Every business owner would be wise to take a look at some of the statistics regarding the expected age ranges of the American workforce. Even if you have not experienced the “aging workforce” in your own practice, you likely soon will: the number of Americans between 65 and 74 who are expected to be working in 2022 is 32% - double what it was in 1992. This striking statistic means that business owners need to adjust their workplace standards to address this trend. But what does an aging workforce mean for the standard business?
The results are both “good” and “bad” for employers. The good news is that as your workers age, they can spend more time in their field (and with your practice) and can therefore pass on that information to your new hires. These traditional mentoring programs have been shown to strengthen businesses and can increase cohesion among your workforce. Along with traditional mentoring is the rise of so-called “reverse mentoring,” in which younger hires teach their elder coworkers about technological advancements such as social media and online networking. Overall, these types of programs can benefit your practice.
As for the “bad,” the primary concern for employers with aging workforces are increased healthcare costs. Employees 50 or over can cost nearly twice as much in healthcare expenses as their younger counterparts. In addition, you may face a rise in employees seeking age-related accommodations due to health issues. Flexible scheduling and partial or phased retirements may lessen some of these burdens.
Like any other change, employers must take the good with the bad when it comes to an aging workforce. This trend does not seem likely to be on the decline anytime soon; therefore, it is a good idea to address the issue head-on to reduce issues for your practice, as well as for your employees.
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Frequently Asked Questions
Q: What percentage of Americans between the ages of 65 and 74 are expected to be working in 2022?
A: Approximately 32% of Americans between the ages of 65 and 74 are expected to be working in 2022, which is double the percentage from 1992.
Q: What are the benefits of having an aging workforce in my business?
A: The primary benefits include increased experience and expertise within your workforce, the opportunity for older employees to mentor younger staff, and the integration of reverse mentoring programs where younger employees can share their knowledge of technology and new industry trends with their older colleagues. These factors can strengthen your business and enhance workforce cohesion.
Q: What challenges might I face with an aging workforce?
A: The main challenges include higher healthcare costs for older employees and a potential increase in requests for age-related accommodations, such as flexible working schedules or phased retirement options.
Q: How can older employees cost more in terms of healthcare?
A: Employees aged 50 or over can cost nearly twice as much in healthcare expenses as their younger counterparts due to age-related health issues that tend to increase with age.
Q: What is reverse mentoring, and how can it benefit my practice?
A: Reverse mentoring is a process where younger employees mentor older colleagues, particularly about new technologies and digital trends. This can help keep your entire team up-to-date with current practices, enhance skill sharing across generations, and integrate modern tools into your daily operations.
Q: How can I manage increased healthcare costs associated with an aging workforce?
A: Managing increased healthcare costs can be approached by investing in preventative health programs, offering flexible spending accounts, or considering corporate wellness programs that focus on maintaining the health and well-being of your employees.
Q: What accommodations might I need to consider for older employees?
A: Considerations may include flexible working hours, ergonomic workplace adjustments, or options for partial or phased retirement, all of which can help accommodate the physical and personal needs of aging workers while maintaining productivity.
Q: Why is it important to address the trend of an aging workforce proactively?
A: Proactively addressing the needs of an aging workforce can help mitigate potential challenges, such as increased healthcare costs and the need for workplace accommodations. It also positions your business to leverage the extensive experience of older employees, thereby enhancing operational efficiency and team dynamics.
At Dental & Medical Counsel, we've been instrumental in realizing the practice goals of countless healthcare professionals. Whether you're looking to purchase, launch, or sell a healthcare practice, our expertise is your guide. Beyond the initial stages, we're committed to ensuring your healthcare practice remains legally compliant.
We provide comprehensive support, including employment law protections, healthcare contract reviews, and assistance with healthcare employment agreements. Additionally, we specialize in incorporating healthcare practices and securing trademarks. And for long-term planning, our services extend to helping healthcare professionals with succession and estate planning. Trust us to be your partner in every step of your healthcare practice journey.
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About Ali Oromchian, Esq.
Your Healthcare Lawyer
Ali Oromchian, JD, LL.M., is a leading legal authority in dental law and the founding attorney of Dental & Medical Counsel, PC, with over two decades of experience. His deep connection to dentistry comes from his wife's nearly two-decade-long career as a pediatric dentist.
This personal insight fuels his dedication to empowering dentists to navigate their legal challenges and achieve their practice goals. In doing so, Ali has helped thousands of doctors open their practices while maintaining legal compliance.
Ali is frequently quoted and contributes articles to dental publications, including the California Dental Society, Progressive Dentist, Progressive Orthodontists, Dentistry Today, Dentaltown, and The New Dentist magazines, further showcasing his commitment to the dental community.
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