Extending work lives has become part of a wider cross-national trend. Due to the Age Discrimination in Employment Act of 1967, mandatory retirement ages in the United States have been largely eliminated. Additionally, Social Security regulations have been re-written to encourage delay of labor force withdrawal, and to reduce financial incentives for early retirement.
According to a survey report from the Watson Wyatt consulting firm, it is expected that the workforce in the United States will become increasingly older. The survey concludes that 44 percent of those employees who are 50 years or older plan to retire after 65. The majority of the respondents (54%) stated that they will work for at least three more years than previously expected. Consequently, employers will be faced with numerous challenges. Families of older workers, their younger co-workers, as well as middle-age workers in today's multigenerational workforce are being affected. As such, the aging workforce will have impacts on the policies and practices of workplaces in the nonprofit, for-profit, and public sectors, and each individual employer is being challenged by the question of how to meet the requirements of their changing workforce. Besides impacts in the corporate environment, the nation’s productivity, economic growth and global competitiveness are also being challenged.
This paper seeks to investigate the impact of delayed retirement of workers within the United States. At first, the change in the age profile in the U.S. is investigated to highlight the reason for the aging workforce. Second, the reasons for older workers remaining in the workforce are shown. The next chapter demonstrates the impacts of an aging workforce. Special attention is concentrated on recommendations how companies can deal with this issue.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Changing Age Profile in the United States
- Reasons for delayed departures
- Impacts of delayed departures
- Recommendations
- Summary
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This research paper examines the impact of delayed retirement of workers in the United States, focusing on the changing age profile of the workforce and the reasons for older employees remaining in the workforce. The paper then analyzes the positive and negative impacts of an aging workforce on employers and organizations.
- Aging workforce and delayed retirement
- Reasons for delayed departures
- Impacts of delayed departures on employers
- Challenges faced by aging employees
- Strategies for managing an aging workforce
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter introduces the topic of delayed retirement and outlines the research objectives of the paper. It highlights the growing trend of older workers remaining in the workforce and the challenges it poses for employers and organizations.
- Changing Age Profile in the United States: This chapter examines the demographic shift in the United States, highlighting the aging population and the increasing proportion of older workers. It discusses factors contributing to this shift, including declining fertility rates, improving life expectancy, and the influence of the baby boomer generation.
- Reasons for delayed departures: This chapter explores the reasons behind older workers' decisions to stay in the workforce past the traditional retirement age. It highlights factors such as financial motivations, health considerations, job satisfaction, and social engagement.
- Impacts of delayed departures: This chapter analyzes the positive and negative impacts of an aging workforce on employers and organizations. It discusses the advantages of experience and wisdom possessed by older workers while also addressing potential challenges related to health, productivity, and adaptability.
Schlüsselwörter (Keywords)
This research focuses on the aging workforce, delayed retirement, demographic change, workforce planning, employee engagement, employee retention, generational diversity, and workplace adaptation.
Frequently Asked Questions
Why are more workers in the US delaying retirement?
Reasons include financial motivations, improved life expectancy, job satisfaction, and changes in Social Security regulations.
What is the Age Discrimination in Employment Act of 1967?
It is a law that largely eliminated mandatory retirement ages in the United States, allowing older workers to stay in the workforce longer.
How does an aging workforce impact employers?
Employers gain experienced and wise staff but face challenges related to health care costs, productivity management, and multigenerational collaboration.
What percentage of workers over 50 plan to retire after 65?
According to a Watson Wyatt report, 44 percent of employees aged 50 or older plan to retire after the age of 65.
What strategies can companies use to manage older workers?
Recommendations include flexible work arrangements, workplace adaptation for health needs, and leveraging the knowledge of senior employees.
- Citar trabajo
- Lukas Scisly (Autor), 2010, Impact of Delayed Departures, Múnich, GRIN Verlag, https://www.grin.com/document/159423
