The New Post-60 Career Paths | The Wall Street Journal

Workforce Trends

Organizations continue to report challenges in attracting and retaining talent. However, a growing proportion of older workers within the labor force presents an opportunity for firms to tap into this talent segment increasingly. According to this The Wall Street Journal article, workers 65 and over in the US will account for more than 60% of projected labor-force growth from 2020-30. Before 2010, almost all labor-force growth was driven by ages 25-64. As life expectancy continues to expand and older workers seek employment opportunities out of choice or necessity, firms can entice this talent segment to work for them in the later stages of life. The article points out that older workers who have achieved life milestones have different career goals and motivations than other worker segments. For example, if older workers want greater flexibility in the number of hours worked, one tactic is breaking jobs down into tasks or projects to make them more attractive; pay and hours can then be adjusted accordingly. The article notes that attracting and retaining older workers will require organizations to offer benefits that are more aligned with older workers’ priorities. Example benefits include long-term-care insurance, unpaid sabbaticals, and the option to be a consultant for various projects throughout the year. Given that a disproportionately high number of older workers have retired early during the pandemic, firms can use this opportunity to attract these workers with a compelling employee value proposition. Does your organization’s talent strategy include a plan for attracting and retaining this worker segment?

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