Ken Dychtwald and his team at Age Wave are renowned for proactively lobbying for older Americans and against ageism. In a recent article for Harvard Business Review, Dychtwald and two researchers from Age Wave, Robert Morison and Katy Terveer, discuss "Redesigning Retirement" and why they believe "It's time for a new deal between employers and older workers."

The authors first cite some remarkable statistics:

"Altogether, more than 10 million Americans who are 65 or older are currently employed, and that number is projected to rise to nearly 15 million by 2032. Today 27% of Americans ages 65 to 74 work or are actively looking for jobs, up from 20% in 2002. And people who are 65 or older now represent the fastest-growing segment of the labor force—by far. It’s projected that by 2032 one in four U.S. workers will be 55 or older, and close to one out of every 10 will be 65 or older."

They urge employers and Americans in general to understand this changing dynamic:

"We need to overcome lingering ageist stereotypes and start thinking of older and retired workers as a large, versatile, and valuable labor pool—one that’s significantly underutilized. Nearly 60% of people who are in or nearing retirement say they would be open to working during their retirement. That includes some 20 million retirees under the age of 75. If employers can get better at hiring, retaining, and engaging older workers—redesigning the employment deal—they’ll discover countless options for mutually productive matches."

The remainder of the article, which is largely targeted to employers, discusses several common myths about older workers and strategies for employers to retain older workers or seek them out. They share five specific steps:

"If you are experiencing labor and talent shortfalls and have found that many of your valuable employees are exiting into retirement, it’s time to act. We recommend that you take five steps: Preserve experience, replenish experience, share experience, offer flexibility, and leverage age diversity."

The above steps are discussed in detail in the article. The authors conclude:

"Today more and more older people want or need to work longer—and more organizations than ever need their help. In this “new age of aging,” the strategies and initiatives we’ve described present a clear win-win: When older adults stay active and engaged, it’s good for them and their families, for employers and the economy, and for society at large."

It is encouraging that such organizations as Age Wave are making a strong case for retaining and hiring Boomers. I encourage you to follow Dychtwald and Age Wave as they help employers and older employees navigate a dynamic and changing workplace. 

Image from AgeWave.com

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