Creating a job market for retirees – because currently there isn’t one!
The research tells us that over 60% of retirees would be very keen to do some form of work and that this would be a really valuable and interesting part of their retirement. It would help them stay connected and engaged and active. It would enable them to continue to contribute and to feel valued for the work they do. The problem is, their are very few jobs of any quality for retirees. The other problem is that retirees want flexibility and often jobs don’t provide this.
But this is changing fast. Employers today realise that if they want to attract the best employees (of any age) they must be flexible.
Particularly post covid employers are fast becoming more flexible, atrracting retirees back to the workforce to the benefit of all, both the retiree and their employer.
Whilst retirees require job flexibility, they are also seeking a couple of other aspects to their employment which are critical. Looking at each of these including the need for flexibilty.
First, the job must fit within their existing retirement lifestyle. If they babysit their grandchildren every Friday they will not work Fridays, etc. Remember retirees have spent forty years fitting their lifestyle around their work. Once retired this priority shifts. Work must now fit to their lifestyle.
Second, the job must be interesting and engaging and it must be something they want to do
Third the job must commercially attractive and commensurate with their skills and experience.
Meeting the conditions of older workers might seem too hard for many employers. But they will probably have no choice. Two things are at play, one short term, the other, larger issues long term. First, post covid, employers are finding they have no choice but to be flexible in order to attract good people. Second, like all other western counties the working population (generally 18-64) is shrinking fast. We will simply be forced to reach out to older worker in order to find employees.
Currently almost 20% of people are over the age of 65. In 2017, 15% were over 65 in 1977 it was 9%. Within 30 years it will be 25%.
But of course the flexibility requirement of retirees is also of great benefit to many employers. They are not locked into hiring full time staff. They can tap into the retiree market, access a mature, experienced ready to go employee for as long as they need them and then finish the relationship when the work need has past.
But … the market for these types of jobs – flexible jobs, is still in its infancy. We are working with Government, Business bodies and other stakeholders to try and get this happening; to establish an online market place for flexible work that taps into the seniors market and reengages this demographic with the workforce to the mutual benefit of all.
A flexible job structure – the one that would appeal to retirees would be advertised and structured slightly differently to traditional jobs.
Here is an example.
Of course this position would also appeal to many other people seeking a flexible part time work arrangement. But the structure of this job at least provides the opportunity to appeal to the retiree market.
Note that the employer also wants to review these arrangements every quarter. Perhaps because they are not sure whether they are going to need the accountant and want to leave their options open to terminating or modifying the arrangement from quarter to quarter. The retiree may also wish to review the arrangement each quarter. They might want to stop altogether or they may have an extended holiday planned during that quarter so won’t be available for the entire quarter.
The quarterly review provides flexibility for both the employer and the retiree – a good result for both.
Of course at each quarterly review date the employer risk losing the retiree (not a big issue as any employee can resign at any stage so this is not a new risk) and the retiree risks losing the job if the employer doesn’t want to continue with it, but once again any job can be terminated at anytime so there are no new risks here for the retiree also.
Here is another
A market place of Flex type jobs offered by a leading provider like Seek would offer enormous befits for retirees wishing to keep working as well as employers seeking experienced reliable and mature workers on a flexible basis.