Demographics — Is Your Company Getting Prepared?

by Kevin K. Johnson, Certified Senior Advisor (CSA)®

I sat in on an informative presentation a few weeks ago and thought that I would share some of the information with you. Among the information, was updated data that is disconcerting for employers that aren’t making plans to address the challenges of employees that are, or will soon be, serving as caregivers for their elder loved ones. Here is a subset of the information that should move progressive employers to take action now in order to be prepared for a rapidly advancing challenge.

  • In 2006, almost 500 million people worldwide were 65 and older. By 2030, that number is projected to be 1 billion.
  • Baby boomers number 78.2 million, and the oldest of that cohort began turning 65 years old in 2011. Today 8000 baby boomers reach 65 years of age every day until the year 2030.
  • From 2007 to 2030 the population of 65+ will grow by 69%. Those 85+ will increase by 74%
  • Between 2030 and 2050, boomers 85+ and older will grow by 118%

Today, employers are faced with the following facts regarding their employees:

  • 70% of employee caregivers alter or reduce work hours
  • 20% take a leave of absence
  • 9% give up working entirely
  • 6% turn down promotion
  • 3% take early retirement

Employers view Generation X,  (born 1965 – 1976) and oldest Millennials (born 1977 – 1998) as their current and near future workforce. However these 2 groups along with the youngest Baby Boomers (1942 -1964), together comprise the age diverse group of workers that are juggling careers, families, and the care for their elder loved ones (parents, grandparents, etc…). Employers that are not proactive with workforce solutions for their employees, will experience greater losses in workplace productivity and reduced company earnings. Lost productivity cost employers in the United States well in excess of $30 bn per year.

The speaker mentioned that the vast majority of companies in the United States continue to ignore this data even though its impact (lost productivity) on earnings and income are directly impacted.  She noted that employers in the United States lose well over $30 billion every year in workplace productivity; a fact that I’ve detailed in our website, our blog and our newsletters.

During the open discussion, I was happy to have been recognized as the only representative in the room from a company that helps employers minimize this loss in business productivity. I was able to discuss how we work with our client companies to greatly minimize this costly issue and keep their employees focused on the job.

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