Pennsylvania Issue | September 2023
Volume 7, Issue 3
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Retirement Trends for Older Workers |
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The tradition of retiring around 65 is fading, as increasing numbers of older adults choose to remain employed later in life. According to the Bureau of Labor Statistics, the labor force participation rate for adults 75 and older is projected to increase from 8.9% in 2020 to 11.7% by 2030, reflecting this trend towards delayed retirement.
With Americans living longer and healthier lives, many older adults simply do not want to stop working. Surveys show the majority of older employees say they work primarily for reasons other than money, such as staying mentally and physically active and maintaining social connections. The economic realities of living longer also play a role. Pensions are not as common as they once were requiring workers to fund a longer retirement through 401ks or similar plans. Healthcare, housing, and other costs continue to rise as well. Working beyond traditional retirement age provides extra income and allows some older adults to maximize their Social Security benefits past full retirement age.
Older employees aren’t just filling grocery store shelves and office cubicles. Many are pursuing careers that allow them to use decades of accumulated skills and experience in new ways. Popular options include consulting, mentoring, starting businesses, and working for nonprofits or in healthcare - fields that align with their interests and passions.
The trend towards delayed retirement is projected to continue growing. Remaining engaged in meaningful, rewarding work activities well past traditional retirement age can provide mental, physical, social, and financial health benefits throughout the later years of life.
Expand your capacity and strengthen your community programs. MaturityWorks provides seniors with the opportunity to rejoin the workforce by providing job training and work experience. MaturityWorks matches eligible older job seekers with local nonprofits and public agencies so they can increase skills and build self-confidence while earning an income. Contact us today for information on becoming a host agency. Visit www.workplace.org/maturityworks
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Demand For Older Workers Increase |
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Why are major companies like Microsoft and Bank of America suddenly so interested in hiring older workers? Johnny Taylor, President and CEO of the Society for Human Resource Management, recently spoke with CBS News Money Watch to unpack the perceptions about mature workers and explain these corporations' new pledges to give employees over 50 a fair shot. |
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Age Friendly Work Policies |
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Recent research shows age-inclusive workplaces experience less turnover, higher engagement, and major gains in expertise. As the workforce ages and people work longer, companies need to adapt to support employees of all ages. Here are some tips to create a more age-friendly work environment.
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Offer flexible work options to help employees balance demands. When possible, provide arrangements like remote work, compressed schedules, and adjustable hours. This accommodates staff of all ages, especially older workers, allowing them to attend to medical needs or caregiving responsibilities.
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Provide ongoing training for employees to learn new tech tools required for their role. Technology skills vary greatly across generations. Patience and ample hands-on guidance help everyone adopt devices, software, apps, and more.
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Facilitate intergenerational collaboration. Blend younger and mature workers into teams to share knowledge. Younger colleagues can assist with tech mastery while older workers impart experience and institutional wisdom.
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Review practices to prevent age bias. Make sure recruiting and promotions are based on merit, not age. Give workers of all ages an equal chance at new roles and advancement. Avoid assumptions that older staff are not interested in leadership or different opportunities.
With some thoughtful policies and practices, companies can show employees of all ages are valued. Small changes can make a big difference in creating an age-friendly work culture.
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Does your company offer flexibility like work from home or flexible schedules? Let us know?
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After a long period of unemployment, John Simms found a new purpose through the MaturityWorks SCSEP program. With an extensive background as an office coordinator, John had strong skills but struggled to find work as technologies advanced.
Joining MaturityWorks in 2021, John worked closely with his career counselor to update his Microsoft Office abilities and expand his professional network. He was placed at Montgomery County Association for the Blind for on-the-job training as an administrative assistant. This opportunity allowed John to sharpen his computer skills and learn the ins-and-outs of a new organization.
John’s motivation and dedication were evident as he pursued additional training in customer service, employment workshops, and tech classes outside of work. His hard work paid off – John’s skills blossomed, and he proved himself an asset to the team. Recognizing his growth, Montgomery County Association hired John into a permanent administrative role.
John credits the MaturityWorks staff for their invaluable guidance and support. The training assignment gave him the chance to rebuild his confidence and show he still had much to contribute. Now happily employed in a job he loves; John has regained financial stability and independence. His story demonstrates the power of MaturityWorks to help motivated older Americans restart their careers with new skills and confidence.
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Located between Philadelphia, PA and Wilmington DE, Chester, Pennsylvania has a rich history and is focused on community development. Attracting business, spurring development, and leveraging anchor institutions like Widener University, Chester is a city on the rise.
In June 2023, The Chester City Hall partnered with MaturityWorks to welcome two trainees into their Department of License and Inspections. The trainees tackle essential office work from answering calls to filing paperwork, organizing records, and supporting the licensing and inspection process. It's a chance to build administrative skills in service of their community.
Stephanie Moye, Director of Human Resources, has been a true champion of the partnership. Her mentorship has created a rewarding experience for the trainees. Thanks to Stephanie's commitment, there is potential for the trainees to be hired permanently. By embracing opportunities like this, Chester City Hall is helping pave the way for an even brighter future.
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1000 Lafayette Blvd, Suite 501 · Bridgeport, CT 06604 · (203) 610-8500 |
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