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Older workforce

Inflation has retirees eyeing a comeback

Rising inflation and cost of living drive 12% of retirees to consider returning to the workforce.

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59% expressed an interest in pursuing a new job in a different industry.
Two-thirds of retirees harbored concerns about age-related bias during the job search.
25% of the U.S. workforce may be comprised of individuals aged 55 and older.

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According to a report released on November 28 by ResumeBuilder.com, approximately 12% of retirees are considering re-entering the workforce next year. The primary drivers behind this decision are cited as inflation and the escalating cost of living. Out of those retirees contemplating a return to work, two-thirds express concerns about potential age bias affecting their job prospects.

The survey, which included 500 Americans aged 62-85, highlighted various motivations for rejoining the workforce. The leading factor, indicated by 61% of respondents, was the impact of inflation and the rising cost of living. Other reasons included inadequate retirement savings (34%), a desire to pay down debt (34%), and the need to combat boredom (34%).

Stacie Haller, Chief Career Advisor at ResumeBuilder, emphasised that financial considerations were not the sole motivator for seniors seeking employment. Some retirees expressed missing the camaraderie of working with others and a desire to remain engaged rather than opting for a leisure-focused retirement.

500 Americans aged 62-85, highlighted various motivations for rejoining the workforce.

Among those considering a return to work, 59% expressed an interest in pursuing a new job in a different industry, while 14% hoped to rejoin a previous employer. Enthusiasm for the idea varied, with 25% expressing strong enthusiasm and 50% being somewhat enthusiastic.

Regarding work preferences, 45% of retirees wished to return to in-person work, 32% preferred a fully remote option, and 11% expressed a preference for a hybrid role. The remaining 11% did not have a specific location preference.

Despite the potential benefits of hiring older workers, the survey revealed that two-thirds of retirees harbored concerns about age-related bias during the job search. Stacie Haller recommended that companies familiarise themselves with employment laws to ensure fair practices during the interview process. She highlighted the valuable professional skills that older Americans bring to organisations.

To address age-related bias, some companies need to reevaluate their recruitment strategies and materials, according to panelists at an October event. This includes enhancing diversity, equity, and inclusion efforts by actively considering older workers in candidate pools.

Looking ahead, a Bain & Co. report predicts that by the next decade, 25% of the U.S. workforce may be comprised of individuals aged 55 and older. The report suggests that companies should proactively develop programs for recruiting, reskilling, and integrating an older workforce to prepare for this demographic shift.

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