According to the U.S. Bureau of Labor Statistics, more than 25% of the working population will reach retirement age by 2010. This graying of America’s workforce will result in a potential shortage of nearly 10 million workers. And replacing retirees is likely to be a challenge as more companies compete for a limited pool of talented young prospects.

In response, many companies are preparing for this shortage by taking positive steps now to attract and retain talented older workers.

Certainly, many mature workers choose to remain employed despite their retirement eligibility. Some do so because they want to keep using their expertise and skills or keep making meaningful contributions. Others may need to continue working for financial reasons. Regardless, retaining these experienced workers requires unique adaptations.

Here are some approaches top companies have found to be successful at enticing senior employees to remain on the job.

• Offer flexible schedules and reduced hours. Older workers with the financial means to retire may be compelled to remain when given access to flexible work arrangements. Part-time hours, job sharing, a compressed workweek, and temporary or seasonal assignments are all creative options. This kind of flexibility lets them continue working and still enjoy outside interests, volunteer activities, and the family time that retirement promises.
  
  
• Restructure jobs and redesign work. Organizations can hire retired professionals as consultants on a project-by-project basis. The result is a win-win situation. Companies tap into resources as needed, and retirees are given the flexibility they desire. Offering new types of work experiences and alternative work arrangements like telecommuting can also inspire current older workers to stay with your company.
  
  
• Provide continuous skills training. Training and development is key for mature workers who need to maintain their edge in the workforce and have a desire to keep growing professionally. This includes technology training and training for those individuals who want to stay on, but on a different career path within an organization.
  
  
• Offer benefits that appeal to older workers. Long-term care insurance, disability, even unpaid “grandparent” leave can be attractive to the boomer demographic. Eldercare is also a growing workplace concern, and allowing older workers time off to care for ailing parents is becoming a sought-after benefit.
  
  
• Encourage mentoring relationships. Prevent the brain drain by partnering mature workers with younger employees. Mentoring programs can benefit the organization both by preserving critical knowledge and by building relationships between multi-generationals in the workplace, thereby enhancing employee morale.