Longevity Agenda Action Item
- End the 65 “sell-by” date as a mandatory or informal “retirement age”
In the early 2000s, the graying of the massive Boomer cohort had begun. Numerous economists, business analysts, and futurists cautioned business leaders and policymakers against continuing business as usual—sticking to old and increasingly outdated assumptions about aging workers ability, desire, and need to continue working. This widely distributed call to action went largely unheeded.
The argument (expressed cogently in the 2004 Harvard Business Review piece below) remains compelling today—and can no longer be ignored. While some progress has been made in the elimination of formal retirement ages, such ages remain in many organizations. And informal pressures to retire early remain robust.
It’s Time to Retire Retirement | Harvard Business Review | Ken Dychtwald, Tamara J. Erickson, and Bob Morison
“In the past few years, companies have been so focused on downsizing to contain costs that they’ve largely neglected a looming threat to their competitiveness, the likes of which they have never before experienced: a severe shortage of talented workers. The general population is aging and, with it, the labor pool. People are living longer, healthier lives, and the birthrate is at a historic low.
“While the ranks of the youngest workers (ages 16 to 24, according to Bureau of Labor Statistics groupings) are growing 15% this decade as baby boomers’ children enter the workforce, the 25- to 34-year-old segment is growing at just half that rate, and the workforce population between the ages of 35 and 44—the prime executive-development years—is actually declining…”
Read the full article: It’s Time to Retire Retirement.