Study anticipates older workforce rise of 50 per cent

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.

By Ben Willmott

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