Since a 2015 RAND Corporation study showed that 40% of retired workers over the age of 65 had returned to work, there has been a steady stream of data illustrating the unretiring trend. Many seniors simply don’t have the money or the inclination to leave the workforce and stay out.
According to ONS statistics in the UK, employment rates for people older than 65 had already doubled between 1993 and 2018. Then came the economic hardships associated with the pandemic and inflation. Of those who left during the pandemic and returned, 48% said they did so because they needed money.
A recent Indeed survey reported U.S. unretirement levels around 3.3%, higher than the below 3% average seen since 2017. A UK survey also found that two-thirds of people who retired during the pandemic expect to keep working in some form.
While baby boomers and older members of Generation X (born 1963-79) are concerned about having enough money to fund their retirement, financial considerations aren’t their only motivation for boomeranging back to work.
Many seniors are in good health and find that traditional retirement models breed boredom, dissatisfaction, and unhappiness. Even part-time jobs and volunteer positions can offer a sense of productivity and purpose.
The rise of post-pandemic hybrid and remote work has also coincided nicely with the unretirement trend. Some older workers who may no longer have the desire to manage full work weeks onsite can contribute meaningfully to organizations in ways that work for their current lifestyle.
Given their willingness to return to work, let’s look at a few ways your organization can cultivate seasoned talent in different phases of your employee lifecycle.
Talent acquisition
Sadly, many organizations discriminate against candidates based on their age when they should be doing the opposite. An industry veteran is one of the best hires you can make for a variety of reasons. Whether the person has previously worked for your organization or not, a candidate who has 20 or 30 years of experience in your line of work has seen it all and possesses critical institutional knowledge. They should be eagerly welcomed into the fold.
To that end, make sure your talent acquisition systems are set up so that older applicants don’t experience unnecessary roadblocks. Your candidate experience should show them they are valued from the very first interaction.
Although video and panel interviewing have recently become mainstream, keep in mind that many older applicants have not yet been hired in this way, and the techniques may be foreign to them. When in doubt, overexplain the process and go out of your way to ensure their comfort.
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