulties companies face finding skilled workers in a knowledge-based economy, has fueled greater consideration for retention of an older workforce. For example, in Boulder County, Colo., the county chamber and Workforce Boulder County have worked with business owners to broaden employee searches and prevent turnover in a tight labor market, and helped businesses seek competencies while hiring. The chamber also is raising awareness about the advantages of older workers and cultivating a multi-generational workforce. Age-Friendly Work Place Initiative Director Karen M. Brown emphasizes the need for employers to rethink hiring practices and stop relying on stereotypical images of older workers as too expensive and unwilling to gain new knowledge and skills.