The number of workers age 55 and over is expected to increase by 47 per cent over the next seven years, according to a study.
The survey by the Society for Human Resource Management (SHRM) in the US finds that two-thirds of HR professionals are preparing for the demographic change within their organisations.
The study highlights US organisations’ readiness to respond to the demographic changes in the workforce and respondents’ perceptions of the advantages and disadvantages of hiring older workers.
Thirty-two per cent of the 428 HR professionals surveyed said their businesses were doing nothing to prepare for the worker shortage, while 36 per cent have increased training and 29 per cent have implemented succession planning or replacement charts.
“It’s expected that the baby-boom generation will redefine retirement, because many plan to continue working in their later years,” said Deb Cohen, SHRM vice-president of knowledge development.
“As the worker shortage becomes more pronounced, HR professionals will be inclined to make more significant changes to their recruitment and retention benefits to better reflect the demographics of their organisations and the benefits of hiring older workers, ” she said.