Becoming the employer of choice: anticipating and preparing for a graying workforce in industry

The recent shift in the labor force that has occurred in many developed countries has been greater than any shift prior to 2020. This shift was caused by reduced birthrates coupled with the rising percentage of mature workers in the labor force, compounded by the 2020 global shut-down due to Covid-19. Managers and HR directors need to act now to gather the necessary data on their employees and their company’s projected labor needs to accurately plan for their short- and long-term labor needs. A partial solution for this impending labor shortage is for companies to proactively become the “employer of choice” for their graying workforce by making necessary accommodations to retain and recruit mature workers. The concept of employer of choice relates to creating a work climate that attracts and retains workers to a specific employment opportunity. This article focuses on the steps that can be taken by employers to minimize the impact of this looming labor shortage on their company as well as on the overall economy. The article also provides background on some of the reasons why many mature workers want and need to continue working and the imperatives as to why immediate action on the part of employers is necessary.