In the U.S. between 2006 and 2016, it is expected that 93% of the workforce growth will be in the 55 and older age bracket. While some older workers continue to work because they have to, o- many older workers work because they want to. A recent survey found that only 17% of today’s 65+ workers have jobs because they need the money, compared to over half who said they continue to work because they want to. The question is: how will the growing aging workforce impact the labor market?
One possible impact on the labor market is an increase in older workers filling “just-in-time labor” roles. Older workers who voluntarily stay in the labor market are probably more likely to work part-time and take on jobs that interest them. In today’s world of virtual work spaces, outsourcing, and contract labor, the concept of a growing, highly skilled just-in-time labor force supplied by baby boomers is very plausible. This market of on-demand talent is still relatively small today, but it could grow very rapidly in the next few years as baby boomers move from traditional jobs to contract labor to help meet future demands quickly (that is, if and when the economy picks up). These experienced baby boomers could provide organizations with much-needed specialized skills, but on an “as needed” basis--helping organizations save money by maintaining only their core talent as employees and contracting out the rest.
Of course, for this to work, organizations would need to develop a highly efficient way of delivering talent so that a project was truly “just-in-time”. With a shift like this, a whole new type of recruiting could emerge—one that focuses on delivering “just-in-time” talent.
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