Overview of the Aging Workforce
The elderly proportion forms a significant proportion of the modern workforce, considering that most employers value their expertise and commitment. White et al. (2018) project that by 2026 there will be about 42.1 million US employees who are above 55 years which represents 25% of the entire workforce. The reason for this assertion is the fact that the nation is witnessing an exponential rise in the number of the elderly owing to improved healthcare services that enhance longevity. Moreover, most of the elderly employees are not willing to retire since they believe that they still have more to offer their employers (White et al., 20180. On the other hand, employers are keen on tapping into the competencies, skills, and knowledge that is unique to this generation of workers instead of allowing them to retire. There is a consensus that they could pass them on to younger employees and this way enhance productivity. The topic of the aging workforce is crucial for younger workers so that they are capable of accommodating all employees despite their age.
APA Citation
PBS NewsHour. (2019, November 15). How these employers are adapting to the needs of an aging workforce [Video]. YouTube. https://www.youtube.com/watch?v=iW55Q9YKQl8&t=195s
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Summary of the Source
The PBS NewsHour podcast highlights how companies in the US are adapting to the needs of their aging employees. According to PBS NewsHour (2019), these companies cannot afford to fire these employees since they have acquired comprehensive skillsets that enhance productivity. In a bid to maintain a healthy work-life balance, these companies provide this category of employees with a flexible workweek of three days. Brenda Philips, a 66-year old project administrator at HVAC Manufacturer, Trane works on a part-time basis so that she has time to quilt and spend time with her grandchildren. On the other hand, 61-year old Herbert Galbreath who worked on the floor for 40 years and developed joint problems now works as a supervisor. This new position ensures that he is in a position to impart his knowledge to younger workers (PBS NewsHour, 2019). These are some of the examples of how companies are accommodating the aging workforce, especially in industries that face labor shortages.
Justification for the Source
This source will be crucial in the completion of the project since it highlights significant labor dynamics in the modern workplace. A rise in life expectancy owing to improved healthcare services and earning power means that in the foreseeable future, elderly employees will be in charge of various departments. In this case, younger employees, labor unions, healthcare insurance agencies, and corporates must design and implement strategic frameworks to accommodate the employee’s needs. While an aging workforce is associated with continuous productivity, it presents stakeholders with different financial, social, and labor challenges. According to Irby (2020), the retention of a large older workforce would translate to higher labor costs as companies would be forced to spend more on salaries, health insurance, and paid time off. The source supports this assertion considering the employees who were interviewed established that they have short work week in addition to working part-time. These provisions mean that employers have to hire additional employees to ensure the continuation of operations.
The other area of concern is the level of productivity with research indicating that the older workforce is less productive as compared to younger employees (Irby, 2020). This assertion means that companies have to find a balance between retaining the skillsets that the older workers have and ensuring high levels of productivity. In this case, the source would be helpful to younger workers who may be working in organizations that embrace employees who are past their retirement age. Companies may require the older workers to train the younger workers and at the same time give them more responsibilities to seal the productivity gap. An understanding of these accommodations will improve collaboration between younger and older workers for the achievement of organizational goals.
References
Irby, C. M. (2020). What to do about our aging workforce—the employers’ response . US Bureau of Labor Statistics. https://www.bls.gov/opub/mlr/2020/beyond-bls/what-to-do-about-our-aging-workforce-the-employers-response.htm
PBS NewsHour. (2019, November 15). How these employers are adapting to the needs of an aging workforce [Video]. YouTube. https://www.youtube.com/watch?v=iW55Q9YKQl8&t=195s
White, M. S., Burns, C., & Conlon, H. A. (2018). The impact of an aging population in the workplace. Workplace Health & Safety, 66 (10), 493–498. https://doi.org/10.1177/2165079917752191
