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WORKERS IN THEIR GOLDEN YEARS MAY BE THE ANSWER TO CHRONIC TALENT SHORTAGES
Rebecca Henderson
Contributor
Opinions expressed by Forbes Contributors are their own.
I write about the evolving world of work and women’s place in it.
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Organizations must refocus their strategies for recruiting and retaining older
workers to combat ... [+] chronic talent shortages.
getty
Talent scarcity continues to plague employers, especially in the U.S., where the
Great Resignation is having an outsized impact on workforce retention and wages.
Even with worries of a recession growing, the U.S. June jobs report affirmed
sustained growth. For some employers, hiring remains perplexing and will
continue to be so in the near future. How, then, can organizations overcome this
challenge? Hint: the answers might be in the demographics.
The U.S. labor market has fallen considerably out of equilibrium ever since the
current economic recovery began. According to the Bureau of Labor Statistics,
the market as of May this year experienced a gap of more than five million
between the supply and demand of workers. Prior to the pandemic, the economy was
near equilibrium, with demand running slightly higher since 2018. The crisis,
however, forced many out of the workforce, disproportionately affecting working
parents, caregivers, women and people of color. And, according to the BLS, one
group was more likely to leave and not return: older workers. Their exodus is a
big reason for the developing chasm in the labor market.
Data in the recently released World Population Prospect report shows that the
percentage of people 65 and over is rising quickly, from 10% today to 16% of the
global population by 2050. Because the retirement age is also rising around the
world, the importance of older workers to the workforce can’t be overstated.
This fact is not lost on human capital leaders. In Randstad Sourceright’s 2022
Talent Trends global survey, nearly 1 in 4 cite talent retiring or voluntarily
leaving the workforce as having a negative impact on or being the greatest pain
point for their organization.
THE RETIREMENT BOOM
Workforce participation among this group, however, was severely disrupted by the
pandemic. In the U.S., 2.4 million workers who were expected to participate in
the workforce are now retired, according to the Federal Reserve Bank of St.
Louis, which called the trend a “retirement boom.” Even though the majority of
these participants were 65 and older, their decision to leave the labor market
left a sizable talent gap that will take time to bridge. And the phenomenon
isn’t limited to Americans.
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The Institute for Employment Studies reported that the U.K. labor market has
310,000 fewer older workers than expected, with women accounting for the
majority of those exiting the workforce. And research shows that, for the second
year in a row, more than 15,000 Japanese workers opted to retire early in 2021,
a trend not seen since 2002 and 2003.
It’s understandable why many near retirement have decided to leave the workforce
during the pandemic. Concerns about health and safety played a major role in
their decision, research showed. They also reassessed life goals, leading many
to forgo the few years left in their career. The desire to stop working was not
unique to older workers, but they were better positioned than others because of
access to retirement benefits. Additionally, some took on greater caregiver
responsibilities for family and others, which played a part in their decision.
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The exodus of older workers has had a considerable impact on many organizations.
Because this group tends to possess more institutional knowledge about their
organizations, their departure is detrimental to knowledge transfer and culture
continuity. Older workers also tend to be more stable and loyal in their career
choices, which means better retention and accountability.
A RESOURCE EMPLOYERS NEED
With the latest data illustrating a constrained labor market, will additional
early retirements lead to a larger skills gap? Fortunately, the trend appears to
be reversing due to several factors.
U.S. workers 55 to 64 are now employed at the same level as they were before the
pandemic, but those 65 and older are still down by more than 7%. It appears that
high inflation and cost of living are forcing many to seek employment again. The
downturn in the stock market has also made it more difficult to retire.
Additionally, with 92% of Americans 65 and older now vaccinated, those workers
may feel more comfortable returning to the labor force. But to attract and
incentivize valuable people 55 and older, companies will have to reconsider
their workplace culture and the perks and benefits they offer.
A June CNBC poll found that more than two-thirds of people who recently retired
would consider rejoining the workforce if they were provided the right benefits.
Flexible hours were the most important benefit (cited by 47%), followed by good
pay and work-life balance. This indicates that many older workers are willing to
work again, but probably not at the same intensity as they did pre-pandemic and
certainly not for the same hours.
Some of those coming back can look to returnship programs to help them refresh
their skills and prepare them for job search and interviewing. Companies such as
Amazon, Intel, Wells Fargo and others offer such opportunities as they seek to
attract experienced professionals. Additionally, states such as Utah are
offering similar programs for its residents.
Aside from offering returnship programs, what else can companies do to attract
and retain this group of desirable employees? There are several key
considerations to keep in mind when creating a more compelling value proposition
for older workers:
● Prioritize flexibility in workforce planning
Providing highly flexible hours or job sharing options may incentivize people
who no longer desire a 40-hour work week. Furthermore, with COVID-19 outbreaks
continuing to occur, offering remote work may help attract people who continue
to stress about the health and safety risks of going into an office.
● Ensure access to training
Shifts in technology occur at a faster pace than ever before, and for those who
have been out of the labor market – even for a short period –it can be daunting
to learn how to use the latest tech tools. Providing access to the training
workers need can help those returning to the workforce feel more comfortable
with the expectations of their job and ensure greater engagement and adoption.
● Emphasize physical, mental and financial wellness
Wellness is an important issue among older workers, and it is key that employers
to provide a range of programs aimed at addressing their specific needs. Things
like preventive care, a variety of health care options, healthcare savings
accounts, and employee assistance programs are all attractive offerings.
Furthermore, generous retirement savings and other deferred compensation plans
are critical to building a portfolio that older workers can later retire on.
With the ranks of older workers growing rapidly, organizations need to consider
how to refocus their recruitment strategies to better attract this valuable
group of talent. With so much to offer to their employers, those 55 and older
can be an effective resource for overcoming the current talent scarcity
challenge while adding to a diverse and vibrant workforce. As the saying goes,
“Age is just a number,” but in the world of work, it can also be a tremendous
asset.
Follow me on Twitter or LinkedIn.
Rebecca Henderson
I am an executive Board Member of Randstad, the world's largest human capital
company, and I am CEO of our global businesses. I drive the strategic direction
of
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