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Press Release
For Immediate Release
2/1/04
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Contact: Roger Herman
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Non-Retiring Boomers Will Impact Job Market
According to workplace futurist, the retiring boomers are going to have a strong impact on employers and the job market for two primary reasons. Says Herman, "First, if we look at the traditional retirement age of 65, the first boomers won't reach retirement age until 2011---next decade. Second, people are already continuing to work into their seventies, eighties, and even nineties. Retirement, as we have known it for the past couple of generations, is evaporating."
What does this mean for employers? Herman contends that older workers will remain in the workforce, but often on their terms.
"We'll see a shift in employer thinking---away from hire-the-young to a more balanced approach with stronger emphasis on the older workforce. Post dot.com crash employers have realized that the workers who can most effectively get businesses through tough times are those with the most experience --- those who have lived through a few economic cycles. Older workers with maturity, stability, experience, and desire to work will become a treasure. They have the knowledge, know-how and insight that is very hard to replace. As a result, we'll see a lot of creativity in how employers collaborate with older/experienced workers to get work accomplished." Herman forecasts that we will see employers:
- Adopting flexible work arrangements.
- Providing training for updating skills.
- Training supervisors to work with a multigenerational workforce.
- Encouraging team building across ages and cultures.
- Offering expanded or reduced shifts.
- Providing more opportunities for temporary and part-time work.
- Implementing phased retirement
The Herman Group is a firm of consulting futurists concentrating on workforce and workplace trends and their implications. Emphasis is placed on employee selection and retention as critical strategies. Included in the firm are researchers, professional speakers, authors, and consultants. The Herman Group is based in Greensboro, NC, with affiliates in Sao Paulo, Melbourne, Hong Kong, and Port Louis, Mauritius. Contact Joyce Gioia-Herman at 336-210-3548 or e-mail: joyce@hermangroup.com.
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