While the recent EEOC case against Diverse Lynx, revealed that age discrimination still exists when they told an applicant born in 1945 that they were no longer interested and “age does matter,” many employers are now embracing an older work generation.

According to the Bureau of Labor Statistics, the unemployment rate for those over age 55 is even less than the national average, at only 3.2%.   As the demographic of older workers grows, companies are embracing this generation and building programs to attract them.

Perhaps it is a lack of retirement funds or the fact that people are living longer, healthier lives, but people aged 55-70 are more likely than ever to be working. According to Amanda Sonnega, an associate research scientist at the University of Michigan, “It’s in part due to the dwindling number of companies providing defined benefits, and lack of pensions have caused many to hang in longer.” Just two decades ago only 33% of those over 55 were employed or seeking employment.  Today, that number is 40%. 

The annual growth rate in labor force by age for the years 2014-2024 as projected by the Bureau of Labor Statistics is:

Are your retirement dreams shattered?  Well, the good news is that employers are creating programs that cater to older workers.  Some examples are:

·        Tufts Health Plan – They offer a “Fit Over 60” exercise class and the ability to telecommute several days per week.  In addition, they offer employees classes to learn new skills and offer a highly attractive 401(k) match program.  “In a tight labor market, creating a climate attractive to older workers is essential,” says Lydia Greene, chief human resources officer for Tufts Health Plan.  Individuals ages 50 and over make up 34% of the company's workforce.  "They bring so much experience to the table," Greene said. "They're very stable and very reliable and help us develop and mentor our younger workers."

·        Goldman Sachs Group – Goldman offers a returnship program.  The program offers a 10-week training and mentoring program for older workers who have been out of the job market for two or more years.  The program equips them with the skills necessary to reenter the workforce.  They have had 350 complete the returnship, and approximately half of them have returned to work at Goldman.  “The Goldman Sachs’ Returnship program allows the company access to a new type of talent pool: mature workers,” stated Goldman spokeswoman Leslie Shribman.

·        FCCI – At FCCI in Florida, 34% of the workforce is over age 50.  They encourage employee wellness and pay 80% of all employees’ health insurance and 100% of short- and long-term disability.  They offer all 825 employees technology coaching and provide educational sessions on topics such as caregiving for aging parents, Social Security 101, and retirement planning.

Instead of retiring, many boomers are switching careers, and programs like these are helping them.  A recent survey by The Workplace Group revealed that 34% of those ages 53 and older defined themselves as being in the early or mid-career stage.  This data suggest that many are starting new careers – perhaps pursuing work they had always thought about when younger.

Unfortunately, there are still many organizations that do not recognize the valued experience that older workers bring to the table and assume that they are unwilling to learn new technology.  In 2017, 18,376 age discrimination claims were filed with the EEOC.  As workforce demographics shift and the talent pool becomes more and more competitive, employers need to realize the value that this generation can bring to an organization.

Sources:  usatoday.com, hrmorning.com