An Aging U.S. Workforce Could Be A Fruitful Operational Shift for Businesses
The article discusses how an aging U.S. workforce presents opportunities for businesses to gain a competitive edge. Experienced workers are becoming key assets in reshaping labor strategies due to their wealth of knowledge and adaptability regarding flexible work arrangements.
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Key takeaways
An aging workforce offers businesses competitive advantages.
Experienced workers contribute significantly to reshaping labor strategies.
Flexible employment arrangements are becoming increasingly valuable.
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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.
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.
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-time experienced workers who know how to use modern systems, you could argue that could make for margin expansion possibility," Herzog said.
Stringing together, with good logistics, a bunch of part-time experienced workers who know how to use modern systems, you could argue that could make for margin expansion possibility.
— Taylor Herzog, CFA, CAIA, Founder and Chief Investment Officer at TYME Advisors
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About the author
TYME Is On Your Side! If you are tired of one dimensional, static, impersonal, and indecipherable financial advice then visit tymeadvisors.com to join Taylor's insider's list to learn how TYME Is On Your Side with our multi disciplinary, real time, personalized, and understandable advice.
