Rhode Island 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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Xiomara Bernard joined the MaturityWorks program looking for a new career opportunity in September 2022. Xiomara’s main goal in joining the program was to gain work experience and find employment that aligned with her passions.
Xiomara worked with her career counselor to identify skills gaps and ways she could enhance her employability. Her compassionate spirit and love of helping others led her to pursue a career as a homemaker. She began training as an assistant at Cranston Adult Center in Cranston, RI. At the center, she also took classes to improve the skills and talents needed to be a homemaker. Her perseverance and hard work paid off when she obtained her Homemaker Certificate, an important step for her and her career.
Xiomara is now employed at The Home Health and Hospice Care of Rhode Island as a licensed Homecare worker. Her job includes supporting patients by providing housekeeping and laundry services, shopping for food and other household requirements, preparing and serving meals and more. Through MaturityWorks she was able to learn new skills and apply them to obtain employment. She gained confidence to better her future.
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The John Hope Settlement House has been a beacon of hope and opportunity in the Providence community for over 90 years. Originally founded as the Crispus Attucks Association in the 1920s, this pioneering organization was reborn as the John Hope Settlement House in 1937 to continue its mission of uplifting and empowering the city's African American residents.
Over the decades, the Settlement House has expanded its reach and services to support Providence neighborhoods in countless ways. From early childhood education programs to summer youth initiatives and food pantries, the Settlement House lives up to its motto as "The Pulse of the Neighborhood."
The MaturityWorks program is honored to partner with this exemplary organization as a host agency site. The Settlement House has welcomed trainees into impactful roles ranging from facilities maintenance to childcare assistance and food pantry support. With over 10 dedicated trainees now contributing their time and talent, the Settlement House benefits from an age-diverse workforce. These trainees develop critical job skills while also learning the value of uplifting a community.
The John Hope Settlement House's enduring legacy and vibrant future is a testament to the good that can be accomplished when communities come together. Maturity Works is honored to be a part of their inspiring story and mission. By investing in each other, we can build stronger futures for all.
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1000 Lafayette Blvd, Suite 501 · Bridgeport, CT 06604 · (203) 610-8500 |
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