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Guest Article
(From the March 17, 2008 issue of Deloitte's Washington Bulletin, a periodic update of legal and regulatory developments relating to Employee Benefits.)
Nearly 19 million jobs will be added in the U.S. from 2004 through 2014 – about 2.6 million more jobs than were added in the ten years prior to that time – and during the same time 36 million workers are projected to leave their jobs permanently. So where will the new workers come from and what will that mean to the U.S. economy? Since May 2006, nine federal agencies involved in workforce or retirement issues have been evaluating that question and the potential effects of the aging workforce the U.S. may experience by 2030, when almost 20 percent of the U.S. will be age 65 or older. In February 2008, these agencies released their Report of the Taskforce on the Aging of the American Workforce.
The concern about keeping older workers in the work place is generated at least in part by the fact so many high growth – and strategic – industries have such a large percentage of their workers at ages 45 or older.
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The Report acknowledges the fact this aging workforce could lead to both fewer workers available and fewer leaders to train and support those workers “in the pipeline.” But the paper also cautions that shortages of labor are a matter of debate, given the large supply of workers in the global economy and the fact demographic changes have not historically been associated with changes in labor market conditions. On balance the report concludes the prospects for older workers remaining in the workforce is promising. Most of these workers want to remain in the workforce, for a number of reasons, including to be productive and socially engaged, but also because they may need to build and maintain financial security.
Yet the study also reports many older workers found obstacles to their desires to continue working, including such factors as:
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Proposed Strategies to Avoid Worker and Skills Shortages
The Taskforce developed seven strategic issue areas to examine in discovering the potential for and in preventing talent shortages through the use of older workers. These included:
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These strategies were designed to be multi-agency efforts implemented by all of the involved agencies where relevant. The agencies are the Departments of Commerce, Education, Health and Human Services, Labor, Transportation, and Treasury, the Equal Economic Opportunity Commission, the Small Business Administration, and the Social Security Administration.
Copies of the report are available at: www.doleta.gov/reports/FINAL_Taskforce_Report_2-11-08.pdf.
| The information in this Washington Bulletin is general in nature only and not intended to provide advice or guidance for specific situations.
If you have any questions or need additional information about articles appearing in this or previous versions of Washington Bulletin, please contact: Robert Davis 202.879.3094, Elizabeth Drigotas 202.879.4985, Mary Jones 202.378.5067, Stephen LaGarde 202.879-5608, Erinn Madden 202.572.7677, Bart Massey 202.220.2104, Mark Neilio 202.378.5046, Martha Priddy Patterson 202.879.5634, Tom Pevarnik 202.879.5314, Sandra Rolitsky 202.220.2025, Tom Veal 312.946.2595, Deborah Walker 202.879.4955. Copyright 2008, Deloitte. |
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