Transform 2010 P reparing Minnesota for the Age Wave Overlooked & Underserved: The Crisis Facing America’s Older Workers Mary Olsen Baker Transform 2010, MN Dept of Human Services 2010 Minnesota Financial Fitness Conference April 20, 2010

Transform 2010 P reparing Minnesota for the Age Wave The Demographic Reality Minnesota’s population 65+ will grow from 620,000 in 2005 to 1.3 million in 2030

Transform 2010 P reparing Minnesota for the Age Wave The Aging Workforce in Minnesota Between 2000 and 2010, the number of workers age 45 to 64 –increased from 845,000 to over 1 million –from 31% to 38% of the total workforce Between 2000 and 2010, the number of workers over age 65 –increased from 85,000 to 97,000 –from 10.1% to 10.6% of the total workforce 35% of all workers 16 to 64 have a disability

Transform 2010 P reparing Minnesota for the Age Wave Number of workers 45+ will rise steeply between 2010 and 2030

Transform 2010 P reparing Minnesota for the Age Wave MN average annual labor force growth rate will slow dramatically in 2010

Transform 2010 P reparing Minnesota for the Age Wave Minnesota’s labor force is aging –Median age rising from 36 to 46 –75% of workers in 2030 are already in the labor force –Fewer younger workers will slow the growth of the prime age labor force Why focus on Aging Workers?

Transform 2010 P reparing Minnesota for the Age Wave Recession Impact on 55+ Workers Source: U.S. Department of Labor, Bureau of Labor Statistics, Labor Force Statistics from the Current Population Survey Unemployment Rates by Age December 2007, December 2009, January 2010

Transform 2010 P reparing Minnesota for the Age Wave Over the last decade number of unemployed 55+ increased by 331% 65+ increased by 235% Number Unemployed has Doubled

Transform 2010 P reparing Minnesota for the Age Wave Workers’ Challenge In the best of times, it takes up to three times as long for an job seeker 55+ to find employment Important to continue to learn, acquire new skills and competencies that add value Take charge of career/work life Have a plan

Transform 2010 P reparing Minnesota for the Age Wave Employers’ Challenge Develop a more integrated strategy to employ aging workers, to include elements such as: –Flexible work arrangements (desired by all workers) –Provide skill-building training Opportunities –Rethink safety and ergonomics—accommodations –Wellness programs that support all workers including caregivers –Capturing knowledge before it is lost –Identifying and developing core competencies –Customizing compensation and benefits

Transform 2010 P reparing Minnesota for the Age Wave Contact Information Mary Olsen Baker Planner, Transform 2010 Minnesota Department of Human Services