Survey: U.S. Companies Not Responding to Changing Demographics of Aging Workforce

A survey released by Boston College's Center on Aging and Work/Workplace Flexibility , found that many U.S. businesses are unprepared for changing workforce demographics. Specifically, the "National Study of Business Strategy and Workforce Development" shows that more than a quarter of U.S. businesses have failed to plan for the effects of the aging American workforce.

"Even though organizations know that the workforce is aging and understand that their own workers are looking at retirement, many are not making plans for how business will adjust to these changes," said Marcie Pitt-Catsouphes, co-director of the Boston College Center on Aging and Work.

"Companies that do not plan for this aging workforce may find themselves suddenly faced with a loss of labor, experience and expertise that will be difficult to offset, given the relatively small pool of new workers and the competition for new talent likely to result from so many companies facing the same problem," said Mick Smyer, co-director of the Center.

The survey focused on four questions: (1) Are employers assessing how the aging of the workforce might affect their organizations? (2) Do employers see the aging of the workforce as a vulnerability or a competitive advantage? (3) How are employers responding? (4) What factors could affect employer response? For each question, the survey reports on the results, but also offers up concrete advice to employers under the rubric of "Considerations for Employers."

Source: Boston College Center on Aging and Work/Workplace Flexibility Press Release (March 13, 2007)