DEMOGRAPHIC TIME BOMB TICKING AS BABY
BOOMERS APPROACH EARLY RETIREMENT

National Conference Convenes in Washington, DC
to Stimulate Increased Utilization of Older Workers

Washington, DC – With only one year before 4.28 million Baby Boomers become eligible for early retirement at age 62, a national conference is being convened at The Westin Grand in Washington, DC on June 7-8, 2007 to explore ways to defuse a demographic time bomb. The New Human Resources Frontier: Utilizing Older Workers for Competitive Advantage, presented by the Center for Productive Longevity (CPL), will bring together an outstanding group of speakers, thought leaders and senior-level representatives from the private, public and non-profit sectors to address crucial issues facing an aging and shrinking workforce.

“The demographic time bomb has a lighted fuse at both ends – an aging and shrinking workforce and a growing number of workers 55 and older, many of whom have indicated that they want to continue working as long as they are able to add value,” said William K. Zinke, President of Human Resource Services, Inc., the organizing body behind the creation and launch of CPL.

Beginning in 2008 through 2025, over four million Baby Boomers will become eligible for early retirement each year. “If the current trend that almost 73 percent of active workers are opting for early retirement at age 62, we are facing workforce issues of unprecedented proportions,” Zinke continued.  “However, the good news is that more than seven out of ten have indicated their intent to continue working, almost a quarter of them because they will need the additional income.”

National surveys by Harris Poll and others of human resource directors indicate that workers 55 and older compare favorably with workers aged 20 to 45 in such areas as turnover and absenteeism; dedication and commitment; reliability and dependability; and overall skills and abilities. Substantially increased utilization of the 55 and older talent pool will sustain productivity gains, economic growth and the ability of U.S. companies to compete in global markets. It will also have a positive impact on entitlement programs because these older workers will be contributing to, rather than drawing from, these programs.

However, there is a disconnect because employers are investing significant amounts in the training and development of young inexperienced workers rather than in workers 55 and older whose job tenure is three times longer. “Increased utilization of older workers just makes good business and economic sense. We can either seize the benefits and opportunities of demographic change now or we will be dealing with the problems and potential crises in the future,” Zinke said.

This action-oriented conference will feature carefully selected speakers, thought leaders and senior-level representatives from the private, public and non-profit sectors, including American Express, Bank of America, Colgate-Palmolive, CIGNA, CVS/Pharmacy, Fidelity, ING America, Merrill Lynch, Southern Company, Government Accountability Office, Social Security, Retirement Research Foundation, and the American Federation for Aging Research.

Findings and recommendations from the conference will be formulated into an action plan for the substantially increased utilization of workers 55 and older that will be implemented by Center for Productive Longevity, a newly formed non-profit specifically created to stimulate substantially increased utilization of this large and growing talent pool.

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