U.S. Senate Aging Commitee Hears Testimony on Economic Impact of Aging Workforce

On February 28, the Senate Special Committee held a hearing at which two high-ranking Federal officials testified about the economic consequences of an aging workforce. The hearing, entitled "The Aging Workforce: What Does it Mean for Businesses and the Economy?", also featurerd witnesses who addressed ways in which businesses can implement flexibility in the workplace in order to prevent a brain drain as seniors retire and who discussed supporting older learners who want to remain in the workforce.

In his opening remarks, Senate Aging Chairman Herb Kohl (D-WI)said that "surveys show that while most employers are aware of the looming brain drain, they are not prepared for it." However, he went on, "{w]e can’t afford to wait until the retirement wave is upon us. We must encourage businesses to adopt policies now to attract and retain older workers as they are confronted with the coming labor force shortage. And the message could not be more urgent, as time is short: the first of the Baby Boom generation will reach retirement age next year."

Also testifying (with links to their statments) were:

• David Walker, Comptroller General, US Government Accountability Office, Washington, DC, who presented the GAO's report on the "Comptroller General's Forum on Engaging and Retaining Older Workers"
• Donald Kohn, Vice Chairman, Board of Governors of the Federal Reserve System, Washington, DC, who testified that economic growth could decline significantly to 2.2 percent by 2015 as a direct result of the declining labor force participation of our aging society.
• Marcie Pitt-Catsouphes, Director, Center on Aging and Work/Workplace Flexibility, Chestnut Hill, MA
• Javon Bea, President and CEO, Mercy Health System, Janesville, WI, a company currently ranked the #1 employer for older workers by AARP.
• Preston Pulliams, District President, Portland Community College, Portland, OR

Source: Senate Special Committee on Aging Press Release (February 28, 2007)

Other Sources: Los Angeles Times "Senators search for ways to keep boomers on the job" (March 1, 2007)