Perennials
I can’t remember a strategy client in the last six years that hasn’t expressed concern about finding good workers. Industries like construction, agriculture, financial services, and distribution grapple with the scarcity of skilled talent. It’s a constant lament among employers. The numbers surprise. A CFO of a mid-sized financial institution in the South recently told me that any job opening would attract a couple of hundred applications a decade ago. Today her firm is lucky to get a dozen.
The Talent Dilemma:
Talent shortage is a persistent challenge across many industries where I consult – construction, agriculture, financial services, distribution. The perennial complaint: "We can't find good people."
Often “good people” means millennials to company leaders. Top management often finds itself at odds with the demands of the age group, dismissing perks like pet insurance and flexible work hours or remote work as excessive. I advocate that the overlooked solution lies in a demographic that's already proven its worth – the retired workforce.
Redefining Retirement:
The concept of the "revolving retired" emerged five to ten years ago, describing individuals who retired only to return to the workforce due to factors like boredom, healthcare needs, or financial considerations. Some forward-thinking companies have embraced this trend, recognizing the potential within this pool of experienced workers. The term "Perennials" characterizes this untapped talent, individuals who are not only mentally agile but also possess a wealth of wisdom and experience.
In a world where ageism reigns supreme and retirement is seen as the only option for those in their mid-sixties, there's a growing trend challenging assumptions. For about 20% of Americans over the age of 65, retirement isn't the end of their professional journey; it's recognition that they have value and stamina. These individuals, with the whimsical label "Perennials," are sticking in the workforce. They're demonstrating that age doesn't have to be a barrier to activity, mental stimulation, or worthiness.
The Age Advantage:
Contrary to stereotypes, many older workers have maintained cognitive ability, offering a unique blend of experience and adaptability that we once called wisdom. Technological streamlining creates productivity tools that are intuitive, erasing age-related barriers that existed a decade ago. The largest segment of the working population is now over 55. The landscape is changing, and companies should take note of an opportunity.
Oh yeah. This group is not going to be lobbying for student loan payoffs. Or company baristas. Or “nap pods.” Well, maybe that last one.
What? Those over-the-hill, tired old people? Yep. I’ve been talking to clients and audiences for over 10 years about the age group that falls outside of the 18-65 demographic. 65 today isn’t the 65 of the Depression Era when Social Security was initiated. Back then it was an arbitrary age limit to get people to STOP working. Today that concept stands on its head.
Adapting to an Aging Workforce:
While manual labor is not suitable for every older worker, industries are adapting to accommodate an aging workforce. Manufacturers turn to ergonomic adjustments for truck drivers, and robotic aids assist assembly-line employees. In office environments, the transition is even smoother, making the integration of older workers seamless.
Benefits of Perennials:
Research from the Society for Human Resource Management (SHRM), the Milken Institute, and the Stanford Center on Longevity provides compelling evidence that older workers bring unique advantages to the workplace. According to SHRM, productivity and performance increase when older workers constitute a significant portion of the workforce. Studies show that older workers take fewer sick days, possess exceptional problem-solving skills, and rank high in the often elusive characteristic of "engagement."
Action & Implications:
As the workforce landscape continues to evolve, businesses have to reevaluate their approach to talent acquisition and retention. The Perennial workforce, with its wealth of experience and adaptability, presents a valuable resource that contributes to increased productivity and a positive work environment. Embracing the diversity of age in the workforce is not just a social responsibility; it's a strategic move that can drive success in the ever-changing dynamics of the modern workplace. So, let's discard the outdated notions about retirement and age, and instead, cultivate a workforce that thrives on the perennial wisdom of its members.
The Talent Dilemma:
Talent shortage is a persistent challenge across many industries where I consult – construction, agriculture, financial services, distribution. The perennial complaint: "We can't find good people."
Often “good people” means millennials to company leaders. Top management often finds itself at odds with the demands of the age group, dismissing perks like pet insurance and flexible work hours or remote work as excessive. I advocate that the overlooked solution lies in a demographic that's already proven its worth – the retired workforce.
Redefining Retirement:
The concept of the "revolving retired" emerged five to ten years ago, describing individuals who retired only to return to the workforce due to factors like boredom, healthcare needs, or financial considerations. Some forward-thinking companies have embraced this trend, recognizing the potential within this pool of experienced workers. The term "Perennials" characterizes this untapped talent, individuals who are not only mentally agile but also possess a wealth of wisdom and experience.
In a world where ageism reigns supreme and retirement is seen as the only option for those in their mid-sixties, there's a growing trend challenging assumptions. For about 20% of Americans over the age of 65, retirement isn't the end of their professional journey; it's recognition that they have value and stamina. These individuals, with the whimsical label "Perennials," are sticking in the workforce. They're demonstrating that age doesn't have to be a barrier to activity, mental stimulation, or worthiness.
The Age Advantage:
Contrary to stereotypes, many older workers have maintained cognitive ability, offering a unique blend of experience and adaptability that we once called wisdom. Technological streamlining creates productivity tools that are intuitive, erasing age-related barriers that existed a decade ago. The largest segment of the working population is now over 55. The landscape is changing, and companies should take note of an opportunity.
Oh yeah. This group is not going to be lobbying for student loan payoffs. Or company baristas. Or “nap pods.” Well, maybe that last one.
What? Those over-the-hill, tired old people? Yep. I’ve been talking to clients and audiences for over 10 years about the age group that falls outside of the 18-65 demographic. 65 today isn’t the 65 of the Depression Era when Social Security was initiated. Back then it was an arbitrary age limit to get people to STOP working. Today that concept stands on its head.
Adapting to an Aging Workforce:
While manual labor is not suitable for every older worker, industries are adapting to accommodate an aging workforce. Manufacturers turn to ergonomic adjustments for truck drivers, and robotic aids assist assembly-line employees. In office environments, the transition is even smoother, making the integration of older workers seamless.
Benefits of Perennials:
Research from the Society for Human Resource Management (SHRM), the Milken Institute, and the Stanford Center on Longevity provides compelling evidence that older workers bring unique advantages to the workplace. According to SHRM, productivity and performance increase when older workers constitute a significant portion of the workforce. Studies show that older workers take fewer sick days, possess exceptional problem-solving skills, and rank high in the often elusive characteristic of "engagement."
Action & Implications:
As the workforce landscape continues to evolve, businesses have to reevaluate their approach to talent acquisition and retention. The Perennial workforce, with its wealth of experience and adaptability, presents a valuable resource that contributes to increased productivity and a positive work environment. Embracing the diversity of age in the workforce is not just a social responsibility; it's a strategic move that can drive success in the ever-changing dynamics of the modern workplace. So, let's discard the outdated notions about retirement and age, and instead, cultivate a workforce that thrives on the perennial wisdom of its members.
- Embracing perennials – experienced, seasoned individuals who choose to return to work – can provide a strategic advantage.
- The integration of older workers not only contributes to the diversity of the workforce but also enhances productivity, problem-solving, and overall engagement.
- As the business landscape continues to evolve, recognizing the value of perennials may be the key to unlocking untapped potential and ensuring sustained success in the years to come.