The Aging Workforce

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The Aging Workforce

Human resource development (HRD) professionals are quickly becoming a valuable asset to organizations facing issues relating to the aging workforce. HRD professionals are increasingly tasked to aid organizations with workforce planning strategies. They are also charged with defining an aging workforce strategy that will align with the strategic plan of the organization. Doing so, addresses the needs and demands of the aging workforce as well as lays the foundation for the future workforce (Ernst & Young Llp, 2007)

It is important to understand what group of people is considered to be the aging workforce and older workers. For the purposes of this paper, the term aging workforce and older workers is referring to the 75 million individuals born in the United States from 1946-1964 who continue to work. This era is classified as the Baby Boom generation. In 2010, baby boomers will range in age from 46 to 64 and almost fifty percent of the workforce in the United States will consist of workers over the age of 45 (Zemke, Raines, & Filipczak, 2000)

There is no doubt that we are living longer than ever before. The increase in life expectancy has been the primary contributor to the dramatic shift in the distribution of older people within the overall population of the United States. American men reaching age 65 have an average life expectancy of an additional 16 years, and for women reaching age 65 an additional 19 years. It is projected that the number of Americans aged 65 and over will more than double by the year 2030 due to the increase in life expectancy (Van Borgaert, 2006).

There are around 22.8 million individuals currently working in the United States who are 55 and older. The number of workers aged 55 and older is increasing four times than the workforce as a whole. It is projected that between 2000 and 2010, the number of workers ages 45-54 in the United States will increase by over 20 percent,...