March 2018 – CNBC
Older Workers are very stable and very reliable
- The unemployment rate for those ages 55 and over is 3.2 percent as of February 2018, according the Bureau of Labor Statistics.
- That’s lower than the current unemployment rate of 4.1 percent for the entire U.S. population and 14.4 percent for teens.
- Many boomers facing retirement want to work because they fear they don’t have enough money for retirement.
- More companies are hiring experienced senior workers in this tight labor market.
Michele Meagher, pictured, age 66, appreciates the way she’s treated as an older worker by her employer, Tufts Health Plan, a nonprofit health insurance organization in Watertown, Massachusetts.
In a tight labor market, creating a climate attractive to older workers is essential, says Lydia Greene, chief human resources officer for Tufts Health Plan. The company’s 401(k) program includes a supplemental match of 3 percent each year on top of the standard 4 percent match for employees contributing 6 percent or more of their income. Individuals ages 50 and over make up 34 percent of the company’s workforce. They’re hired at all levels, from physicians to clinical-care managers and administrative assistants.
“They bring so much experience to the table,” Greene said. “They’re very stable and very reliable and help us develop and mentor our younger workers.”