Aging Workforce Analysis Paper

The aging workforce adds value to any organization because of the tenure on the job and all the experiences of knowing the company and how and when the company first started. Smart firms recognize the value of the aging workforce because they realize that when they lose them, then they are losing a lot of intellectual capital and institutional knowledge from them. They are mature, reliable, adaptable, experienced, loyal, and have a desire to work (Harvard, 2004). The cultures and values of the aging workforce are very significant assets because they are loyal to the employer, fewer sick days, less injuries and enhanced length of service. Companies need to recognize older workers' importance in the workforce and their changing roles in their

Another factor that has to do with the image is that most of the leadership positions are held by the aging workforce and they are the ones with all of the knowledge and experience. When it comes to retirement eligibility, the organization may not be able to predict when the employees will actually retire. Also on retirement, the number of eligible employees for retirement and number likely to retire in the next few years may not have a drastic impact on the organization. The impact will vary in different countries, but the overall aging workforce and declining birth rates will result in less in the talent pool that may require organization to review or modify their HR policies for the changing environment. Resources and funding are usually limited which may prevent the staff from undertaking more comprehensive efforts around assessing how changes in the workforce may impact the

All organizations seem to have a interest in supporting their workers health and wellness because of aging workforce. With advancing age, health problems increase and health care costs and disability rates are positively correlated with age (Tishman, Looy & Bruyere, 2012). In a survey, even among workers age 65 and older (most of them eligible for Medicare), 37 percent cited maintaining access to health insurance as important to their decision to continue working. The organizations are seeing that the benefits of hiring or retaining mature workers outweigh the costs of health care benefits and disability claims. The training target for the older workers will be keeping up with their skills and knowledge up-to-date and in line with that of the younger workers. It is well documented that older workers are often denied access to training (Armstrong-Stassen & Templer, 2005) and affirmed by the Sloan Centers national study on this subject. Training is a critical component of any plan to retain or attract older workers and a successful training program should-adopt a targeted approach, renew critical skills, offer new challenges and integrate training into recruitment (Koc-Menard,