Rise of Seniors in the Workforce
Updated: Jul 28, 2018
Some of us are working to retire. We get up every day with a keen eye on our mental countdown clock, thinking about how many days until ‘SOMEDAY.’ You know SOMEDAY. SOMEDAY when I retire, I’ll take that class. SOMEDAY When I retire, I’ll travel the world. SOMEDAY when I retire I’ll learn that new language, skill or technology. Just you wait SOMEDAY – retirement is coming!
Ironically, there is whole other group who is staring retirement down, and looking the other way! They are approaching, at or even past traditional retirement ages, and yet they are still going strong. They have either retired from long-standing, highly skilled professions and are now looking for a new chapter with something more fun and creative, or they are starting their own businesses – becoming Seniorpreneurs – and doing that thing they’ve always dreamed of – on their own terms. They’re the boss now! And others still are finding seeking out seasonal, part-time or temporary jobs to fill their days and provide a bit of extra income on the side.
The Mature (as opposed to Aging) Workforce is a here to stay, and there are tremendous opportunities that await them and the companies that choose to hire them.
According to their 2018 Global Human Capital Trends Study, Deloitte cited that the “[A]verage global life expectancy has rocketed from 53 years in 1960 to 72 years in 2015—and it is still climbing,1 with life expectancy projected to grow by 1.5 years per decade.2 Longevity, combined with falling birth rates, is dramatically increasing the share of older people in populations worldwide.3 Looking ahead, the number of retirees per worker globally is expected to decline from 8:1 today to 4:1 in 2050.(Deloitte, 2018)”
This finding suggests that “[C]ompanies can employ people into their 60s, 70s, and beyond as the pool of traditional “working-age” (20- to 54-year-old) adults shrinks. For their part, many individuals find the need—financially and/or emotionally—to stay in the workforce past “traditional” retirement age (Deloitte, 2018)”
Read the entire 2018 Human Capital Global Trends study here.
Beyond the obvious longer lives, our Mature workforce brings with it a multitude of skills and experiences that cannot be taught, but rather – and perhaps more beneficially – curated to develop a company culture and work force that supports the growth, development and sustainability of corporations and organizations across the board – from startups to the Fortune 100. It is the wise Executive and Business Owner that will tap this underrepresented source, and see where the future takes them.