The pandemic created opportunities for many persons to leave the workforce as they had known it. Some took early retirement. Some quit to avoid Covid. Now they find themselves needing to make ends meet or being lured back for more flexible jobs and higher wages.
The return of older workers has been concentrated among those in their late 50s and early 60s, people who were still several years or more away from retirement when the pandemic began.
. . . the return of early retirees to the labor force is a reminder that rising wages and abundant job opportunities attract workers who might otherwise remain on the sidelines.” – Nick Bunker, Hiring Lab
Sources:
- ‘I had to go back’: Over 55, and not retired after all, The Business Times, May 22, 2022. Link.
- Millions retired early during the pandemic. Many are now returning to work, new data shows, The Washington Post, May 6, 2022. Link.
- Employee Tenure Summary, U.S. Bureau of Labor Statistics. September 22, 2020. Link.
The median number of years that wage and salary workers had been with their current employer was 4.1 years in January 2020, little changed from 4.2 years in January 2018. . .” U.S. Bureau of Labor Statistics
Also see: Search results for: older workers, AHD. Link.
INSIGHTS: We advocate looking at senior people to fill specific roles in veterinary hospitals. It may require hiring two part-time persons instead of one FTE. The realities of a 4.1-year median tenure and associated staff churn offset some of the apprehensions of the past.
Think about it. A 62-year-old may desire to be working for 8 or more years.