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Companies Find Ways to Retain Expertise of Older Workers

The Seattle Times, 4/9/08

Abstract:

A serious health scare a decade ago convinced Dave Gromala that there's more to life than work. Someday, he'd find a way to retire early from Weyerhaeuser so he and his wife could explore more of the fun stuff in life before growing old.

But late last year, after he crunched the numbers, the dream looked premature. "When you think of trying to retire at age 55, the calculator explodes," he said...

... Gromala started searching for an alternative. His timing was perfect.

Worried about an impending labor shortage and the loss of expertise, Weyerhaeuser had just joined the ranks of employers nationwide that are creating strategies to delay the retirement of valued workers.

Historically, senior workers have received incentives to leave their jobs early to make room for the next generation. But a change in thinking is under way. As baby boomers march toward retirement, too few young workers may be available to fill the gap.

Weyerhaeuser asked Gromala is he'd like to help kick off a new delayed-retirement program by going part time while still accumulating pension and enjoying company-paid health insurance.

"It was like finding a bunch of Easter eggs," Gromala said.

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