An Aging U.S. Workforce Could Be A Fruitful Operational Shift for Businesses

Lockton Banner Ad

 

In a workforce landscape being shaped by inflation, supply chain evolution, geopolitical tide shifts, and rising next-gen technology, businesses are increasingly recognizing the value of integrating older, experienced workers into their labor strategies. The allure lies not only in the seasoned skills these workers bring but also in their financial independence, which often allows them to seek part-time rather than full-time positions. This trend isn’t coming out of nowhere — it’s aligning with an existing shift towards an aging U.S. workforce.

Recent Pew Research reports show that the number of employed Americans over 65 is nearly twice as high as it was 35 years ago, reaching around 19% of all 65+ citizens. Not only is the earning power of the average 65-and-older worker increasing alongside this trend, but this demographic is now more likely than in previous decades (compared to the late 1980s, for example) to receive employer-provided benefits, including pension plans.

How is an aging U.S. workforce impacting how businesses manage their workforce and their operations, whether in terms of workforce education, full-time versus part-time employment set-ups, insurance benefit strategies, and day-to-day operational expenditures? What are some of the economic tailwinds from this shift toward an aging U.S. workforce? Analysts like Taylor Herzog, CFA, CAIA, a macroeconomic analyst and the Founder and Chief Investment Officer at TYME Advisors, are optimistic about the strategic wins that can come from a workplace demographic that is rich with experience taking on a larger share of the workforce.

As companies continue to explore these new workforce configurations, Herzog shares his perspective on macroeconomic trends and labor market dynamics, and how they could provide deeper understanding into how businesses can effectively harness the potential of an aging U.S. workforce that is full of potential.

“These older workers can compete more effectively by saying, ‘I just need part time and I’m skilled, I am experienced, I’m more mature in knowing how to navigate a workforce environment,'” Herzog said. “Stringing together, with good logistics, a bunch of part -ime experienced workers who know how to use modern systems, you could argue that could make for margin expansion possibility,” Herzog said.

Article written by Daniel Litwin.

Follow us on social media for the latest updates in B2B!

Image

Latest

Fan-Centric Business Transformation
Prop Room
May 23, 2024

In this episode of the Fans First series, Jesse Cole, the mastermind behind the Savannah Bananas, shares with us that in the vibrant world of marketing, creativity knows no bounds—a philosophy embodied by a prop room and studio teeming with eclectic costumes and outlandish ideas. This creative hub, seemingly disconnected from conventional themes like bananas,…

Read More
Ace Gardner and Jacob Lewis discuss NIL Deals and Transfer Portals
NIL Deals and Transfer Portals are Also Impacting College Staff and Their Roles
May 23, 2024

College sports is undergoing a significant transformation with the advent of Name, Image, and Likeness (NIL) rights and the increasing prevalence of transfer portals. These changes are reshaping how college staff operate, presenting both opportunities and challenges. With the rise of NIL deals and transfer portals, understanding the behind-the-scenes impact on college coaching staff…

Read More
sales process automation
The Future of Business Success Lies in Real-Time Feedback and Sales Process Automation
May 22, 2024

Amid the rapid pace of technological advancements, sales processes are undergoing significant changes. Companies are increasingly pressured to enhance efficiency, accuracy, and customer satisfaction. According to Forrester’s 2023 report, a staggering 90% of global business buyers experienced stalled purchasing processes due to economic headwinds, emphasizing the importance of price transparency and the need for…

Read More
thaly palanisamy as new president
Stenograph, LLC Announces Thaly Palanisamy as New President
May 22, 2024

Stenograph, LLC is pleased to announce Thaly Palanisamy as president. In his role, Mr. Palanisamy will guide Stenograph in executing its strategic vision: Empowering the capture, preservation, and accessibility of verbatim records. “Thaly’s leadership skills, combined with the Stenograph strategy deployed by our talented team, will ensure success as we charter our course for the…

Read More