RETIREES ARE RETURNING TO THE WORKFORCE
Let's candidly discuss an unexpected employment trend - retirees returning to work out of financial necessity rather than choice. During COVID-19, many older Americans opted for early retirement, spurred by impending layoffs and the allure of home. However, economic instability now sees numerous retirees rejoining the workforce, trading retirement dreams for a second career just to make ends meet. A survey found 78% of retirees aged 62-85 welcome returning to work, though not by desire.*
Why the return?
Frankly, for most, challenging financial realities and rising costs have forced a devastating reassessment of retirement plans. That said, work also provides purpose. Many retirees miss the personal fulfillment, camaraderie, intellectual stimulation, and sense of achievement a career lends - aspects now compromised by economic hardship.
From an employer perspective, rehiring retirees brings immense value. Their breadth and depth of experience make them treasures - though desirability is bittersweet considering the impetus.
Troublingly, two-thirds fret age bias may hamper opportunities.* Rather than talent going to waste, employers must emphasize skill and perspective over youth.
With empathy and inclusive hiring, companies can provide meaning and economic stability while benefiting from seasoned expertise. The circumstances are tragic, but the potential mutual reward warrants open-mindedness.
We’ve outlined ways to seamlessly welcome retirees back into the workplace in 2024.
Create a supportive environment: Retirees may have been away from the daily grind for a while, so it's crucial to foster a supportive and inclusive workplace culture. Encourage open communication and provide resources to help them acclimate to any changes in technology or company processes. Make sure there's a designated point of contact for questions, ensuring a smooth transition.
Flexible work arrangements: Recognize that retirees may have different priorities and commitments. Offering flexible work arrangements, such as part-time schedules or remote work options, can make the return to work more manageable. This flexibility not only accommodates their needs but also showcases the company's commitment to work-life balance.
Reverse mentorship programs: Reverse mentoring is on the rise, and for good reason! Programs where younger employees can teach senior employees everything from social media (we could all use a session on TikTok) to new attitudes around social issues. PwC and P&G’s reverse mentoring programs have taught senior executives about DEI and disability inclusion in the workplace.
Flexible benefits packages: Tailor benefits packages to cater to the diverse needs of retirees. This may include health and wellness programs, flexible spending accounts, or even phased retirement options. Showing consideration for what they need at this stage in their life demonstrates a commitment to employee well-being.
Promote intergenerational collaboration: Encourage collaboration among employees of different age groups. Facilitate team-building activities that foster connections and shared goals. Intergenerational collaboration can lead to innovative solutions as diverse perspectives blend to create a dynamic work environment.
Welcoming retirees back into the workplace isn't just about adapting to change; it's an opportunity to harness a wealth of knowledge and experience. By implementing these strategies, your company can not only integrate retirees seamlessly but also create an environment where every employee feels valued and supported. Here's to a more age-diverse workplace in 2024 that truly embraces the wisdom that comes with age.
*1 in 8 Retirees Plan To Go Back to Work in 2024. (n.d.). ResumeBuilder.com. Retrieved December 8, 2023, from https://www.resumebuilder.com/1-in-8-retirees-plan-to-go-back-to-work-in-2024/
*More retired Americans are un-retiring, and many worry about age discrimination. (2023, December 4). WTOP News. https://wtop.com/business-finance/2023/12/more-retired-americans-are-un-retiring-and-many-worry-about-age-discrimination/#:~:text=Two%2Dthirds%20of%20those%20expecting
