Joe Casciani, PhD
According to the Bureau of Labor Statistics (BLS), the numbers of older workers are expected to increase steadily through 2024, while younger workers can be expected to have a lower level of participation. This is a change. In other words, the numbers of 65- to 75-year-olds in the labor force is projected to increase more than that of younger workers. From 1970 until the end of the 20th Century, older workers, defined as 55+, made up the smallest segment of the labor force. Now, with the aging of the baby-boom generation (and other reasons outlined below), a large percentage (55%) of those between 65-75 years and an even larger percentage (86%) of those 75+ are projected to have faster rates of labor force growth than younger workers. Though the absolute number of senior workers is still small as a percentage of workers overall, these older adult workers are, by and large, working well past the usual retirement age.
We know several reasons why and have touched on these in previous articles: people are healthier and, compared to previous generations, have a longer life expectancy, and tend to be better educated (correlated with staying in the labor force). The older generation tends to be living more active lives partially from desire and partially from reduced family obligations. Further, unfavorable changes in pension systems and retirement plans are creating a need to save more for retirement. (Interestingly, and the topic for another article, BLS data show that older adults have higher rates of self-employment than do younger workers.)
Benefits to the Employer
It’s not difficult to understand seniors’ incentives to continue working, whether as an employee or self-employed. From the vantage point of the employer, however, it helps to highlight what the older adult brings to the workplace. Here are some benefits outlined by the Association of Mature American Citizens:
- The senior worker tends to be more engaged, more involved, and more enthusiastic about his or her work.
- Older employees tend to be more focused on the satisfaction of a job well done.
- The know-how, knowledge, experience, and wisdom of the older worker offer a definite competitive advantage to the employer.
- The senior worker also brings a stronger work ethic, and a higher level of maturity and professionalism.
- Studies frequently reflect positive reports from other employees about learning from older workers, and being mentored by them. (One can almost hear the conversation between the older worker and the younger worker: You teach me about streaming and Instagram, and I’ll tell you all about the music of the 60’s and drive-ins.
- Age brings with it wisdom, intuition, patience, and an ability to set priorities (i.e., what we psychologists refer to as “removing the “clutter”), all of which are prized in any setting.
Closing
Many employers are increasingly recognizing the benefits of the senior worker. If not, the HR manager who is faced with a decision between two equally-qualified candidates, and shies away from the older applicant, really should re-consider his or her judgements about age. All things being equal, the older candidate is likely the better hire.
To be sure, we still hear the frequent refrain, “I’m 60 years old and out of a job; who will hire me?” Employers would clearly benefit from being more receptive to retaining the person facing retirement, or alternatively, seriously consider the new job applicant who is qualified but also happens to be 55 or over. The senior employee has much to offer.
