In the UK, around 3 million over 50s have returned to employment this year. 14% are looking for part-time work.
The older generation is increasingly reentering the workplace. This can be attributed to the rising cost of living and the fact that their pensions are not keeping up with the increase in living costs.
Retired people are choosing to return to work as a way to stimulate their minds and socialise, since retirement can be a time of limited social interaction.
In 2022, Japan’s employment rate of individuals 65 years and older was 25,2%, which was significantly higher than other countries like the United States (18.6%), and the United Kingdom (10) In 2022, more than half of Japan’s 65-69 year olds (50.8%) were employed.
Royal London’s recent research revealed that around 150,000 pensioners in the UK live on less than PS100 a week. One in five people aged 66 or older rely solely on their state pension and have no other income sources.
Matthew Vohs is the CEO of O50C a recruitment agency that specialises in finding work for over 50s. He has noticed an increase of people coming out of retirement and returning to the workforce. Matthew Vohs, CEO of O50C, a recruitment agency that specialises in finding employment for the over 50s has noticed a career change among this generation. He says more people are coming out of retirement to join the workforce again.
He said: “A theme that we see here at O50C, is that experienced candidates with a wealth experience in their field choose to make a career change. Our candidates are often redundancy victims, have burnout or feel unsatisfied in their current roles. They may also have to delay retirement to earn an additional income for their pension. Many people would have liked to remain in their current career or sector but have found it difficult to do so since the COVID-19 outbreak.
What many employers and HR professionals need to know is that these candidates are willing to look for jobs outside of the corporate culture. We need to encourage employers to welcome older workers who want to move into other jobs, including non-office based ones.
“As a growing number of people from this generation continue to work after retirement, more employers will need strategies to retain these employees and offer them support.”
Matthew has shared with HR departments the strategies they should use to encourage over-50s to join their workplace.
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Part-time and flexible roles
Matthew stated: “To attract those over 50 years old into a new position, they would need to offer more flexible roles and part-time work. According to a gov.uk study, women between 50 and 64 are more likely to work part-time than men their age. In 2024, around 3 in 10 women will be working part-time. In 2023 the UK had around 3.6 million older people who worked part-time. Many people are returning to work, and looking for part-time work rather than full-time employment in order to achieve a better balance between work and life or ease the burden of caring.
Many people in this age group would like to return to their former roles on a part-time basis. Businesses would benefit from offering positions that aren’t full-time. It is also more affordable and allows them to retain and attract those who have experience in the industry.
“That is why employers should consider offering semi-retired employees part-time work and flexibility, as this could help them fill the positions they need while also retaining their employee for longer.”
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Encouraging career development opportunities
According to the British Chambers of Commerce, 63% of organizations do not have any specific initiatives in place for recruitment, retention or training of targeted groups. There is a skills shortage in different sectors of the UK. Employers should implement training programs to assist not only the younger generation, but also the older generations to acquire new skills and fill certain roles.
If employees can set aside budgets to invest in resources to train those over 50, they could help many people who want to switch careers or develop their skills. Businesses could thrive by working with people in this age group who are eager to learn. They could also fill jobs that are hard to fill.
Our hiring solution at O50C allows us to evaluate candidates through extensive interviews and research. This ensures employers hire individuals with relevant experience but also who may be seeking career advancement opportunities. Employers who have incentives to hire the best candidates are more likely to maintain a stable workforce and have employees stay with them for longer.
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Retirement planning workshops
spanstyle=”font weight: 400 ;”>”Retirement Planning Workshops are a good way for employers to share information with their employees as they get closer to retirement and to give them advice on how to prepare financially. But for some, the work doesn’t stop there. It’s an opportunity for employers who want to offer career advancement options to those still seeking to work or learn new skills.
“It is a great incentive to those over 50 to know that their employees still want to work for them. It will encourage them to remain with the company.
The first time HR News published the post Unretirement: A Growing Trend and How Employers can Help.
