CAEL Brief Reveals Talent Solution Hidden in Plain Sight

CAEL has released the second of two briefs it is publishing with support from AARP. That probably gives away what (actually, who) the talent solution hidden in plain sight is. Aging Workforce, Rising Potential: Policy and Employer Action for Older Workers, now available in CAEL’s research collection, makes a compelling case for why it’s time to reframe how older adults are regarded within the workforce development ecosystem. 

The brief includes a trove of telling statistics to support its argument. For example, it reports that those 65 and older are projected to comprise 8.6% of the labor force by 2032. During that period, they will account for more than half of the overall growth in the labor force. Only one other age group, 55-64, is projected to experience growth in its labor force participation rate over the same period. 

Meanwhile, the global talent shortage is expected to reach more than 85 million people by 2030, creating an economic drag of as much as $8.5 trillion. In the U.S. alone, a worker shortage of 6 million is expected within the decade. 

The brief offers several strategies for better engaging older workers. Such solutions are critical, as the labor force mentioned above includes not only those employed but those who are seeking employment. More older adults may be interested in extending their careers, but they are at risk of being overlooked within the traditional hiring paradigm. 

One resource the brief calls attention to is employer tuition assistance programs (TAPs). It argues that because older workers in particular benefit from upskilling opportunities, these programs can have an outsize impact on them. Moreover, TAPs provide evidence-backed improvements in areas such as attrition and job performance. To further help readers assess these programs’ potential, the brief also summarizes TAP-relevant tax code and the challenges and opportunities they present. 

The brief also reviews the role of digital literacy as a crucial success factor for older workers. While older adults embrace tech trends more than is assumed, they may lack digital literacy skills. Ensuring they have access to digital skills training—an outcome that TAPs can deliver—can be a key catalyst for workforce development, the brief explains.

We invite educators, workforce developers, policymakers, and any stakeholders interested in using CPL to improve education-employment pathways for older adults and veterans to read Leveraging a Lifetime of Knowledge: How Credit for Prior Learning Can Help Older Adults and Veterans in full, along with the other briefs in the series. The third and concluding brief will be released later this month.