Making the Most of the “Great Unretirement”

Several different movements have impacted the workforce in recent years, including the “Great Resignation” and the “Great Reshuffle.” Now, there is a new phenomenon taking place, known as the “Great Unretirement.” “Unretirement” is a term used when a retiree decides to re-enter the workforce. This has become increasingly common due to a variety of factors. Top reasons people are choosing to come out of retirement include:

• Feeling bored
• Wanting to be productive
• Lacking purpose
• Needing more financial stability
• Searching for social connections

A recent study conducted by Edward Jones and Age Wave found that one-third (33 per cent) of recent retirees have struggled to find a sense of purpose in retirement. When employees retire, they may miss the comradery and socialization opportunities that a job provides. They may also find themselves looking for new career opportunities. In fact, 1 in 3 “non-retirees” say they are interested in working in some capacity after retirement, and some say they’ll never retire, according to the study.

Fortunately, employers can appeal to this group of invaluable job applicants to alleviate some of the struggles caused by current hiring challenges. Yet, it’s important to do so in a way that makes these workers feel supported and respected—specifically, preventing age discrimination against those coming out of retirement is vital. This article includes more information on making the most of the Great Unretirement and avoiding ageism concerns.

How to Prevent Age Discrimination

Older workers re-entering or remaining in the job market can be beneficial for businesses that are experiencing employee shortages, but it’s important to ensure that employers are doing what they can to prevent age discrimination and bias. Here are some suggestions for combatting ageism:

• Assess organizational culture, practices and policies. By evaluating their practices and policies, organizations can eliminate outdated assumptions about older workers and foster a multigenerational culture that rejects age stereotypes and embraces employees of varying backgrounds.
• Examine recruitment practices. Recruiters and interviewers should be trained to avoid ageist assumptions, such as the belief that an older candidate will not remain on the job for long. Applications should also eliminate age-related information—such as date of birth or when a person graduated—and interview panels should include people of all ages.
• Include age in diversity and inclusion efforts. As with existing diversity and inclusion initiatives, workforce training is critical to educating employees about ageism in the workplace. Since age discrimination often goes unreported, spreading awareness may increase the likelihood that employees who witness instances of ageism will report it.
• Respond to claims immediately. Ageism complaints should be handled swiftly and seriously. Investigations should include interviews with all parties connected to complaints and reviews of other relevant evidence.
• Purchase employment practices liability (EPL) insurance. EPL insurance can provide coverage for organizations when workers allege ageism and can limit employers’ related costs if age discrimination claims are filed.

Conclusion

During the Great Unretirement, organizations should be proactive in recognizing and preventing age discrimination in the workplace. For more information on hiring trends and , or to find out how to reduce your insurance costs call CMB at 780.424.2727 or click here to get a quote.