From the Wall Street Journal, some useful numbers on the workforce of today and examples of how companies are trying to allay younger workers fears of little advancement opportunities.
In a recent survey of more than 2,200 U.S. workers by consulting firm Watson Wyatt Worldwide, 44% of respondents age 50 or older said they plan to postpone retirement; half of those say they plan to work at least three years longer than previously expected.
As of June, 23% of Americans working or looking for work were 55 to 64 years old and 4% were 65 and older, according to the Bureau of Labor Statistics. That means more than a quarter of the current labor force will be eligible to retire in the next 10 years. Workers can qualify for reduced Social Security retirement benefits as early as age 62 and for Medicare at age 65.
Some employers are taking steps to make themselves more attractive to younger workers, who may fear a shortage of promotion opportunities.
International Business Machines Corp. in December created an online tool to boost its internal mentorship program, in which older, more experienced employees share knowledge with younger workers, says Mary Ann Bopp, manager of IBM’s mentoring programs. In turn, senior employees are seeking “reverse mentors” to learn about, for example, online social networking.
Since December, more than 3,500 employees have signed up to be mentors and more than 2,600 co-workers have sought them out. “There was huge demand,” Ms. Bopp says.
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