Written by Heidi Wadsworth | 14th August 2023

The pandemic and its aftermath saw much discussion about the “Great Resignation” – a trend of employees leaving their jobs. This was mainly thought to be because people were seeking better terms and more flexible working patterns, having experienced and benefited from working from home and hybrid working during periods of lockdowns.

However, some analysis suggests this exodus was driven, at least in part, by a “Great Retirement” – people of so-called “Baby Boomer” age reflecting on their work/life balance and choosing to leave employment.

That shift may have been premature, as data suggests uncertainty and the rising cost of living could now be driving a “Great Unretirement” where older workers are once again seeking work.

The Office for National Statistics reports a rise in people aged 50 or older in work, or looking for work, compared to before the pandemic. More than half of this rise is among men over 65.

This is supported by research by the Centre for Ageing Better, which estimates that by 2025 there will be one million more people 50 and over and 300,000 fewer people aged 30 and under in the workplace.

This could have a significant impact for employers, who will need to ensure they understand the needs of older workers, and how best to support them. In particular, people who are returning to working life after having spent time outside of it may need support to re-adjust.

Here are a few tips from our team.

Why should you rehire retired workers?

Hiring retired workers allows you to recruit from a larger talent pool, and in this challenging recruitment environment, that can only be a good thing!

A more age diverse workforce, that supports those returning to work and/or changing career, can bring significant transferable skills to the company, along with valuable life skills such as resilience, experience, loyalty and confidence.

In a multigenerational team, younger and older members can learn from one another.

You may find that those returning to the workforce may be looking for flexible hours to suit their stage of life. Part-time, job sharing and contract roles can all provide a cost-effective way of bringing in super skilled workers.

How can employers support rehired retired workers?

We’ve talked about the benefits of hiring returning workers – but, as with any employee, you will get the best out of them if you support them, adapting your approach where necessary. Here are some measures you could consider.

Reverse mentoring

By pairing up different generations as mentors, each generation can learn from another and develop a more open-minded approach to their work.

Younger employees can draw on the experience of older colleagues, who can help them understand and develop skills that will support career development.

In turn, the older generations can learn much from younger team members – for example, learning emerging skills and culturally relevant topics.

You could consider a cross-generational mentorship programme, pairing people from different age groups so that they can collaborate and share ideas. This can improve team bonding as well as helping people learn from each other and develop skills.

Equal pay and conditions

Employers have a responsibility and obligation to ensure fairness and equality in the workplace. And under the Equality Act 2010, age is a protected characteristic. Overlooking older candidates, paying them less, or employing them on less favourable term’s breaches this legislation.

You should provide former retirees the same opportunities as younger employees to develop skills and progress through promotion. If there are to be redundancies or cuts in hours, you must not target older workers just because of their age.

For more detail the ACAS ten obligations for employers guide provides key considerations for employers to reduce the risk of age discrimination.

Supporting health and wellbeing

While they bring many benefits to an employer, employees may need more emphasis on their health needs and caring responsibilities.

According to Centre for Ageing Better, around 44% of those aged 50-64 have a long-term health condition. At the same time, a quarter of the people aged 55 and over who have a health condition and are still in work are considering leaving because of their health. These may be retained with the right levels of support.

You should consider a range of benefits that appeal to all your employees and support them. This could, for example, include discounts on public transport, health packages and time off for medical appointments.

Flexible hours could support them in them to balance their jobs alongside personal commitments or caring responsibilities.

 

Employers should understand the benefits “unretired” people can bring to the workplace, along with the best ways to support them and help them thrive in the workplace.

For advice and support, contact the Reality HR team.