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12/5/2016 |
Insights |
Returning Talent |
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Returning Talent by Carol Patton In the coming years, experts say retirees returning to the workplace will play a greater role as they live healthier and longer, grow more tech-savvy and become better equipped to work in a gig economy. More retirees are returning to work than ever before, and experts say more employers are tapping into this growing segment to solve their talent shortages. A glimpse into the world of work over the past 30 years reveals a steady climb of retirees in the U.S. labor market. The number of men and women over the age of 65 who worked full-time or part-time jumped from 10.8 percent in 1985 to 18.9 percent in 2015, according to AARP. For the first time since 1948, employees who are at least 65 years of age outnumber teenagers in the workforce, according to A Business Case for Workers Age 50+: A Look at the Value of Experience 2015, commissioned by AARP and conducted by Aon Hewitt. There are many reasons for what some are calling the "boomerang worker," including longer lifespans mixed with shrinking retirement accounts, people who enjoy staying active and mentally alert, or those who simply want to be engaged or socially active in their communities. Employers are bringing retirees back on board to fill talent shortages, serve as a steady or reliable source of skilled labor, and share institutional knowledge with younger colleagues. However, every generation of workers poses unique challenges for HR. Baby boomers and traditionalists -- those born before them -- are no different. Some HR professionals have developed effective strategies that make them feel valued, show appreciation for their efforts and help them succeed in a business world that may be very different than the one they left behind. "We see some very innovative, forward-thinking employers who are actively reaching out to this population as a source of talent," says Kate Donovan, who serves as senior vice president and president of global recruitment process outsourcing at ManpowerGroup Solutions in Boston. "But at this point, those innovative employers are fewer rather than [many]." Read full article on Human Resource Executive Online.
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