An estimate by Goldman Sachs stated that more than half of those who have left their jobs during the COVID-19 pandemic “Great Resignation” are older than 55, and an analysis by the Federal Reserve Bank of St. Louis found baby boomers had higher workforce exits than first indicated.
Ms. Olen wrote that the presence of baby boomers in the workforce helped offset declining immigration and falling birth rates in the wake of the Great Recession.
Their exit from the workforce could cause employers to hike wages while competing for scarce employees, forcing them to also increase their prices and potentially creating an inflationary price-wage spiral. It could also put pressure on the capacity of Social Security, and many assets of those retirees may be worth less than before if the market challenges them, Ms. Olen wrote.
Ms. Olen argued that to prevent older workers from bombing out of the workforce, employers should create environments that are more accessible and appealing to older Americans, allowing for part-time or flexible work to start a semi-retirement.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
