ABSTRACT
A recent study of more than 500 executives around the globe by The Economist (2011) suggests that organizations are ill-equipped to handle what they term the “Silver Tsunami,” referring to the well-documented aging of the labor force. Almost one in three firms report that they are not effective at adapting their HR strategies to meet the demands of an aging workforce (e.g., selection and training) and fewer than one in five firms have policies in place to address the aging of the workforce, such as capitalizing on the knowledge and skills of older workers. Given higher unemployment rates of late, it may be fair to ask whether the projections regarding the aging labor force are still relevant in the context of the “great recession” of 2007–2009. Recent reports suggest that the answer to this question is a resounding “yes.” U.S. labor force participation rates continue to increase for workers between the ages of 65 and 69 even in the context of the global recession (Johnson & Butrica, 2012). Moreover, many older workers plan to work past the ages normally slated for retirement in either the same role, in bridge jobs, or encore careers (second careers, which could include a series of different jobs) to satisfy financial, social, or emotional needs. Indeed, a recent survey of workers found that more workers planned to work after retirement in some capacity than planned not to work (Sloan Center on Aging and Work, 2012).
