Commentary
Employers can no longer expect a new hire to build tenure. The total separations rate of U.S. jobs is 47.2 percent as of 2021, including voluntary and involuntary turnover. Additionally, age influences attrition rates with millennials twice as likely as boomers to quit their jobs.
All things considered, workers nearing retirement age are good candidates to fill part-time or full-time roles.
According to a recent Gallup survey, supplemental income is an acute need for many nearing retirement age in today’s market. Only 39 percent of non-retired Americans aged 50 to 64 think they have enough money to live comfortably in retirement. The mean age at which non-retirees expect to retire is 66 years, while the actual mean age that retirees report having retired is 62, writes Ryan Pendall.
In general, non-retirees expect to rely on income sources other than Social Security, including part-time work, in retirement.”
Source: Gallup, July 25, 2023. Link. There are three general areas of opportunity for the engagement of older generations: development, recognition and friendship.