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By Barbara Safani

In the year 2000, 15% of the United States workforce was 55 or older. By 2015, 20% of the U.S. population will be age 55 or over. The 78 million Baby Boomers represent 40% of the workforce. The workforce may be graying, but mature workers aren't slowing down. Over the next ten years, boomers will regroup, rejuvenate, and reinvent themselves for numerous reasons. Boomers are less likely to associate retirement with age 65 and nearly 70% of boomers surveyed in a 2006 AARP study who are eligible for retirement say they plan to work past age 65 or never retire. In addition, according to the Bureau of Labor Statistics, the rate of growth of the U.S. workforce will decline from 12% this decade to only 4% between 2010 and 2020, so it's crucial to keep mature workers engaged in the workforce.

Despite all the research and statistics that support these changing demographics, 80% of companies polled in the AARP survey have made no special provisions for older workers. This will need to change if companies want to remain competitive, minimize the impact on their businesses, and be seen as the employer of choice for older workers over the next ten years. The over-50 candidate can improve their chances of landing a job by becoming knowledgeable of the coming labor shortage statistics and showing employers how they can support an organization's evolving needs. Here's a look at what the mature worker wants and some recommendations for how they can achieve their goals over the next decade.

Financial Stability
For many, the decision to continue working stems from necessity. While 60% of U.S. companies had defined benefits plans in 1981, that number dropped to 10% in 2001 and will continue to decline. With this safety net removed, boomers are feeling the financial pinch and recognizing the need to work longer. A significant number of boomers have financial responsibility for an aging parent, an adult child who has moved back home, or grandchildren who need to have day-care expenses covered. Others have experienced financial losses that have made early retirement unrealistic. According to a 2002 AARP stock market survey, 70% of investors ages 50 to 70 have decided to postpone retirement due to stock losses.

Solutions
Mature workers will continue to seek employment opportunities that allow them to meet their financial obligations. To reach these goals, candidates must research their market value and not rely on past salary as a benchmark for future salaries. If they are coming out of an organization after a long tenure, their compensation may not have kept pace with what the market will bear due to internal changes, salary freezes, M&A activity, etc. and it is imperative that mature job seekers assess their market value before they begin interviewing. Excellent resources for competitive benchmarking include colleagues, professional organizations, recruiters, and online tools such as Salary Expert and Payscale.

Non-Traditional Employment Packages
Since the demographics are changing and the pool of candidates in the 25-to-44 age group is shrinking, it will become increasingly difficult to recruit qualified candidates and more important for hiring managers to create strategies to attract and retain boomers. Traditional employment packages may fall short of the needs of the boomers who tend to value flexible work arrangements, meaningful work, comprehensive benefits packages, and training and development opportunities over other benefits that were coveted earlier in their careers.

Solutions
Boomers should target companies that actively promote their commitment to a mature workforce. They can increase their knowledge of such companies by following surveys such as AARP's Annual Best Companies for People over 50 and subscribing to AARP and other mature audience magazines and newsletters. Mature workers should also consider networking in age-related affinity groups such as Forty Plus or online sites such as www.eons.com.

Freedom from Age Bias
Many job seekers in the 50+ category continue to infer from their experiences that there is an age bias within some employment circles and corporate cultures that impedes their ability to find employment. Whether the bias is real or perceived, AARP research concurs that hiring managers and decision makers have certain perceptions regarding older workers. Even job postings may subliminally communicate bias when they use adjectives such as "high energy" or "fresh ideas" that may typically resonate more with a younger worker.

Solutions
Older job candidates can improve the quality of their interviews and their overall search strategy by capitalizing on the positive associations of the boomer generation and addressing any negative perceptions by showcasing success stories that debunk commonly held misperceptions regarding boomers. For example, positive perceptions of baby boomers include loyalty, low absenteeism, commitment to quality, strong performance records, and good team players. Job seekers can validate these perceptions by communicating stories to employers that demonstrate these skills. Negative perceptions include adversity to change, out-of-date skills, and difficulty reporting to a younger boss. Again, job candidates must confidently communicate their successes around change, training, and reporting relationships.

No-Barrier Benefits/Pension Plans
Three sets of regulations encompassing pension and benefits can diminish efforts to retain an older workforce. The Employment Retirement Income Security Act (ERISA) was implemented to create consistent rules regarding the treatment of employees and their pension benefits. These rules inhibit preferential treatment for the skilled and valuable employees whom companies most want to retain. Internal Revenue Code regulations prohibit defined benefit pension plans from making distributions until employment ends or even when the employee reaches "normal retirement age." The Age Discrimination in Employment Act requires equal benefits, regardless of age. If an older worker receives preferred treatment when an employer modifies a pension plan, then equal treatment is not being applied.

Solutions
If the pension is an issue, mature workers should consider entering an organization as an independent consultant so the pension benefits are not affected. For healthcare issues, they can explore a prospective employer's options for Retiree Health Accounts (RHAs), defined contribution-type plans that pre fund retirement health benefits; Voluntary Employees Beneficiary Association (VEBA), trusts that are like 401K plans for health benefits; or Health Savings Accounts (HSAs) where employer and employee contributions are tax deductible, and earnings and distributions are tax exempt.

The labor storm is coming whether employers like it or not. By being informed about the changing demographics and creating a strategy for marketing accomplishments and value-add now, mature professionals will improve their chances of building financially sound and emotionally fulfilling career paths over the next decade.

Barbara Safani, owner of Career Solvers, has over 10 years of experience in career management, recruiting, executive coaching, and organizational development. Ms. Safani partners with both Fortune 100 companies and individuals to deliver targeted programs focusing on job search strategies, networking, interviewing, salary negotiation skills, and resume development.

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