Companies Can Utilize Adults 50+ Eager To Continue Working
November 4, 2021
by Michael Yublosky
Did Deloitt AG* foresee what has to happen to the U.S. labor forcea few years ago? In 2019 Deloitt AG published a report entitled “Workers wanted: How the 50+ age group can help tackle the looming labour shortage”.
The basis of the report was a surveyed group of 1,000 senior adults between the ages of 50 and 70 who were living in Switzerland. Additionally, according to the report, “…executives from large Swiss companies and experts from cantonal and national agencies and associations” were also interviewed
The results can easily reflect the current situation here in the states. Our work force shortfall has, of course, been magnified by reports of early retirement due to the COVID crisis.
I think there were two important highlights included in this study:
- Companies can make better use of workers 50+ in hiring and retention practices, couple this with…
- In the age group of 50-64 year olds, the unemployed, under employed workers as well as those not currently looking for work but still able to, want to continue to work after traditional retirement.
Some 5% of ‘economically active’ workers surveyed reported they would continue to work full-time beyond retirement age. A staggering 35% would like to work part-time following retirement. In light of current economic conditions, those statistics may be under reported.
Some of the targeted step-by-step measures were included. They detail how both companies and the government can make better use of this untapped labor pool resource. Among those recommendations cited as a means to attract workers were:
- Offering greater flexibility in terms of work hours,
- Adapting jobs, as well as the roles and accompanying responsibilities, to more of a role as a consultant or an expert,
- Modifying actual working conditions (note: especially currently in light of COVID),
- Setting up mixed age or cross-generational teams as well as
- Promoting both physical and mental health needs.
I think U.S. companies can benefit from the knowledge learned to better engage with senior workers 50+. It will aid in partially solving the current labor shortage. But it will also take both an educational (retraining) and marketing effort.
*Deloitt AG is a member firm of Deloitte Touche Tohmatsu Limited, a private company based in the UK. You can read the entire report or download it by clicking here.
Michael Yublosky is truly an xBound success story. Yublosky specializes in LinkedIn and internet marketing and works on a part-time basis to stay current and relevant. He helps senior adults and small businesses establish their unique brand, identify target markets and keywords, differentiate themselves and develop professional strategies and tactics to engage with prospective employers or clients. He also teaches senior adults how to enhance their technology and computer skills to better adapt to current demands. Connect with Michael on LinkedIn.