Every business owner would be wise to take a look at some of the statistics regarding the expected age ranges of the American workforce. Even if you have not experienced the “aging workforce” in your own practice, you likely soon will: the number of Americans between 65 and 74 who are expected to be working in 2022 is 32% - double what it was in 1992. This striking statistic means that business owners need to adjust their workplace standards to address this trend. But what does an aging workforce mean for the standard business?
The results are both “good” and “bad” for employers. The good news is that as your workers age, they can spend more time in their field (and with your practice) and can therefore pass on that information to your new hires. These traditional mentoring programs have been shown to strengthen businesses and can increase cohesion among your workforce. Along with traditional mentoring is the rise of so-called “reverse mentoring,” in which younger hires teach their elder coworkers about technological advancements such as social media and online networking. Overall, these types of programs can benefit your practice.
As for the “bad,” the primary concern for employers with aging workforces are increased healthcare costs. Employees 50 or over can cost nearly twice as much in healthcare expenses as their younger counterparts. In addition, you may face a rise in employees seeking age-related accommodations due to health issues. Flexible scheduling and partial or phased retirements may lessen some of these burdens.
Like any other change, employers must take the good with the bad when it comes to an aging workforce. This trend does not seem likely to be on the decline anytime soon; therefore, it is a good idea to address the issue head-on to reduce issues for your practice, as well as for your employees.
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