The Rise of the “Unretirement” increases average age in newly filled job roles
Over the last decade the average age of newly filled jobs has seen a consistent rise due to the retirees over 50s are coming back into the work force and workers aged 65 and older remaining in their jobs longer.
The lifestyle changes the public has had to accustom themselves to now demands more from everyone and retirees are feeling the push towards longer careers, the chase for continued income and general occupations to support mental health, day to day activity which brings an element of social benefits too. The correlation of increased retirees returning back into the workforce shows that across the pond in the U.S there are similar trends. Now, where does the UK stand in terms of numbers?
It has been reported by Legal&General that nearly 3 million ex-retirees have returned to work, with only about 3% returning back to full-time work. Another large proportion of the millions returning to work are now considering seasonal work. If you have retired and are considering the move, just know that you are not alone. 37% of returnees have done so due to requiring greater income to supplement rising living costs - expenses have had a surge over the last 6 years majorly influenced by covid-period inflation.
According to research carried out by Standard Life around 14% of total retirees aged over 55 have gone back into employment and another 4% are considering returning for reasons that take us back to rising living costs. The supplementary income is a primary justification for returning back to work however, many also cite that having a day to day occupation its giving them a reason to get up and go - simply put have something to do post retirement boredom.
What does this mean for employers?
Whilst youthful, long term career building and highly energetic staff are extremely important to companies’ longevity, employers either do not have the time and resources to train entry level employees to bring in extremely valuable skills, which retirees can often bring a variety of skills picked up over decades of experience. This makes them a valuable and attractive offering to employers who cannot focus on long-term input to upskill their workforce. With diversity and inclusion being a key part of corporate progress, this makes the older workforce no less valued than someone still actively in the workforce and no less than those who are looking to start their careers.
Are you an individual thinking of re-entering the work force or unsure whether to retire or not? The SemiRetired.co.uk team would love to hear your feedback directly from those who are facing these challenges! You can write to us via the form below.