Older workers are not retiring anytime soon
As more and more older workers find themselves seeking new opportunities in the job market, another significant portion of the older workforce has decided (by choice or by chance) to remain in the workforce well beyond the previously-accepted retirement age of 65. One by-product of this new phenomenon is that hiring workers in their 50s – who tend to be much more stable than their younger counterparts – doesn’t necessarily mean that you’re going to have to replace them in about ten years.
According to the National Association of Working Women, both mature men and women have an 88 percent lower turnover rate than younger workers. And the Bureau of Labor Statistics reports that older workers remain with employers twice as long as workers between the ages of 25 and 35.
Also, the National Council on Aging reports that a Workforce Retention Survey from the American Psychological Association found that workers aged 55 and over were more likely than any other age group to remain in their current jobs.
Finally, according to retiredbrains.com, 86 percent of business professionals plan to work well past the age at which they’re eligible for retirement and that number holds at more than 75 percent for all workers.
That’s important for employers. Older workers who stay on the job longer means that all the costs associated with replacing someone – which can be considerable – including the time and effort of the HR staff can be significantly lower.
Comments