Glassdoor reports that baby boomers (born 1944 – 1964) are the fastest growing segment of the U.S. workforce. A Pew Research Center analysis of official labor force data indicates that in 2018, 29% of Boomers ages 65 to 72 were working or looking for work, significantly outpacing prior generations who averaged 20% at the same age range.
Between 2011 (when the oldest Baby Boomer reached age 65) and 2029 (when the youngest Boomer turns age 65), roughly 3.8 million Boomers are expected to turn 65 each year, or about 10,000 daily. Of those opting to continue to work, 38% have at least a bachelor’s degree.
Rather than opting for retirement, Glassdoor forecasts that they will continue their careers or re-enter the workforce, resulting in a growth rate in this age group over the next decade of 61%! Reasons cited include concerns about retirement security resulting from longer lifespans, continued good health, the availability of physically less demanding jobs, social security incentives to postpone benefits until age 70, and the skills shortage experienced in many industries. Baby boomers are sought by employers for their vast skill set and experience.
Implications for Workforce Planning
Multi-generational workforces present new challenges. Despite the federal Age Discrimination Employment Act, Baby Boomers represent 45% of the reported discrimination claims. Companies seeking to be recognized as a destination employer must establish candidate experience and employee retention programs that support each worker generation. This may include the flexibility offered by freelance jobs, technology-enabled remote work, different compensation schemes, reskilling opportunities, and the use of AI-enabled screening technologies that increase objectivity in candidate evaluation. Contact us at firstname.lastname@example.org