The Negative Effects Of Baby Boomer Workers
The nation’s workforce has experienced some traumatic events over the past seven years. Between the financial disasters, global competition, and the slow pace of domestic economic growth, is it any wonder that employment in the United States is not meeting standards? Yet the biggest challenge of all may be right around the corner as the baby boomers retire in bulk. “Following World War II, women in the United States had babies in unprecedented numbers, beginning in 1946 with 3.4 million births. Although an increase in birthrate is a normal occurrence following a war, this boom continued unabated for almost twenty years, peaking in 1957 with a record 4.3 million births and ending in 1964” (Brown). Over the next twenty years, this huge cohort
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The economy’s long-term shift toward knowledge-based jobs and away from physical labor is a force that might be increasing the rolls of older workers. Already, older employees with higher level of education seem to be playing a major role in the trend (Peterson). The problem is that companies are going to need to hire somebody young who has the same brain of a 64-year-old but is able to perform tasks more efficiently like a 24-year-old. “Health problems and workplace pressures such as cutbacks force many workers into retirement earlier than they expect. And employers that have a choice often prefer the young, viewing older workers as costly and resistant to new technologies” (Peterson). Soon, employers will not have a choice whether they want to hire an old, sophisticated employee or a young, energetic employee. “By 2003, 82% of baby boomers were in the labor force. In the last four years, that baby boomer retirement figure has jumped from 10% to 17%, while their labor force participation rate has just hit a 36-year low in 2014” (“Baby Boomers and Retirement”). A company must conclude whether it is worth their money and time to hire a retiree. The problem is that the retiree community in this country has little savings, so they feel the pressure to continue working. Consequently, this also means a fair amount of baby boomers will need to depend on others, such as the government or family to support them once they finish
The economy’s long-term shift toward knowledge-based jobs and away from physical labor is a force that might be increasing the rolls of older workers. Already, older employees with higher level of education seem to be playing a major role in the trend (Peterson). The problem is that companies are going to need to hire somebody young who has the same brain of a 64-year-old but is able to perform tasks more efficiently like a 24-year-old. “Health problems and workplace pressures such as cutbacks force many workers into retirement earlier than they expect. And employers that have a choice often prefer the young, viewing older workers as costly and resistant to new technologies” (Peterson). Soon, employers will not have a choice whether they want to hire an old, sophisticated employee or a young, energetic employee. “By 2003, 82% of baby boomers were in the labor force. In the last four years, that baby boomer retirement figure has jumped from 10% to 17%, while their labor force participation rate has just hit a 36-year low in 2014” (“Baby Boomers and Retirement”). A company must conclude whether it is worth their money and time to hire a retiree. The problem is that the retiree community in this country has little savings, so they feel the pressure to continue working. Consequently, this also means a fair amount of baby boomers will need to depend on others, such as the government or family to support them once they finish