Whether the retirement of the baby boom generation from the workforce is viewed as a challenge or an opportunity will depend on whether older workers can address the priorities of the organization or help to solve a business problem.

But one thing is certain. Before these retirees walk out the door with their years of experience and company knowledge, competitive employers will need to examine and understand their workforce, and find ways to transfer the knowledge and experience of older workers to the next generation.

“The good news is that many older workers indicate they want to continue to work, although in a different way. This may ease some of the pressure,” said Marci Pitt-Catsouphes, director of The Center on Aging & Work at Boston College.

A recent AARP study indicates that 70 percent of Americans ages 50 to 70 plan to work during retirement, or to never retire. Many of these older workers want flexible schedules, part-time opportunities, project work, phased retirement, health care and retirement benefits.

At Argonne National Laboratory the average age of the workforce is 48 years old, workers can retire as early as 55, and fewer young people are entering the science and technology field. Argonne has responded to this demographic shift by hiring retirees as special term appointees who work on a part-time basis lending their expertise to the laboratory.

Retirees are eager to take these positions.

“This has been a successful program,” said Don Schmitt, director of human resources. “It’s in their blood; they never want to give it up.”

John Brown, CEO of BP, challenges the stereotypes of aging.

In a speech last year in London which is posted on the company Web site, Brown indicates that about 60 percent of BP’s U.S. exploration and production workforce is over the age of 45, with highly skilled engineers in great demand.

Brown advocates a flexible work environment that allows employees to work part-time or full time, as well as phased retirement. BP has about 300 advisers who work as coaches, passing their experience on to younger workers. BP has also hired about 500 scientists and engineers who work on a project basis in specific areas.

Some of the challenges associated with older workers are often based on assumptions that they are more costly to an organization or on outdated stereotypes about their productivity.

For example, AARP estimates that replacing an experienced worker of any age is 50 percent of the person’s annual salary, more if the position involves specialized skills and knowledge.

“From a cost benefit perspective,” said Tim Wollerman, manager of workforce information at AARP, “our data show that there is only a marginal increase in the cost of retaining an older worker, mostly driven by health care, but that the benefits outweigh this negligible cost in terms of knowledge retention and experience.”

Companies that offer defined benefit pension plans may find it difficult to retain an experienced older worker. As they are currently structured, these plans penalize employees who prefer phased retirement or part-time work, because benefits are determined by length of service and wages earned during the last several years of employment. Some employees may be forced to retire and seek employment elsewhere.

Employers also need to challenge their own stereotypes about aging.

“Increasingly we see a pushing out of what you might consider the limitations of aging,” said Boston College’s Pitt-Catsouphes. “What might have been visible at ages 60 to 65 a generation ago are appearing later in life. This has huge implications because these health issues may not happen while people are in the workforce.”

“Our retirees work seamlessly with others at the laboratory,” said Argonne’s Schmitt. “They do not require adaptation in the work place simply by virtue of their age. Everyone recognizes the vast knowledge and experience they bring.”

Competitive employers are beginning to recognize that many of their experienced workers are adding value to business.

“While boomers are demonstrating that they want to work longer,” notes the AARP’s Wollerman, “the real issue is, will they work for you?”