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Small Businesses Must Start Preparing for Aging Work Force
Is your small business ready for the graying of the baby boomers? If not, you're running out of time to start planning for older workers, labor shortages and major shifts in the way you and your employees do business.
If not, you're running out of time to start planning for older workers, labor shortages and major shifts in the way you and your employees do business.
There are many things to do to get ready, some of which will be difficult and expensive, such as providing better benefits to compete for workers in a tight labor market.
"Businesses will need to attract the younger workers coming along behind the baby boomers," said Jerry Wilkins, CEO of Nueterra HR Solutions, a professional employer organization (PEO). "And they'll need to hang on to tenured workers, because you can’t have all that experience just walk out the door."
The 77 million baby boomers - a quarter of the U.S. population - will reach the traditional retirement age in the coming years. People over 45 years of age are now 40 percent of the workforce. As they retire, they'll leave gaping holes in the labor force, and many of these boomers can't – or aren't ready – to retire.
PEOs can help small businesses successfully manage the challenges of an aging workforce by handing many human-resources functions, providing everything from payroll to health benefits. Older employees will require more health care than younger workers, but they'll also provide more experience and continuity. And they will want - and be able to demand – creative new ways to work, like flex time and part-time work.
"There's no way to dodge the changes coming to the work force, and small businesses need to stay abreast of developments,"
Nueterra HR Solutions is one of the country's leading professional employer organizations focused on the health care industry. The company helps clients improve profitability by identifying ways to reduce employer risk and increasing the use of technology solutions to automate HR functions. Nueterra HR Solutions is a member of the National Association of Professional Employer Organizations (www.napeo.org)
To learn more about Nueterra HR Solutions, visit www.nueterrahr.com.