Retiree Rebound

The Disruption

“Disruptive” is a word that I seem to use a lot in conversations regarding hiring over the past two years, and it seems we are still on a rollercoaster ride. The stress of the pandemic and concerns about health pushed some of the workforce into early retirement. And now the disruption of inflation, rising healthcare costs, and a poorly performing stock market have this same pool of retirees reconsidering their decision. [See report from GO BankingRates)  A Harris Poll from June 2022 indicates that 14% of retirees are currently looking for work or are open to returning to work for the right opportunity.

The Advantage

Employers can enjoy numerous advantages when hiring seniors and “rebound” retirees. These often include better work attendance, strong interpersonal and phone skills, loyalty to the job, years of experience, and contentment in their role. While the younger workforce often comes in looking for a ladder to climb, retirees may be more contented to execute on their assigned role without hunting for a promotion. Retirees and seniors often give their employers a long notice when they decide to officially retire and are willing to train their replacement. While a 30-year-old employee might give you a two-week notice, that 67-year-old will probably give you a 3-month notice when he or she is ready to officially retire!

The Wish List

Seniors are often at a stage of their career where some flexibility is preferred. The Harris Poll revealed that 4 in 10 retirees would look for a job if they could have a flexible schedule. They are not looking for the long hours that they worked earlier in their careers. They may have grandchildren they want to spend time with, doctor appointments, or other commitments with family, church, or community that are valued at this stage of life. Being open to a part-time employee will greatly increase your chances of catching the attention of that skilled senior looking to re-enter the workforce. Hybrid and/or remote options are also highly sought after by all job seekers. (Side note: Flexible schedule options also appeal to moms who left the workforce during the pandemic.)

The Hunt

If you lost a valuable teammate or two to retirement over the past couple of years, it is 100% worth your while to check in on them to see if they would consider coming back part-time. If you have a role that could be part-time (or split between 2 part-time employees), it’s absolutely worth mentioning in your job ad. A simple line like “Willing to consider candidates looking for full-time or part-time hours” will catch their attention. Talk with your hiring team or your recruiter about how you can write the ad in a way that might appeal to a retiree. You could even go so far as to say: “Retirees are welcome to apply.”

As the labor market remains tight, employers are thinking creatively about how to best fill their open roles. While retirees returning to work are just a small segment of job seekers, the right messaging and strategy can get you access to this valuable pool of talent.