October 16, 2013
Older Workers Not Ready to Quit
Government statistics show older workers are not in any hurry to retire. The decision to keep working might be for financial reasons. Or, it could be related to a fear of dying. After all, a recent study showed that blue-collar workers who retire earlier have higher mortality rates.
Marketplace, citing the Bureau of Labor Statistics, reported last year that people 55 and older will make up one-fourth of the U.S. workforce by 2020. The percentage of workers over 65 is at its highest point since the 1950’s.
A new poll from The Associated Press-NORC Center for Public Affairs Research found 82 percent of Americans over 50 expect to continue working to help make ends meet, even after they "retire".
Many, the research found, are pushing back their planned retirements due to finances (78 percent) and the desire to keep employer benefits such as health insurance (67 percent).
Seventy-five percent are looking to keep working because their health will allow them to or because they think they are still up to the job (67 percent).
BrainTrust
Recent Discussions
Discussion Questions
What does the large numbers of older Americans postponing retirement mean for retailers as employers? What effect will this have on the national economy?
Poll
I love going into my local hardware store, grocer, and coffee shop and being waited on my some of the ‘older’ staff. They bring a wealth of life experience to the table for retailers.
Now, just as with every other demographic, there are pros and cons. Retailers who are smart enough to identify the pros of older workers and agile enough to adjust for the possible ‘cons’ of this group will now have access to a potentially great workforce.
Besides financial or health reasons, older workers might want to stay employed because it also keeps them engaged and they believe they can still add value. This can be of great benefit to retailers/employers as it offers them an experienced pool of workers. At the same time, older workers need to be aware that times change and they need to change with them to keep their skills relevant. It’s really each company’s decision as to how actively they choose to pursue seniors as employees.
Most people I know over 65 are pretty well off. Many stay healthy for another 20 years. Keeping people working and not collecting pensions and social security, but rather paying into it has to be a good thing. For employers, it provides another cheap and reliable source of labor.
1. It means access to a great group of employees with a proven work ethic and already trained.
2. It means that entry level/young employees are going to find it harder to get a job.
3. It means that we are going to have a young group of employees who will not get the training and experience that they need to be productive members of the workforce.
All the positives have been noted. It also can mean – in an increasingly shrinking job market – that we may see an intergenerational war for jobs. For Boomers, “the young” may be the new migrants.
Older is an interesting term. What was once older is no longer. Sixty is the new forty (okay maybe 50), etc. Advances in health care and wellness by both the individual and by the medical community have extended the ability to work longer for those who wish to. For others, changes in the economy have forced them to extend their work life.
This is good news for many employers as they have access to a pool of experienced workers who want to work. These individuals may fall into two very broad groups. Those that stay with their companies longer, meaning their legacy knowledge is not walking out the door. In other cases, the person may have retired and be looking for something to fill their time which may offer the company that hires them a level of skill at a lower price point than they expected.
The bad news is, if people stay in their positions longer, it means less upward mobility for others in the company or at least slows the rate of progression. For the entry level person just starting out, it means that they may have to compete with a skilled worker who is willing to work for entry or near entry wages.
Open-minded companies understand that this group of potential employees are the most experienced and typically have the strongest work ethic. That sounds like a great employment pool! Keeping seniors employed will keep their minds sharp, bodies agile and spirits high. This will certainly help the cost of healthcare! Long Live the Baby Boomers!
Most want to keep working for several reasons. Many retailers want experienced workers who actually have a “work ethic,” and they don’t need babysitting.
Money is an issue for some, as they are paying to help out their kids who can not find meaningful work in their major. Quite simply, as the economic situation continues to stay weak, who would you rather have? I’ll take a seasoned worker, that can work flexible hours, and shows up on time, and knows how to smile.
Yes there are some young bright enthusiastic potential employees out there, but the top-notch brains leave for the big city jobs, and who can blame them? Regardless of age, one can find work, and climb the ladder with extra effort, and in this great country of ours, success is right around the corner if the right attitude and effort is made.
As a Millennial, I would like to say this doesn’t worry me. The job market will usually cater to skilled candidates that can best benefit the companies they work for. This applies to people of many generations and we should focus on how well someone does in their position, rather than focus on demographics such as age.
Finally we have found a reason for the shutdown. We can’t trust our elected leaders to do the right thing to keep the government running. So why gamble and retire? Stay active as long as we can. We need our own insurance policy.
This is an interesting situation. On one hand, retaining experienced older workers can be a real plus for retailers. There is no replacement for the real-world knowledge these folks can bring to the table. On the other hand, this may have the real practical result of reducing options for younger workers trying to enter the job market or move up the ladder, which can also limit the flow of new ideas and fresh thinking.
Well as a 65 year old, I intend to mentor the up and coming next generation of executives as much as they are willing to learn, cutting shorter the time period for them to make effective, operationally sound decisions. I keep up with tech changes to be able to have efficient COM with the young and use the lingo that they respond to. We SRs are a large consumer market and I contribute what and how we think for sales penetration.
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I love going into my local hardware store, grocer, and coffee shop and being waited on my some of the ‘older’ staff. They bring a wealth of life experience to the table for retailers.
Now, just as with every other demographic, there are pros and cons. Retailers who are smart enough to identify the pros of older workers and agile enough to adjust for the possible ‘cons’ of this group will now have access to a potentially great workforce.
Besides financial or health reasons, older workers might want to stay employed because it also keeps them engaged and they believe they can still add value. This can be of great benefit to retailers/employers as it offers them an experienced pool of workers. At the same time, older workers need to be aware that times change and they need to change with them to keep their skills relevant. It’s really each company’s decision as to how actively they choose to pursue seniors as employees.
Most people I know over 65 are pretty well off. Many stay healthy for another 20 years. Keeping people working and not collecting pensions and social security, but rather paying into it has to be a good thing. For employers, it provides another cheap and reliable source of labor.
1. It means access to a great group of employees with a proven work ethic and already trained.
2. It means that entry level/young employees are going to find it harder to get a job.
3. It means that we are going to have a young group of employees who will not get the training and experience that they need to be productive members of the workforce.
All the positives have been noted. It also can mean – in an increasingly shrinking job market – that we may see an intergenerational war for jobs. For Boomers, “the young” may be the new migrants.
Older is an interesting term. What was once older is no longer. Sixty is the new forty (okay maybe 50), etc. Advances in health care and wellness by both the individual and by the medical community have extended the ability to work longer for those who wish to. For others, changes in the economy have forced them to extend their work life.
This is good news for many employers as they have access to a pool of experienced workers who want to work. These individuals may fall into two very broad groups. Those that stay with their companies longer, meaning their legacy knowledge is not walking out the door. In other cases, the person may have retired and be looking for something to fill their time which may offer the company that hires them a level of skill at a lower price point than they expected.
The bad news is, if people stay in their positions longer, it means less upward mobility for others in the company or at least slows the rate of progression. For the entry level person just starting out, it means that they may have to compete with a skilled worker who is willing to work for entry or near entry wages.
Open-minded companies understand that this group of potential employees are the most experienced and typically have the strongest work ethic. That sounds like a great employment pool! Keeping seniors employed will keep their minds sharp, bodies agile and spirits high. This will certainly help the cost of healthcare! Long Live the Baby Boomers!
Most want to keep working for several reasons. Many retailers want experienced workers who actually have a “work ethic,” and they don’t need babysitting.
Money is an issue for some, as they are paying to help out their kids who can not find meaningful work in their major. Quite simply, as the economic situation continues to stay weak, who would you rather have? I’ll take a seasoned worker, that can work flexible hours, and shows up on time, and knows how to smile.
Yes there are some young bright enthusiastic potential employees out there, but the top-notch brains leave for the big city jobs, and who can blame them? Regardless of age, one can find work, and climb the ladder with extra effort, and in this great country of ours, success is right around the corner if the right attitude and effort is made.
As a Millennial, I would like to say this doesn’t worry me. The job market will usually cater to skilled candidates that can best benefit the companies they work for. This applies to people of many generations and we should focus on how well someone does in their position, rather than focus on demographics such as age.
Finally we have found a reason for the shutdown. We can’t trust our elected leaders to do the right thing to keep the government running. So why gamble and retire? Stay active as long as we can. We need our own insurance policy.
This is an interesting situation. On one hand, retaining experienced older workers can be a real plus for retailers. There is no replacement for the real-world knowledge these folks can bring to the table. On the other hand, this may have the real practical result of reducing options for younger workers trying to enter the job market or move up the ladder, which can also limit the flow of new ideas and fresh thinking.
Well as a 65 year old, I intend to mentor the up and coming next generation of executives as much as they are willing to learn, cutting shorter the time period for them to make effective, operationally sound decisions. I keep up with tech changes to be able to have efficient COM with the young and use the lingo that they respond to. We SRs are a large consumer market and I contribute what and how we think for sales penetration.