Employers are becoming more active in hiring older workers

Finance


Paul Adler didn’t retire when he turned 65. The former IBM executive and later government employee found another job as a substitute elementary school teacher near his home in Bethesda, Maryland, but his path to get there was tenacious.

“There were multiple steps, but to my surprise, I kept moving forward,” he said. “What struck me most about the interview was that the interviewer was trying to make sure I was determined to follow through even at my age. He seemed skeptical.”

Concerns about older workers may finally be changing among employers.

New Transamerica Institute Workplace Survey Finds More Than 3 in 5 Employers Say They Showed “Very Considerable” or “Very Considerable” to Job Seekers Age 50+ When Hiring in 2022 bottom.

A survey of 1,876 employers and 5,725 workers found that more than half (53%) of employers said they expected many of our employees to work past the age of 65. I have no intention of retiring,” he said. -Commercial enterprise.

Across America Rugged

Source: Transamerica Institute

The results support hope that workplace ageism may fade as demographic changes force employers to consider older workers, who are often the happiest employees. is giving

“The headwinds facing older job seekers are finally abating,” Catherine Collinson, CEO and president of the nonprofit Transamerica Institute and Transamerica Retirement Center, told Yahoo Finance.

“Many employers are now considering job seekers over the age of 50, a segment of the workforce that has historically been neglected due to ageism,” she said. “The pandemic has opened doors for both employers and workers in many ways as a result of acute labor shortages and the rapid evolution of flexible working arrangements, from schedules to remote work.”

Who Is Considering Elderly Workers?

According to the survey, 71% of mid-sized companies and 69% of large companies said they were “very” or “very” considerate of applicants over the age of 50, and 58% of SMEs who said so. is higher than

And more than half (54%) of employers say their corporate culture focuses on professional growth and development of employees of all ages, including those 50 and older. Few employers value this ‘very much’ (17%), but more than 1 in 3 of her employers place it ‘a lot’ (37%) or ‘somewhat’. (34%).

The most frequently cited programs include traditional and reverse mentorship (48%), vocational training (46%), and professional development programs (32%). More than a quarter (28%) offer special training to address generational differences and prevent ageism.

Senior businessman working with young manager

(Getty Creative)

Reverse age discrimination?

The word “consideration” does not actually mean that employers have given workers over the age of 50 jobs, but that they are doing well in hiring workers in that age group. New evidence found. The unemployment rate for workers over 55 fell to 2.3% last month from 2.8% last April, according to the latest Bureau of Labor Statistics report.

The Transamerica report suggests that perhaps employers are finally acknowledging the grim demographic reality. According to World Health Organization data, by 2030, one in six people in the world will be over the age of 60. Three years ago, there were already more people over the age of 60 than children under the age of five.

“The collapse of the global fertility rate and rising life expectancy will lead to a sharp decline in the working-age population,” Bradley Schumann, a population strategist and author of “Super Age,” told Yahoo Finance. Told.

“The retirement of older workers could have a shock, especially in industries that rely on knowledge and expertise,” he added. “Such a loss of expertise will put pressure on companies to find easy solutions – how to recruit and retain older workers. do not have.”

Nonetheless, age discrimination remains an obstacle for some workers. As baby boomers age, they realize they need to keep working to meet their financial obligations, but “many believe they’ve been denied jobs because of their age,” said Working. Nation Editor-in-Chief Ramona Sindelheim said. Yahoo Finance.

A survey released by AARP found that nearly four in five older workers said they had seen or experienced age discrimination in the workplace, the highest number since 2003 when AARP began research on the topic. became a ratio of

That’s what makes the Transamerica report compelling. As Collinson pointed out, change may be on the horizon. Only 5% of employers did not consider job seekers over the age of 50, according to the report.

“It’s very encouraging to me,” Collinson said.

Older employees are ‘most satisfied’

For employers who hire and retain older workers, the payoff is worker happiness.

A February survey of 5,188 part-time and full-time U.S. adults by the Pew Research Center found that older workers are the most satisfied in many aspects of their jobs.

“Despite the low share of older workers in the workforce (7%), older workers are the ones who are most satisfied with their jobs overall and in various aspects of their jobs, including their relationships with colleagues and superiors. ,” Kim Parker, director of social research at the Pew Research Center, told Yahoo Finance. “They are also more likely to find their jobs enjoyable and fulfilling and less likely to feel stressed or overwhelmed compared to younger workers.”

pew research

pew research

Two-thirds (67%) of workers aged 65 and over say they are very or very satisfied with their job overall, compared to 55% of workers aged 50-64 , 51% among 30-49 year olds and 44% among 18 year olds. up to 29.

They are also most likely to say that their employer cares very or very much about their well-being. The survey found that 61% of the 65+ age group said so, compared to only about half of each of the three younger groups.

Adler is also among those who are very satisfied with his work.

“I wanted to keep working and find purpose at this stage in my life, and being with young people creates an unquantifiable vitality,” Adler added.

Colleagues have noticed that he is good at it too.

“Teachers now call me directly and email me asking if I can replace a particular class on a particular day,” he said. “I follow the teacher’s instructions, keep students on schedule and on time, answer academic questions, and explain topics that students struggle with.”

On aging being an issue, he said, “I’ve never felt ageism, but some kids say they’re older than my grandparents.”

Kelly is a senior reporter and columnist at Yahoo Finance. follow her on her twitter @Kelly Hannon.

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