by Susan Williams

People are leaving their jobs in record numbers. Perhaps it will open up ample job opportunities for retirees.

The ripple effects of COVID-19 continues to impact so many different aspects of our lives. We saw a drastic increase in the number of people who are now online shopping. We discovered that healthcare could actually be delivered through technology. And we also learned to embrace learning and working remotely.

There seems that there wasn’t one aspect of our lives that wasn’t touched in one way or another by this pandemic.

But one area in particular that is experiencing a major shift right now is the workplace.

In something that has been labeled “The Great Resignation”, people are leaving or thinking about leaving the jobs in record numbers.

As reported by Inc Magazine;

“According to the U.S. Department of Labor, during the months of April, May, and June 2021, a total of 11.5 million workers quit their jobs. Recent studies indicate that it’s likely not over. A survey of over 30,000 workers conducted by Microsoft found that 41 percent are considering quitting; that number jumps to 54 percent when Gen-Z is considered alone. Gallup found that 48 percent of employees are actively searching for new opportunities. And Persio reported that 38 percent of those they surveyed planned to make a change in the next six months.”

The reasons for this are many.

Job burnout, reprioritization of priorities, wanting to remain working remotely or looking for growth or higher pay were often cited as reasons to quit in much of the published research.

But as much as the younger generation ponders or are leaving their jobs, older workers also are experiencing a significant shift by either being forced or deciding to retire earlier than expected.

The US Federal Reserve of Economic Data (FRED), reported a drop in the employment labour participation rates of people 55+ from 40.3% in January 2020 to 38.5% in August 2021.

As well for the first time ever older workers 55+ experienced higher rates of unemployment than mid-career workers. PEW Research Center reported;

“In the third quarter of 2020, about 28.6 million Baby Boomers – those born between 1946 and 1964 – reported that they were out of the labor force due to retirement…. This is 3.2 million more Boomers than the 25.4 million who were retired in the same quarter of 2019.”

Similar with younger workers contemplating resignation, the reasons for people retiring earlier are also varied.

Many new retirees didn’t have a choice and were actually forced into retirement. Others discovered that the pandemic caused them to reprioritize what was important and/or their work no longer held their interest. And other retirees wanted to limit their exposure to the virus.

But these older workers exiting the workforce are likely to leave a vacuum that many employers are not prepared for. We are now starting to experience a labour shortage as employers desperately look for talent that they just can’t get.

USA Today recently reported;

“In July, 49% of small business owners said they had job openings they couldn’t fill – the most on record – according to the National Federation of Independent Business.”.

But here’s where there is some opportunity for rather than a great resignation (or retirement) we could have a great return for older workers.

Some research has discovered that one third of retirees “reverse retirement” – meaning they go back to work again after they retire.

This could be an excellent opportunity for both employers and retirees if the type of work being offered is aligned to their interests. If employers would rethink their ageist views and recognize that older workers are a valuable resource this could actually turn out to be a win:win situation for both them and older workers.

Many companies believe that older workers could easily be replaced by younger and less expensive employees. But the research actually proves differently. As pointed out by an article entitled The Case For Hiring Older Workers in Harvard Business Review;

“The scientific evidence on this issue shows differently: For most people, raw mental horsepower declines after the age of 30, but knowledge and expertise — the main predictors of job performance — keep increasing even beyond the age of 80. There is also ample evidence to assume that traits like drive and curiosity are catalysts for new skill acquisition, even during late adulthood. When it comes to learning new things, there is just no age limit, and the more intellectually engaged people remain when they are older, the more they will contribute to the labor market.”

So, with this in mind, hiring older workers makes good business sense.

But to bring them back, there are some things that many older workers are looking for.

Flexible work options

The ability to work flexible hours (part time / project based / remote options) are all things that retirees would value. Many have already held careers that had them running at break neck speed and this is not what they are looking to do again.

A great example of an organization that is taping into these options is CVS.

CVS both values and recognizes the opportunities that baby boomers have for the business through their personal relationships and personal understanding of this lucrative demographic.

Knowing the value that they can bring to their organization, CVS has established a Talent is Ageless program. This initiative allows for telecommuting, flextime, job sharing and compressed work weeks as a way to help mature workers stay in the workplace. CVS even offers something referred to as their Snowbird program which gives employees who relocate to warmer climates in the winter the opportunity to work temporarily in a store closer to where they temporarily moved to.

Related: Part-Time Jobs Ideal for Retirees

Benefits

Healthcare can be very expensive – especially as you get older. According to a report from RBC Wealth Management; “the projected lifetime cost of care for a healthy 65-year-old is $404,253 – and that doesn’t factor in long-term care costs, which could be as high as $100,000 a year.”.

If there is a way to offset these costs through healthcare benefit programs for older workers, this would be a definite incentive for them to return to work.

Work that matters

At this point in the career for many older workers, the intent to climb the corporate ladder or advance is often replaced with the desire to do work that really matters.

Work that engages them in some type of meaningful purpose knowing that what they are doing will make a difference in some way. Whether it’s advancing something for social good, contributing value to growing a team, providing guidance or expertise to other people. Just doing something that makes a difference would be valued.

It’s also intrinsically satisfying having work that is enjoyable, worthwhile and challenging.

Socially Engaging

There is mounting evidence that staying socially connected in your later years can ward off loneliness, depression and even possibly dementia.

Having the ability to stay connected with a team in a work environment would be a great opportunity for older workers to stay engaged.

Modified Work Environments

As you get older, the attention given to physical working conditions may to increase in order to ensure workplace health. Ergonomic desks, modifying physical requirements of the job, the lighting for computers are just a few examples. In fact, ensuring a safer and more physically adaptive environment is something actually anyone at any age should have supported.

To summarize, older workers are leaving the workforce at a faster rate than anticipated. This is one of the contributors to a growing labour shortage. If employers can move past their innate biases and recognize the value that an older worker offers, they may be able to entice them back to work by ensuring that they have programs specifically designed to appeal to this demographic.

And by doing this, it may help shift the “great resignation” and retirement to the “great return”.

Related Articles

• 5 Options for Funding an Encore Career Without Risking Your Savings
• Dealing With Job Loss at 50+
• Launching a Successful Part Time Business in Retirement Without Jeopardizing Your Savings

Reviewed December 2021

About the Author

Susan Williams is the Founder of Booming Encore, a website and social media network dedicated to providing information and inspiration to help Baby Boomers create and live their very best encore.