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Why More Seniors in the Workforce is a Boon

Have you heard? The workforce is getting a silver streak, and it’s not just a fashion statement. It’s a growing trend of seniors strapping on their work boots (or perhaps more fittingly, their comfortable orthopedics) and marching back into the workplace. This isn’t just a quirky anomaly; it’s becoming a ‘win-win’ scenario for both employers and these evergreen workers.

In a delightful twist, about one-fifth of Americans aged 65 and older are still clocking in and out, according to Alexa Mikhail’s feature in Fortune’s February and March 2024 print issue. That’s nearly double the number from three decades ago, reports a survey from Pew Research. So, what’s fueling this senior surge in the workforce? For some, it’s financial necessity – caregiving expenses and longer lifespans are turning traditional retirement plans on their heads. For others, it’s about staying connected, finding purpose, or simply because they love what they do.

Elizabeth White, author of ’55, Underemployed, and Faking Normal,’ sums it up perfectly: “The days of retirement being a one-time, one-way exit and then you’re done are over.” It seems retirement is no longer a finish line but more of a pit stop for some.

Benefits of Hiring Seasoned Employees

Now, here’s the kicker: hiring these seasoned pros is like striking employment gold for companies. Why? Because these workers bring loyalty, experience, and a sprinkle of wisdom that’s hard to find elsewhere. Companies with a good chunk (about 10% or more) of older workers enjoy a lower turnover rate, says the Organization for Economic Cooperation and Development. And let’s not forget about burnout – or the lack thereof. According to a 2022 Gallup survey, baby boomers are less likely to feel burnt out and more engaged at work compared to their younger counterparts.

But wait, there’s more! Having a mix of young and old in the team is like adding secret sauce to productivity. A 2020 study by the International Longevity Centre in the U.K. found that teams with a 25-year age gap exceeded expectations 73% of the time. In contrast, teams with a decade or less in age differences did so only 35% of the time. It’s like having both classic rock and modern pop on the same playlist – somehow, it just works better.

Challenges and Solutions

Of course, it’s not all roses and sunshine. Ageism is still a thorny issue, with about 82% of workers aged 50 to 80 experiencing it, according to the University of Michigan. And AARP data reveals that one in six older adults believe they’ve missed job opportunities because of their age. But some companies are stepping up their game.

Take Northrup Grumman’s iReturn program, for example. It’s like a welcome-back party for mid- to late-career workers who’ve taken a break. Since 2017, they’ve seen an impressive 80% retention rate. And KPMG’s caregiver concierge benefits? That’s like having a personal assistant for navigating the tricky waters of caregiving while working.

Jessica Kriegel, the chief scientist of workplace culture at Culture Partner, puts it aptly: “We are in a war for talent continually, and that war for talent gets lost, which has a direct effect on the bottom line if the people at your company don’t feel like they belong.” It’s like having a secret weapon in the battle for talent, and that weapon is experience wrapped in a cloak of wisdom.

The Bottom Line

In essence, the growing trend of seniors in the workforce is more than just a demographic shift; it’s a cultural revolution in the world of work. It’s about valuing experience, embracing diversity (of age, in this case), and recognizing that sometimes, the best person for the job might just have a few more wrinkles and a lot more stories to tell. In this golden age of employment, companies and senior workers alike are discovering that when it comes to work, age really is just a number. So, here’s to the seniors clocking in – may your coffee be strong, and your Mondays be short!