Employers Adjust to Aging Labor Force
A fifth of the U.S. work force is likely to consist of retirement-age Americans deciding to maintain at least part-time hours within 15 years, reports the Bloomberg.com news service. Companies such as CVS Corp. and Wal-Mart are preparing by actively recruiting older workers now.
Workers that age and older will make up almost 20 percent of the labor force by 2015, up from 12.9 percent in 2000, according to projections from the Labor Department. While the total labor force is projected to grow 1.1 percent annually from 2000 to 2010, the government forecasts that the 55 and older share will grow at a rate of 3.9 percent.
CVS now employs almost 17,200 people age 50 and older, 16 percent of its payroll, up from less than seven percent in 1992. The company uses flexible schedules, 20-percent employee discounts, and medical and prescription plans to lure older workers. CVS even offers to find openings in its Florida stores for those seniors who migrate south during the colder months.
Moderator Comment: Is age bias an issue in the retailing
and CPG industries?
“Will you still need me. Will you still feed me, when
I’m sixty-four.”
- Lennon and McCartney