Recruiting and retaining older workers for the new millennium

Abstract

I s your company making an effort to recruit and retain older workers? If not, you may be making a serious strategic error. In the Hudson Institute’s Workfirce 2000 report, Johnston and Packer (1987) projected that total work force growth will be slower in the next 15 years than in the previous half-century. According to the U.S. Bureau of Labor Statistics, employers in many industries may soon face a shortage of qualified workers for the 18 million new jobs that will be created by the year 2000. Businesses with an eye to the future will begin to plan for these predicted labor shortages. One solution is to focus on older workers. Despite the slow growth in the total work force, the number of older workers is increasing. An estimated two million individuals aged 50 to 74 are willing, able, and seeking employment. In the last decade, the number of men working beyond the traditional retirement age of 65 has increased 34 percent. With improvements in health care coupled with concerns about social security and other benefits, this trend is expected to continue. Almost 60 percent of working Americans over the age of 19 anticipate working at least part-time after the age of 65. Despite the availability of older workers, many firms choose not to hire or train them because of misconceptions about aging. But by examining research studies on the behaviors and attitudes of older workers, we demonstrate the value of employing these people and offer recommendations for recruiting and keeping them.