In future, organizations will find fewer young employees and will have to employ more older (50plus) employees. However, many organizations are not well prepared to face the corresponding risks and chances. After an introductory glance at the known facts concerning demographic change in Germany and the often ignored problem of age discrimination in the work place, recent results regarding the learning and performance potential of older employees are summarized. This analysis reveals that the very low percentage of older employees in Germany has several reasons and cannot be explained solely by pointing to age-related decreases in performance capabilities of aging individuals. Therefore, human resource management is called upon to act against age discrimination in organizations and to establish more incentives for long-term employment. Further, other strategies which lead to the maintenance of innovation and work performance of aging employees and can assist in better utilization of potentials of these employees are discussed. Special attention is given to recent findings concerning age diversity in teams. Continued training, leadership, and age differentiated work design are discussed as further important areas of human resource management for organizations with an aging work force.