Older Workers still on the Job Working

February 4th, 2013

A new analysis of Census data reveals that the share of U.S. citizens 65 and older in the labor force has risen from 12.1% in 1990 to 16.1% in 2010. The percentage of 65-plus women workers rose more than 4 percentage points to 12.5%, compared with a 3.2 percentage point increase for men to 20.8%. “As with all age groups, the increase in labor force participation of women has been a driving factor for this overall trend,” says Braedyn Kromer, an analyst in the U.S. Census Bureau’s Labor Force Statistics Branch. More than 44% of workers 65 and older worked full time year-round. The growing presence of older Americans in the work force is likely to continue. The Census Bureau projects a 67% increase in the 65-and-older population between 2015 and 2040, when one in five Americans will be 65 or older.

Older Workers hurting Union Membership

The U.S. Bureau of Labor Statistics announced on Jan. 23 that the union membership rate in America continued its long collapse in 2012, falling to 11.3% of all workers, its lowest level since the 1930s. Thirty years ago, 20% of all workers were in unions. Things stand to get much worse for unions in the coming years, as union workers age. Today, almost a quarter of union members are older than 55, up from around 15% in 2002.

Middle-aged workers are turning into old workers as the baby boomers head towards the last decade or so of their careers. Also, the unions are failing to add younger members (or, alternatively, those young members are being laid off by local governments and factories). Unless unions somehow become adept at organizing workers in their 20s and 30s soon, they stand to lose another sixth of their membership to retirement in the next decade.

For more information or a complimentary confidential discussion on any Staffing M & A subject, contact: Bob Cohen at 416-229-6462 or Sam Sacco at 910-509-0691.

 We can also be reached at bob@racohenconsulting.com or sam@racohenconsulting.com.

Sam and Bob have successfully completed over 135 staffing industry transactions. Visit our website for more articles and information at:    www.racohenconsulting.com