Workers' compensation interventions for an aging workforce must be viewed as an investment, with the return on that investment being reduced losses. A corporate culture that fails to accommodate older workers in a proactive manner can also lead to new risks and employee relations issues. (Photo: Krakenimages/Adobe Stock)
Workers over the age of 55 represent a large and essential segment of the American economy, and their influence is growing. According to the U.S. Bureau of Labor Statistics, one-in-four U.S. workers will be 55 or older by 2030.
During the pandemic, a large amount of older workers did exit the workforce, however, SeniorLiving.org's Senior Employment Annual Report illustrates that there are signs of that rebounding. In May 2020, 54% of workers 55 and older were either working remotely or unable to work because of the virus. Today, that figure has decreased to 15%, which may continue to decline with the wide availability of additional vaccine doses. In addition, the existing labor shortage has created attractive opportunities for older adults. Those who previously left or lost their jobs may re-enter the workforce with a prospect of earning higher wages and receiving better benefits.
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