- According to data released by the Census Bureau, almost 1 in 4 people between the ages of 65 and 74 nationally - 23 percent - were still in the labor force in 2006, up from close to 1 in 5 at the beginning of the decade.
The good news?
- People are healthier, they want to remain engaged in the community, and they find fulfillment through employment.
The bad news?
- There are people who don't have the financial resources to live without working, and they need the supplemental income to make ends meet.
Actually a third factor is at work: the growing talent shortage in the United States (and other countries too).
- 70 million Boomers will reach "retirement" age in the next five years - and the numbers coming up behind them are much, much smaller.
Companies are more than willing to keep older workers employed for the simple reason that there aren't enough younger people to replace them.
BOTTOMLINE: Succession planning should be part of your annual strategic plan - and not just at the CEO level -- but all levels within your organization. Blending succession planning with a touch of contingency planning will enable your company to weather the coming aging workforce challanges.
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