The Employer Case for The Boomer Institute
Maine’s aging population is resulting in an aging workforce and presenting a significant challenge for employers: Within the next 20 years, nearly half the state’s current workers will reach traditional retirement age, according to the Maine Department of Labor. At least 40 percent of the current Maine workforce will be 65 or older.
In addition, Maine has the oldest population in the nation, with 30% falling into the “boomer” category, which is hailed as the most educated group in history.
That segment of the population — 50+ — is the only one anticipated to grow in Maine. The number of people of prime working age — ages 25 to 54 — is expected to decrease through 2030. There are not enough younger workers to fill the gap left by retiring older workers. (Maine Development Foundation study)
The segment of educated and experienced boomers (born between 1946-64) has much to offer Maine employers, but employers need to better understand what it will take to attract and retain this talented group.
Research shows that the majority of boomers plan to work into their 70’s, well past the traditional retirement age, and that they are motivated by a sense of purpose and meaning. Maine could be positioned as a destination for a “purposeful retirement”, thus attracting much needed talent to the State and engaging boomers who already reside here.
The "gig economy" is thriving on the West Coast where a significant number of millennials reiside. Why not adapt this workforce concept to our economy and think "gig economy" for boomers in Maine? It is truly time for out of the box thinking on the part of employers who want to continue to flourish and grow.
In spite of the consistent and regular news coverage of this workforce trend, a recent SHRM study found that over half of U.S. businesses and organizations are either not aware of a demographic shift towards an aging workforce or are not actively taking steps to prepare for the impact of these changes.
Where does your company or organization fall in the recent study results on how organizations are preparing for the projected increase in the number of older workers in the workforce?
19% Just becoming aware of this workforce trend
13% Not aware of the trend or its forecasted impact
36% Beginning to examine internal management practices and policies to address this change
5% Have proposed specific policy and management practices
2% Have agreed on a plan to change policies and management practices
Consider how The Boomer Institute could be part of your organization’s response to the forecasted workforce challenge that is upon us.