Do I have to retire in my 60’s or 70’s?
An article by Lisa Bannon in the Wall Street Journal, says that many don’t want to identify as a senior as they still feel like they have something to offer and want to be useful. They may not want all the pressure but would like to have an opportunity to find a way to mentor, work part-time, or take one of the “sectors” of their former job. For example, an executive might have been part salesman, part business development, part problem solver and so on. In a new role, they might be able to teach sales techniques, help teams reach new business markets, or delve deeply into a problem the company needs to overcome.
Older workers (those over 65) are increasing faster than any other age group between now and 2030. Companies lost a large number of employees during the covid crisis and knowledge, and information walked out the door. Businesses need to figure out a way to allow workers to step down gradually over time.
“Employers need to acknowledge that older workers who have achieved life milestones have different career goals and motivations than younger people, Stanford University’s Center for Longevity found in the report “A New Map of Life: Work” published last year.” They will likely include flexible hours and choices related to tasks. For this less pay would be acceptable. Intergenerational projects would place younger workers with older workers. Some give and take would be needed on both sides. Older labor laws may need to be modified to reach these new workplace situations.
Additional resources may be found at:
https://longevity.stanford.edu/the-new-map-of-life-initiative/ a Stanford University study
In Control at 50+ by Kerry Hannon (an upcoming book)