Rhode Island Issue |March 2024

The traditional picture of retirement is evolving. As lifespans increase, many individuals find they need to extend their working years to solidify their finical security. The Retirement Income Institute reports that around 40% of Americans nearing retirement age won't have enough saved. With longer lifespans, some may find their savings need a boost. This new trend presents an opportunity for employers to tap into a rich pool of experienced and skilled workers.

This financial gap stems from multiple sources, including the decline of traditional pensions, stagnant wages, and rising healthcare costs. Additionally, the rise of the gig economy, while offering flexibility, often lacks the support of employer-sponsored retirement plans, further compounding the issue. But what does this mean for the future of retirement? Experts foresee a significant shift: older adults staying in the workforce longer. This trend is already evident, with labor participation rates for those aged 65-69 at their highest level in decades.

This shift in retirement patterns presents employers with a chance to gain a significant edge in the workforce. By becoming an age-friendly workplace that values the experience and skills of older workers, companies can take advantage of a pool of experienced and skilled older workers. This not only fosters inclusivity but also creates opportunities for those seeking extended work. Older workers bring a wealth of institutional knowledge, proven problem-solving skills, and valuable perspectives that can boost innovation and creativity within teams. They also tend to be reliable with a strong work ethic, leading to lower turnover.

The future of retirement may be uncertain, but one thing is clear: a win-win scenario exists. By embracing this evolving landscape and implementing innovative solutions, employers can gain access to a valuable talent pool, while individuals can achieve a secure and fulfilling retirement. Let's work together to ensure a future where everyone thrives, regardless of age.

CBS News chief medical correspondent Dr. Jonathan LaPook talks with experts about the distinctions between normal and abnormal aging as it affects memory issues, and a workforce continuing beyond traditional retirement age.

The world of work is constantly evolving, but experienced professionals bring a wealth of knowledge and skills that are invaluable. Their ability to solve problems, navigate complex situations, and mentor younger colleagues is a key asset for any organization. By staying curious, adaptable, and willing to share their wisdom, seasoned workers can ensure they remain relevant and continue to thrive in the ever-changing workplace.

Here are some tips to staying relevant in the workforce: 

Embrace lifelong learning: Be open to new ideas and technologies in your field. Online platforms like Coursera and Udemy offer a vast array of courses, both free and paid, to help you upskill in in-demand areas like data analysis, digital marketing, or project management software relevant to your field.

 

Have a strong personal brand: Create a strong LinkedIn profile that showcases your expertise and experience. Optimize your profile with relevant keywords and use industry-specific hashtags to get noticed by recruiters. Share insightful articles, participate in industry discussions, and consider creating your own content to establish yourself as a thought leader.

Leverage your experience: Share your knowledge and foster intergenerational collaboration by mentoring younger colleagues. You can also volunteer for internal training programs or committees to contribute your expertise. Participating in industry events and conferences is a great way to stay updated on the latest trends and network with peers.

By staying curious, adaptable, and willing to share their wisdom, experienced workers can ensure they remain relevant and continue to make significant contributions in the ever-changing world of work. This not only benefits them by keeping their skills sharp and opening doors to new opportunities, but it also helps to cultivate a more collaborative and knowledgeable workforce for everyone.

Source: MarketWatch, SHRM

Raymond Lynch Lives in Providence, Rhode Island, and worked as an Electrical Technician for many years before finding himself unemployed and in a difficult life situation. Raymond was staying at Harrington Hall, a homeless shelter that also operates programs for returning citizens, when he was referred to the MaturityWorks program.

In May 2022, Mr. Lynch enrolled in the MaturityWorks program with a positive mindset however, he felt insecure about obtaining employment due to having a troubled past. Raymond worked with his MaturityWorks counselor to create a resume, learn new job search techniques and prepare for interviews. She also provided him with job leads and assistance with identifying his skills.

Raymond jumped headfirst into his job search. He attended job fairs and quickly learned the skills needed to make him job ready. While in his training assignment as a maintenance trainee at Crossroads, he gained work experience that aided with applying for employment and interviewing. Raymond’s hard work led him to find a full-time position as a Machine Operator with Technic Equipment in Pawtucket, RI. Raymond is successfully employed using his skills and feels empowered to be of value to his employer.

For over 125 years, Crossroads has been a beacon of hope for Rhode Island’s most vulnerable citizens and is the leading provider of housing and homeless services in the state. Their mission is to help homeless or at-risk individuals and families secure stable homes. Services offered include emergency shelter, case management, referrals, education and employment services and housing.

MaturityWorks has a strong partnership with Crossroads. They are committed to enhancing the quality of life for those in the program. Two of our MaturityWorks participants, Robert McCall, and David Tucker, are currently training at Crossroads. Robert, who is training as a janitor, is learning essential cleaning and sanitation techniques as well as organization, time management, and attention to detail skills. David is training in facility maintenance, learning the intricacies of upkeep and repairs. Both trainees are gaining valuable hands-on experience, building their confidence, and preparing to secure a stable job in the future.