Aging is inevitable, and none of us is immune to its effects. Every one of us is inching close to that retiree line and, no matter what you determine as your cutoff age, we will get there sooner or later. Yet full retirement is a luxury afforded to a select few, in these days of dwindling savings and non-existent retirement plans. So what is your take on sourcing someone who is past the official retirement age? Would your scrutiny stop at a verification of the worker’s capabilities? Or will it stop right after you see the person’s graduation year on the application?
Only those people who are utterly opinionated would assume that aged workers work little between naps or that retirees reject things such as intellectual stimulation and personal development. Although there may be cases where an aging worker with dwindling physical strength may find it necessary to stay away from blue collar work. But in an economy where blue collar work is being replaced by knowledge-based, white collar work, the notion of retirement age itself is becoming outdated, and the number of companies hiring retirees is increasing.
The steady growth of labor participation from older workers (55 years and above) is clearly demonstrated by the following table, showing data from the Bureau of Labor Statistics.
Here are some great reasons why you should look at retirees in your directly sourced talent pools:
With the impending wave of baby boomers departing their full-time jobs, many companies will face a critical loss of specific skills and intellectual capital essential to effective performance. Of course, many employers today are getting wiser to the fact that it makes absolutely no sense to let an employee go just because they celebrated one more birthday. They’re requesting retirees to be on-call or asking them to come back either on a part-time basis or as a contingent worker.
This flexibility gives retirees options so they can enjoy partial retirement along with work opportunities – whatever role meets their specific needs. Additionally, if provided with the circumstances and the right environment, baby boomers and millennials can learn from each other, ultimately enhancing both parties’ skill sets and careers — not to mention the cultural benefits and morale boost of an all-ages workforce.
Employers need to exercise caution when re-engaging alumni as misclassification is a real risk. Heed the following points:
If you have a contingent workforce program managed by a Vendor Management System (VMS) such as Smart Track, the task of retaining alumni as contingent workers will not leave you agonizing about breaking any tax or labor laws or worrying about other risks.
Additionally, a VMS will make it easy for you to start an alumni program for your retired workers. Smart Track offers you Smart Track xCHANGE – a total non-employee talent ecosystem that simplifies the task of enrolling your retirees into the network and staying connected with them as an alumni talent pool on an ongoing basis.
To learn more, connect with us at email@example.com so you avoid the perils of misclassification, while taking the full benefit of working with a knowledgeable, dependable retiree workforce.
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