??Patrice & Associates Franchise Grows Older Workforce

The workforce as a whole is shrinking, but the percentage of older adults who continue to work is on the rise. Some attribute this trend to improved healthcare, saying that new developments have supported older adults in continuing to do what they love. Others say it’s inflation — older adults just cannot afford not to work. Either way, there is a clear opportunity for recruiters to support both clients and candidates in filling these gaps.

In April, the labor force participation rate (the percentage of people either working or actively seeking work) was about 62%, a slight decrease from both the 2010 and 2019 rates. However, the number of people traditionally considered “retirement-aged” is growing. In 2023, 19% of Americans ages 65 and older were employed, an almost-twofold increase compared to 35 years ago. Further, people aged 75 and up are the fastest-growing segment in the workforce today.

“In the Group of Seven countries — Canada, France, Germany, Italy, Japan, UK, and the U.S. — 150 million jobs will shift to workers over the age of 55 by 2030 and workers age 55 and older will exceed more than one-fourth of the workforce by 2031, according to a global study from Bain & Company,” Kathy Gurchiek wrote for SHRM.

Older workforce trends

While some truly passionate professionals are choosing to work past retirement age due to a genuine love for what they do, many are driven by fear and uncertainty. A recent Voya Financial survey found that 92% of respondents said they needed or wanted more money for retirement, and 13% of respondents noted this as the primary reason for their continued employment.

As this trend continues, it is important that employers recognize the value older employees can bring to the workforce while adjusting to the ever-changing demands of employees. Recruiting franchise Patrice & Associates has always supported a more open-minded approach to support both clients and candidates in securing mutually beneficial employment agreements, even if it means shifting away from long-held workplace expectations.

Most notably, Patrice & Associates helps older candidates position themselves as valuable additions to a team, focusing on the industry expertise, skills and qualifications along with the life experience they can bring. Rather than see their age as a hurdle, candidates should be able to confidently embrace it as an asset.

Hiring organization shifts

While this is an important aspect of supporting the aging workforce, there are paradigm shifts that must happen within hiring organizations to present truly attractive opportunities to candidates. Yes, many candidates find themselves needing or wanting to work later in life, but it is the need to have a job, rather than the need to have a specific job, that is driving their search. Because the labor force participation rate appears to be on a slow but steady decline, more jobs are available, and employees have more leverage.

“Companies must be willing to take steps to retain their top talent, including open discussions, job-sharing options and flexible work opportunities,” said Brian Miller, CEO of Patrice & Associates. “And they also need to be ready to make truly attractive offers should they find themselves hiring. With rising costs, money is a key player in the hiring process, but leaders should not underestimate the importance of culture, diversity, inclusion, professional development opportunities and, of course, workplace flexibility.”

Some of the key adjustments employers must make to appeal to the evolving workforce include the introduction of more flexible schedules, assignment flexibility and a more open-ended time-off policy. Embracing this type of flexibility allows employers to maintain strong relationships with employees of all ages, including established leaders who want or need to continue working as they age but prefer a less rigid environment.