forefront , Colorado employers will need to adopt changes to better adapt to the demands of the aging workforce .
Many businesses and government agencies have been aware of the pending demographic shift and are working to implement changes . However , greater awareness and action is still needed . It will take time , effort , evaluation , and informed management teams to tackle the transition into a workplace suitable for all age groups .
Public Grants to Adapt
Public grants could be a useful tool for adjusting the workplace to accommodate the increase in the ageing workforce . Kansas , New Hampshire , and Singapore have implemented successful public funded programs that help ease the uncertainty of how to get started .
In 1996 , the Kansas Department of Aging launched the Older Kansas Employment Program ( OKEP ) designed to provide employment placement services to Kansans 55 years and older . In 2017 , over 2,400 older adults were served through this program . OKEP is funded by the Kansas legislature through a state grant and the Kansas Older Worker Taskforce recommends and allocates the funding . In fiscal year 2019 , OKEP received over $ 500,000 in funding and the state of Kansas determined a three-fold return on investment measured by the increase of wages to participants in the program . According to the Older Kansans Employment Program Fiscal Year 2019 Annual Report , “ for every $ 1 spent on the OKEP program , $ 3.23 of income and sales tax was returned to the state of Kansas .”
New Hampshire launched a two-year grant program in 2018 known as the New Hampshire Works Mature Worker Program ( NH Works ). This program specializes in individualized re-employment services and training opportunities to workers 55 years and older . NH Works is funded by and partnered with the U . S . Department of Labor , New Hampshire Department of Business and Economic Affairs , and Office of Workforce Opportunity . The program provides employers a retention incentive of up to $ 4,000 once the eight months of employment is completed by a participant of NH Works .
Singapore launched a public grant program in 2013 known as the WorkPro Program . The program was enhanced in 2016 to better support companies looking to implement age-appropriate workplaces , practices , and training . The program consists of three grant options : the Age Management Grant , the Job Redesign Grant , and the Work-Life Grant . The grant options are meant to incentivize actions to be taken to accommodate the workplace for the older working population . The grants vary in the specific areas they focus on ranging from well-being and health to safety , job redesign and flexible work arrangements . According to Josephine Teo , Singapore ’ s Minister of Manpower , in the first four years of existence , the WorkPro Program has benefitted over 3,400 companies employing about 368,000 workers .
Tax Incentives
Another opportunity would be to utilize tax incentives for employers that hire , retain and train aging workers . As The Bell Policy Center noted , these tax incentives “ should be paired with strong evaluation mechanisms and targeted to support workers in selective areas , industries , and those more likely to face
discrimination .” Colorado already has the Worker Opportunity Tax Credit ( WOTC ) which incentivizes employers to hire a specific group of individuals .
As of now , the targeted individuals are welfare recipients , veterans receiving food stamps , disabled veterans , ex-felons , designated community residents ( high risk youth ), vocational rehabilitation recipients , supplemental security income recipients , long term Temporary Assistance for Needy Families ( TANF ) recipients , and unemployed veterans . If the WOTC added older workers ( 65 years and older ) as a targeted group , this would benefit employers and address the demographic issues Colorado ’ s workforce is facing . Employers would benefit from hiring these workers , providing supplemental training , and earning a tax credit for doing so .
Education and Workforce Training
The focus on the aging workforce has a dual purpose of supporting older workers that remain employed , but also allows them to adapt to the changes in the job market and demand for different skills and credentials .
Another program for accommodating to the aging workforce ’ s needs is BMW ’ s Today for Tomorrow program . This production line program was piloted in Din-
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