#LaborShortage #retirement #resignations #BabyBoomGeneration
It was predicted years ago.
When the Baby Boom generation starts to retire in earnest, there will not be enough labor, given immigration restrictions and low birth rates.
Now, thanks to COVID-19, here we are.
Many folks 55 and older are leaving their jobs –“retiring” – whether they are ready or not.
Some, according to reports, had plans to work well beyond the “normal” retirement age. But the jobs became difficult, perhaps because clients and customers became more demanding (read: abusive).
The lesson for employers here, according to a LinkedIn thread, is to give those 55 and older a second look. They are generally reliable. They generally have a work ethic. Many of those who have retired did so before they were financially able.
Another lesson for employers might be to meet those older workers where they are. Making them work excessively long days for low pay will not do it for them. More flexible hours, better working conditions and decent pay may bring some of those workers back.
The workers, or potential workers, have to think outside the box as well. If your old job is not worth going back to, for whatever reason, but you still want to work, you may have to find something better – more suited to the life you want. That may involve doing something you may never have thought of doing.
A good tip might be: see who is hiring, find out what they want, determine whether they are willing to accept your experience and see whether they have something that will work for you. Many industries need help of all kinds. Perhaps you may be able to cobble together some part-time or entrepreneurial gigs to give you an income that will help you build for your eventual, comfortable retirement.
In the old days of work, older employees were forced out of jobs long before they were ready because of reorganizations , management changes, they made too much money etc. Few wanted to rehire them, because they felt they would not stay long enough because of their ages. Or, there was a perception that because of their vast experience, they would want too much money.
Companies are still reorganizing frequently – some would argue much too frequently. But the idea of having an employee stay in a job for many years has trended out. Therefore, buying a few years from an older worker might just help you out enough until, well, the next reorganization.
For the employee, it all comes down to starting a retirement fund as early in your career as possible. That will help cushion the unexpected blows that could crater your career path.
Like the financial markets, most career paths do not travel upward in straight lines. The same goes for workforce development.
The lesson here is that both employers and employees have to be flexible. A job you thought you would never do may be just the right thing in these circumstances. That person you’d never thought you would hire may be the just the right person in these circumstances.
Employers and employees must, of course, choose carefully and wisely. The Rolling Stones song, “You Can’t Always Get What You Want” should play in the heads of both employers and employees.
As the song says, “If you try sometimes, you just might find, you get what you need.”
Peter