| The number of employees working into their senior | | | | of an experienced, competitive baby-boomer with a |
| years continues to grow for a variety of reasons, with | | | | lifestyle-centric, laid-back Gen Y employee represents |
| financial need, the failure of private pension plans, and | | | | just one of the potential situations. It will take a |
| lack of sufficient health benefits being among the most | | | | proactive leader to understand the problems that are |
| prominent. Older workers typically bring many vital | | | | likely to arise, and how to pre-emptively act to avoid |
| assets to the table, such as solid life experience, better | | | | them. |
| attitudes, work flexibility and an interest in learning new | | | | 5. AGE DISCRIMINATION - With more senior |
| things. However, there are many issues for | | | | Americans still in the workforce, we can expect to |
| management to consider when comes to successfully | | | | see an increasing number of lawsuits being initiated by |
| manage an increasingly "graying" workforce. Here are | | | | disgruntled employees seeking to play the "age" card. |
| seven of the most common ones: | | | | Workers over the age of 40 are protected from |
| 1. RATIO OF OLDER WORKERS - Compared with | | | | discrimination on the basis of age by the provisions of |
| the past, their numbers can be expected to grow | | | | the Age Discrimination in Employment Act of 1967 |
| disproportionately in the years to come. This is not an | | | | (which affects employers with 20+ employees). HR will |
| issue in the US alone - but a pattern being observed | | | | need to be educated on the latest laws and the trends |
| globally. | | | | in discrimination-based litigation. |
| 2. LONGER-TERM RETIREMENTS - Today the | | | | 6. SUCCESSION PLANNING - With fewer "young" |
| average number of years that workers spend in | | | | workers entering the job market due to lower fertility |
| retirement is more than 30, compared with just a few | | | | rates in the US and most the industrialized world, |
| years of retirement a century ago. This means that | | | | succession planning will become more and more |
| many will choose to remain working part time, while | | | | difficult. The talent may just not available in every area. |
| others may take a break to travel and enjoy their free | | | | Using remote workers from across the country may |
| time before beginning their job search again. | | | | need to be considered. |
| 3. HEALTH ISSUES - Chronic health problems and | | | | 7. MEDICAL COSTS - Older employees will not |
| age-related disabilities need to be considered. Among | | | | necessary cost more in healthcare. Although it is a |
| employees over 55, arthritis is the number one chronic | | | | well-known fact that health benefits for older workers |
| condition. The implementation of better wellness | | | | are costly due to age-related diseases, younger |
| programs and similar initiatives offers possible ways of | | | | workers also have a host of cost-related health issues |
| avoiding excessive time off for illness. | | | | such as smoking, pregnancy, lack of exercise, and |
| 4. MULTI-GENERATIONS - In the years to come, HR | | | | obesity. Older workers who qualify may have |
| professionals will be increasingly challenged by the | | | | medicare benefits as well. |
| need for multi-generational workers to successfully | | | | Although the change in demographics may change the |
| function as a team. Different generations often hold | | | | face of talent acquisition and management, with simple |
| opposing attitudes towards work and life. If not | | | | strategies, the change may be a smoother transition |
| managed properly, these differences could result in | | | | for business. |
| ineffective performance in the workplace. The pairing | | | | |