With unemployment rates soaring and fewer jobs available, boomers who are employed are most likely not contemplating looking for a new job just now.
With decreased employee turnover, many businesses may be looking at an aging workforce and subsequent increases in health- and injury-related losses.
In fact, about 76 million baby boomers–born between 1946 and 1964–were set to retire in large numbers by the end of the decade, but dwindling 401(k) plans and IRA accounts are factors that may push more boomers to work well past the age of 65.
The Bureau of Labor Statistics projected last July that between 2006 and 2016, the number of workers age 55 to 64 will climb by 36.5 percent, while the number of workers between the ages of 65 and 74 and age 75 and up will rise by more than 80 percent.
By contrast, however, workers between the ages of 25 and 54 will only increase by 2.4 percent.
Older workers are highly valued by employers for their judgment, flexibility, experience and creativity. They are considered reliable and generally have a strong work ethic. They may also be a company's greatest asset, since older workers tend to be more loyal to a company than younger workers.
These qualities may make older workers one of a company's greatest competitive advantages.
On the other hand, older workers tend to take more time off for injuries and illness than younger workers, which can leave midsize and small businesses in a financial bind.
While workers age 55 and older accounted for only 12 percent of the injury and illness cases involving days away from work–suffering fewer injuries than their younger counterparts–time away from work, or severity, was higher.
For all workers, the median number of days away from work was eight. The breakdown is that those 55-to-64 missed 12 days, while those 65 and older missed 18 days.
Generally, even if they have not been injured, older workers utilize the health care system to a greater degree than their younger counterparts, and may take longer to recover from an illness. The prevalence of serious medical conditions increased over the past decade among working adults in their late 50s.
For example, more adults had diabetes or reported being troubled often by pain and suffering from arthritis in 2002 than in 1992. While high blood pressure, arthritis, diabetes, cataracts and balance issues are treatable aliments, they require regular visits to health care professionals, which can increase the level of absenteeism in older workers.
While at work, older workers may require additional breaks to take medications, rest their eyes or stretch before physical work activities. Medications taken by the older worker can have side effects that affect visual perception or balance–which can increase the probability of accidents.
As people age, their hearing generally diminishes, and vision also decreases steadily. Distance nighttime legibility for a 60-year-old is only 77 percent that of a 25-year-old. Physical strength, muscle mass and elasticity also decrease with age–limiting strength capabilities an employee would have to pull an object from a bin or turn a valve.
With the economy in a downturn, it appears that experienced, older workers are here to stay. The good news is that these employees bring a lot to the table, including their institutional knowledge that can be passed on to younger workers.
Businesses should capitalize on these strengths. Improving policies and workplace design will allow these workers to maximize their contributions in a safe and healthy environment.
In fact, organizations need to consider and include older workers in the entire design process. Outside professionals can help adapt the workplace as well as develop human resource policies to fit the aging workforce–especially individuals who may want to continue to work on a part-time basis.
Improving policies and workplace design can help create a safe and healthy environment not only for older workers, but for younger workers, too.
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