As boomers gray, Minnesota employers could see silver lining

by Laurie A. Knocke, Esq., Gray Plant Mooty, Minneapolis

With so many companies focused on downsizing to contain costs in a down economy, many employers have failed to prepare for a pending change that will significantly alter workforce demographics.

The baby boom generation, generally defined as Americans born between 1946 and 1964, comprises 25% of our country’s population. Beginning in 2011, the first of the baby boomers will turn 65. As the rest of the roughly 70 million baby boomers follow, we’ll see a major shift in the age of our society—and our workforces.

According to a report from the Minnesota Departments of Human Services and Health titled “Preparing Minnesota for the Age Wave,” the aging of the baby boomers will dramatically shift the demographic landscape in Minnesota.

The coming age wave

For example, in 1990, one out of every eight Minnesotans was 65 or older; by 2030 one out of every four Minnesot...(register to read more)