Research About Aging Workforce - 1124 Words

Contents 1. Introduction 2. Advantages of an aging workforce 2.1 Knowledge 2.2 Experience 3. Problems of an aging workforce 1. High health care costs and pension benefits 2. Lost of experience, corporate knowledge and business relations 4. Strategies which can be implemented 1. Mentoring and teaming 2. Redesigning retirement package 5. Conclusion 1. Introduction Baby boomers, people born between the years 1946 to 1964, in United States alone there was an increase in population by 78 million during this period. (United States Census Bureau). Then, they were the baby boomers and now they are known as a†¦show more content†¦Lost of experience, corporate knowledge and business relations As the aging workforce retires from the work scene, their experience, corporate knowledge and important business relationships forged over the years will be lost. Businesses are made, forged and thrive by many years of networking and excellent public relations, losing the people who made it happen all those years, will be a great blow to many industries and organizations. Re connecting with those lost business relationships, retraining the current employees to the level of competency and building up the corporate knowledge would drain the companies’ and organizations’ resources thus possibly reducing their profits or even start running into losses. When many experienced mechanics left Delta Air Lines Inc. in the mid – 1990s, the company was able to reduce compensation costs in the short term but the remaining less experienced employees took much longer to diagnose and repair airplanes. The results : flights delays and cancellations, unhappy customers and over all increase in Delta’s cost per seat.(Salvatore P, Rob C, Thomas H D, 2006) 4. Strategies which can be implemented 3. Mentoring and teaming The aging workforce is a great asset based on their experience, expertise, knowledge and skills learnt over the years. Tapping on these reserves would be a great gainShow MoreRelatedThe Alliance For Healthcare Reform1371 Words   |  6 PagesBackground The debate continues as to whether or not America is really experiencing a healthcare workforce shortage. This debate continues to rage as commercial areas experience an overflow of healthcare professionals with the option to offer per diem employment to job seekers in these areas. However, rural areas continue to suffer from a lack of professional healthcare workers; specifically, those who specialize in specialist areas. The Alliance for Healthcare Reform (2011) has highlighted the followingRead MoreThe Treasure Trove Of The Aging Workforce Essay953 Words   |  4 Pages The Treasure Trove of the Aging Workforce Tajh T. 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