Employers, Workers Face Challenges From Delayed Retirements

A just-released survey showing that more Americans age 50 and older plan to delay retirement presents some unique challenges to the nation’s employers.  In one respect, companies will benefit from these workers’ knowledge and experience, according to workplace authority John A. Challenger, chief executive officer of Challenger, Gray & Christmas, Inc., a global consultancy providing job search training and career coaching.  “In an era when employers are turning increasingly toward contingent or contract workers, having a stable of seasoned veterans on the payroll is vital to maintaining corporate memory.  However, there are issues related to managing a multi-generational workforce with which to contend, including the fact that these different age groups generally tend to be motivated by different factors,” said Challenger. Employers also have to be aware of the pitfalls associated with having an aging workforce that does not retire and make room for younger workers to advance within the organization.  “It is critical to have a strategy for the continued development and advancement of young talent.  If they feel like they are being held back or that they are not being challenged, they will become disengaged and either take their skills elsewhere or, worse, stick around doing the bare minimum when it comes to the quantity and quality of their output,” Challenger warned.  How should employers prepare for an aging workforce that plans to further delay retirement?  What can younger workers do to ensure they are able to advance their careers? What can older workers do to improve their chances of finding and keeping a job?

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