In today's competitive landscape, companies of all sizes and across various industries are grappling with a talent shortage. This has made it increasingly challenging for organizations to identify, attract, and retain skilled and qualified employees for their vacant positions. As an employer, you may wonder what steps you can take to overcome this talent shortage. One potential solution is to attract older workers who have "unretired" back into the workforce. These seasoned professionals bring a wealth of experience and knowledge combined with a strong work ethic, reliability, and a commitment to quality.
What is unretirement?
Unretirement is a term that describes retired employees who have either returned or are interested in returning to the workforce. Two studies found that as many as one in six people are considering retiring, with nearly 66% of recent retirees considering returning to the workforce. As a result, unretirement is becoming increasingly common.
Why retirees rejoin the workforce
Retirees rejoin the workforce for many reasons and knowing these can help you understand the impact unretired workers might have within your organization. Some of their motives include:
- Supplemental retirement income: Some retirees return to the workforce to expand their retirement income. Multiple monthly income streams can give retirees more financial security to cover them through their golden years.
- Social interaction: Work is often highly social, with employees socializing and interacting with each other throughout the day. As people retire, they often lose or miss these connections, ultimately urging them to rejoin the workforce.
- Emotional benefits: Mental health considerations and emotional wellness are two reasons why retirees rejoin the workforce.
- Daily structure: Some unretiring employees like and thrive on the structure of having a job to do every day, which, in turn, provides emotional benefits.
Older workers may look to boost their income before tapping into their retirement funds, hoping to have a larger nest egg. Although some choose to reenter the workforce in their previous industry, others opt for less demanding, alternative positions.
The benefits of hiring unretired older workers
Hiring unretired older workers offers many advantages for organizations. More specifically, unretired workers bring with them:
- Experience: Unretired workers typically have a wealth of experience and knowledge, resulting in an abundance of soft and technical skills. This can reduce training costs as these individuals can exit their training phase faster, as employers might not have to teach certain skill sets.
- Work ethic: Many unretired workers have a strong work ethic. They are often highly motivated, reliable, and committed to completing tasks to the best of their abilities.
- Mentoring: They can serve as mentors and coaches for younger workers, providing knowledge, skills, guidance, and support. This can improve overall employee satisfaction and morale.
- Stability: Unretired older workers can be more stable and reliable than their younger peers. Many younger employees balance school, work, and other responsibilities, whereas older workers might not.
- Diversity: They add to a company's diversity and bring different perspectives and ideas to the table, facilitating innovation and creativity.
- Loyalty and reliability: Older workers are more likely to be loyal, committed, and reliable.
“Hiring unretired older workers offers many advantages for organizations. With years of experience in their fields, they bring unique skills and expertise to the table.”
Tips for attracting older workers
As a business seeking to hire unretired older workers, it's crucial to acknowledge the immense value these individuals can bring to your organization. By tailoring your recruitment and retention plans to target older workers, your company can benefit from their unique skill sets and experience, ultimately enhancing overall performance. Here are some tips that can help you tap into the talent pool only older workers can provide:
Consider what older workers can contribute
Recognizing the value senior employees can bring to a business is essential. Rather than focusing on their age, consider the experience and knowledge they have acquired throughout their careers. This breadth of experience can be beneficial, as it allows senior employees to mentor less experienced people, providing new perspectives. Mentoring can make significant contributions to the business in other ways, such as offering insight for better decision-making and problem-solving.
Make the workplace culture age-inclusive
Ensure that older employees are not subjected to any form of discrimination at your company and that the culture is inclusive of all age groups. Fostering an intergenerational workforce, mentorship, and reverse mentoring can encourage a productive and collaborative work environment and knowledge- and skill-sharing between generations. Remember to provide age-friendly accommodations, such as ergonomic chairs and accessible restrooms. An inclusive culture can lead to a sense of belonging, increased innovation, and creativity within your organization.
Provide opportunities for learning and development
Having plenty of skills and knowledge doesn't mean that unretired workers want less challenging work. Training to help them navigate new skill sets and competencies can make them feel more rewarded in their work. An added benefit is that ongoing training can attract talent of all ages. Online courses, workshops, mentorship programs, and conferences are just a few examples of the various formats these training opportunities can take.
Offer flexible working arrangements
You can satisfy older workers' needs and continue to gain from their expertise by providing flexible work options, such as part-time, remote, or hybrid. Employees prefer flexible work arrangements because they allow them to balance their work and personal obligations. Flexible working arrangements can result in increased productivity, improved job satisfaction, and a better work-life balance.
Adapt your interview process
Older workers have different needs and expectations than their younger counterparts, so it's important to adjust your approach during the interview process to cater to these needs. Offering older workers accommodations and accessibility tools to help with communication or mobility, such as screen reading tools and frequent breaks during interviews, can make a positive impression on unretired candidates. It also increases your chances of hiring a skilled and experienced employee.
Revisit your compensation packages
Updating job descriptions, compensation, benefits packages, and perk offerings is important to make your company appealing to older workers. Make sure your company's website and job postings are accessible and appeal to workers. Offering resources for finance and retirement planning, access to wellness programs, improved health care, and commuter benefits can enhance your appeal to this older demographic.
Make it clear that you're willing to hire older workers
Demonstrate your company's willingness to hire older workers in your recruitment and marketing materials. Make information about your company, such as compensation, vacancies, culture, and content, available through offline and online channels. When crafting job descriptions, watch out for words, phrases, and other aspects that might result in unretiring employees looking elsewhere for work. Phrases like recent graduate, high-energy, fast-paced, and even tech-savvy can keep older workers from applying.
There's no better time to reexamine your recruitment and candidate sourcing methods to ensure they're the best fit for your business. You can benefit from older workers' experience and knowledge by implementing new strategies. Unretired employees can help you build a more diverse and inclusive workforce, enabling you to handle labor shifts better and ensuring the success of your business.
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