As they look to remain relevant and to continue to contribute meaningfully to society, seniors, i.e. Baby Boomers in their 60s and 70s, are going to be the fastest-growing working demographic between now and 2030. So reports The Wall Street Journal, in "
The New Post-60 Career Paths."
The ranks of workers age 65 and older are projected to increase 42% between 2010, when there were 3.69 million of these senior workers, and 4.87 million in 2030, according to the U.S. Bureau of Labor Statistics.
In fact, between 2000, when there were 2.41 million workers age 65 and older, and 2030, the number of senior workers will more than double.
Workers 65 and older will account for more than 60% of projected labor-force growth in the next decade, reversing the influx of those 25-64, who were the primary drivers of labor-force growth up until 2010, according to the government data.
For many people, seniors included, their career, or just even plain working, is "the most stimulating part" of their lives. Others relish having a positive impact on co-workers as a mentor. Some seek to keep their brains stimulated, while there are those, of course, who simply need the money.
Concessions
Senior workers want more flexibility, however, and some may ramp down the number of days worked in a week over the course of several years.
Employers increasingly value the benefit of mature employees, and some are even investing in robots or exoskeletons to help older employees in physically demanding jobs, according to the WSJ.
Employers are also starting to comprehend the factors that motivate people to remain in the workforce past the traditional retirement age of 65. Companies are beginning to cater to senior workers' needs by offering them purposeful jobs best suited to their skills, along with benefits appealing to older people, including long-term care, unpaid sabbaticals and home grocery delivery, according to the WSJ.
Some are even breaking down complex jobs into pieces potentially more manageable for a part-timer. "For example, a supervisor job at a manufacturing plant could be deconstructed into three separate roles: A troubleshooting job identifying problems on the assembly line, a team-management role and a product-development job," the Journal says. "Hours and pay could be adjusted accordingly, allowing workers to move from 100% employment to 60% to 30%, when they're ready."
Gig Economy
With all of the talk in recent years of more part-time workers entering the workforce through opportunities like being an Uber or Lyft driver, welcoming older workers to participate in this growing gig economy makes sense.
As Vanessa Liu, an entrepreneur behind Silver Life, which helps businesses deal with the aging demographic, puts it: "Companies are realizing there's just not enough new blood coming in, and they're losing decades of experience walking out the door. This is a way to create a flexible arranagement for experienced workers to stay on and keep working at 65, 70, 75 and 80."
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