A very noticeable trend in our data shows that across many measured demographics (such as income, education, gender, and even marital status), less younger individuals are working for pay while those 55 and older have seen an increase in paid employment. While there are still more younger adults earning wages overall, these changes are statistically significant for many surveyed. Read below to find out possible reasons why.
EXPLORE THE DATA
PERCENTAGE OF AMERICANS WORKING FOR PAY
With 10,000 baby boomers turning 65 each day, manufacturing, financial services and other companies increasingly are concerned about an exodus of their most experienced employees. Some are seeking ways to ensure that veterans pass along their knowledge to younger colleagues before they leave the workplace. One solution is phased retirement. Employers offering this benefit allow older employees to work part time or on flexible schedules for several months or years before they choose to retire. Fourteen percent of U.S. companies are currently offering either a formal or informal phased retirement program, up from 10 percent in 2012, according to the Society for Human Resource Management. More companies need to do this if they want to preserve their best practices, innovations and customer relations… Read more
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