New York 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

Mufiydah Muhammad enrolled in MaturityWorks after 4 years of unemployment. Ms. Muhammad worked at the John F. Kennedy International Airport with JetBlue Airways as a customer service liaison, a position she held for 14 years. Extenuating circumstances resulted in her being unable to maintain her employment. 

In an effort to re-enter the workforce, Ms. Muhammad enrolled in MaturityWorks with the goal of transitioning from the customer service field to a kitchen position. In pursuit of this goal, she trained as a kitchen aide at three nonprofits in the Brooklyn area while enrolled in MaturityWorks. At her assignments with St. John’s Bread & Life Program Inc., Cobble Hill Medical Center, and Catholic Charities Neighborhood Services, she was able to learn how to work professionally in a kitchen, safely handle food, and maintain a clean and safe work environment. 

Outside of her training assignment, Ms. Muhammad worked with her career counselors to increase her skills and prepare for her job search. She attended monthly job clubs covering topics like interviewing and job search techniques with her career counselor and other participants in the region. She also took advantage of additional training opportunities, completing a Microsoft Office Specialist training at Brooklyn Educational Opportunity Center, and attending online webinars through Dynamic Works. 

MaturityWorks’s holistic approach to Ms. Muhammad’s employment search resulted in her getting a part-time job with the New York Department of Education as a cafeteria clerk in April 2023. Without the training and kitchen experience orchestrated by MaturityWorks, Ms. Muhammad’s transition to a new career path would have been much harder to navigate. She is excited about her new role and to serve her community in a new capacity.

North Manhattan Improvement Corporation (NMIC) is a non-profit organization that operates under a settlement house model and provides free services to residents of upper Manhattan and the south and west Bronx. It was founded over four decades ago with a staff of two and a simple mission; to be a catalyst for positive change in the lives of the people in the community. NMIC today has a staff of 120 professionals who serve over 14,000 people throughout New York City. With 15 programs and services, they address the community’s urgent needs, including housing, income, legal, health, education, and more.

NMIC has been a host agency since 2017 and offers comprehensive training and skill development opportunities for our trainees. Nearly a dozen trainees have benefited from assignments at NMIC, honing skills in office proficiency, data entry, program administration, and client intakes. Presently, we have two MaturityWorks participants successfully contributing and gaining skills in administrative roles. In supporting participants’ pursuit of permanent employment, NMIC not only considers them for available positions but actively assists in identifying opportunities within their extensive network. Those who transitioned into full-time roles, like Mercedes Robinson, now a case manager at NMIC, attribute their success to MaturityWorks and the valuable training opportunity it provided at the organization. This year marks her 5-year anniversary at NMIC.