The Bureau of Labor Statistics has an interesting statistical spotlight on older workers and the aging workforce. The key summary statistics are:
"Between 1977 and 2007, employment of workers 65 and over increased 101 percent, compared to a much smaller increase of 59 percent for total employment (16 and over)."
What makes this data intriguing is this older worker employment growth has happened prior to baby boomers reaching this cohort. The oldest baby boomers are still in their early 60s. This means the aging of the workforce has just started and will increase substantially as baby boomers join these ranks.
Driving this trend are increases in the workforce participation rates for older men and women. The chart below shows how these rates have changed over time.
We expect the workforce participation rate for older workers to continue to increase. We also are forecasting increasing numbers of older workers will start small and personal businesses.
We've posted on this in past and cover in more detail our Changing Face of Entrepreneurship research report.
Older workers to my opinion is a great workforce which must be integrated back into the working environment - they have the experience, the patience and can contribute in so many ways to the younger workers ;)
Posted by: commercial insurance quotes | November 17, 2010 at 01:15 PM