Wednesday, March 19, 2014

Boomers Keep on Working...and Working...and Working

Gallup has been doing an ongoing series on the Baby Boomers;  Baby Boomers: The Largest Generation is "an ongoing series analyzing how baby boomers -- those born from 1946-1964 in the U.S. -- behave differently from other generations as consumers and in the workplace. The series also explores how the aging of the baby boomer generation will affect politics and well-being." Jim Harter and Sangeeta Agrawal wrote the January 20, 2014 story on Many Baby Boomers Reluctant to Retire: Engaged, Financially Struggling Boomers More Likely to Work Longer.  "Nearly half (49%) of boomers still working say they don't expect to retire until they are 66 or older, including one in 10 who predict they will never retire." 

The poll examines the factors that go into retirement decisions, including income and involvement. The bottom line, from this article:

Whether by choice or necessity, baby boomers will remain a sizable proportion of the workforce in the years ahead, with many expecting to work past the average U.S. retirement age of 61 and even the traditional retirement age of 65. As they continue to age and work, it is important that their organizations build workplaces with outstanding managers who leverage the experiences of older workers by positioning them to do what they do best -- listening to their insights and opinions, and continuing to develop their talents into strengths.

By investing in baby boomers' engagement, employers will reap the benefits that an engaged workforce brings to their bottom line. No matter what their age, engaged workers tend to have higher well-being, better health, and higher productivity than their not-engaged and actively disengaged counterparts. A targeted effort to engage baby boomers could have important ramifications for healthcare costs and productivity for individual workplaces and the overall U.S. economy.

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