Big Companies and the Graying Workforce: What's Being Done?

The workforce is getting older, and big companies are starting to notice. Some are taking steps to keep older workers around, while others are lagging behind. Walmart, for example, is tweaking jobs to suit older employees. Microsoft is offering extra care to support aging workers. Google is helping employees plan for retirement. Even some smaller companies have hired chiefs to help workers with health, wellness, and retirement. About 22% of Americans will be 65 or older by 2040, up from 18% today. Companies that wait to address this shift might miss out on talent and face higher healthcare costs. Walmart, the biggest private employer in the US, has over 200, 000 workers over 60. Some have been there for over a decade. One worker, Thomas Magnuson, 83, has been with Walmart since 1999. He switched jobs a few years ago and says he can't afford to retire. Experts say companies should offer mentorship and flexibility to workers of all ages. Ruth Finkelstein, a public health professor, points out that people's earnings peak in their 50s and then drop off. She argues for better retirement security and stronger laws against age discrimination. Big names like Disney, Starbucks, and CVS are also stepping up. Disney values the experience of older workers and celebrates long-term employees. Starbucks has invested big in workplace improvements, benefiting older workers who need flexibility. CVS is attracting and training mature workers.Some companies are offering better healthcare benefits to keep older workers healthy. Walgreens, for example, provides support for caregiving and retirement planning. UnitedHealth Group offers legal services for estate planning and family law. Google gives employees access to financial coaching and medical support. Microsoft emphasizes paid time off for caregiving and wraparound care for healthy aging. But experts say companies need to do more. Topics like AI and climate change are getting more attention than the aging workforce. Dr. Susan Mueller suggests developing programs to control healthcare costs and adding virtual primary care. Madonna Harrington Meyer argues for better accessibility and safety measures. Graham Pearce says companies need to confront their biases against older workers. Legislation is also in the works. The Protect Older Job Applicants Act aims to prohibit age-based applicant sorting and ensure protections against age discrimination. Sen. Kirsten Gillibrand introduced the Protecting Older Americans Act to end forced arbitration clauses. Sen. Tammy Baldwin supports the Protecting Older Workers Against Discrimination Act to level the playing field for older workers.