Elderly Workforce: Continuing to Rise

Trends are continuing to rise as more people continue to work into their later years.

You enter the workforce, work until a certain age, and you retire. But maybe you don’t, trends are continuing to rise as more people continue to work into their later years.

According to the Bureau of Labor Statistics (BLS), the labor force growth rate of people 65 and older is projected to outpace all groups during the decade of 2014-24. More and more people are holding onto their jobs longer, some working to cushion their savings or aren’t ready to give up working yet.

Specifically, the age groups of 65-to-74 and 75-and-older, are projected to increase exponentially in this coming decade. What does that mean for businesses? Companies must consider the risks that come with older workers, but also think about how making some small contributions will allow this valuable part of the workforce to thrive alongside the rest of the team.

Older workers can be an important asset to companies, their extended experience can be passed on to train the next line of workers. As a business owner, there are several ways to implement good practices to accommodate both young and old workers. Consider upgrading technology equipment, pursuing further educational trainings, and implementing a wellness program to ensure workers can stay healthy. By implementing these practices, a company can keep its older workforce happy and healthy, while they help train the next line of young workers who will have garnered first-hand experience from someone who has been there for years.

Two Rivers Insurance Services’ Special Risk Management Services are designed to control hazards and reduce risks associated with employing older workers. Interested in learning more? Contact a Two Rivers Insurance Services consultant here.