#BestofFSCBlog : #Recruiting – Are Boomers The Answer To The Great Resignation? Your Thoughts?? Great REad!
Beginning in 2021 and continuing today, the term “Great Resignation,” was coined by Texas A&M professor Anthony Klotz, referencing the US employees that are quitting in droves. In fact, 47 million workers quit in 2021. According to Klotz, that trend is expected to continue well into 2022, albeit more slowly. Koltz predicts that flexible work arrangements will become the norm, and workers will compete for remote jobs – where digital natives have the advantage.
So, what does that mean for corporate America when working in-person is required for job function?
Boomers may be the answer to the Great Resignation.
The boomers make up the largest population boom in the history of the US. Boomers were born post World War II and the great depression between 1946 and 1964, meaning the youngest boomers will turn 58 in 2022.
During the pandemic, as with most recessions, older workers took a big hit. The Center for Retirement Research at Boston College reported that during normal years, one in eight older workers leave their jobs. By April 2020, that figure was one in three, finishing the year as one in four. The number of workers over 55 that were forced out or left the workplace during the pandemic rose by a significant 7.6%. Between 2008, when the first boomers turned 62, and 2019, the retired population grew by 1 million retirees per year – during 2020 and 2021, that number increased to 3.5 million.
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Interestingly, those forced into early retirement are not collecting social security. You must be 62 years old to collect social security early and at a reduced benefit. After reaching 66 or 67, depending on your birth year, you become eligible for full benefits. That leaves many workers between 55 and 66/67 who are “retired” due to circumstance, rather than choice. And many of those workers simply cannot afford to retire. That is where the gig economy comes to play. According to Pew Research, 20% of gig workers are over the age of 50 and a third of those are over 65. That same study shows that minorities make up most gig workers over the age of 50. While the Bureau of Labor Statistics (BLS) predicts that older workers will participate in the labor force in increasing numbers now through 2030, with a predicted increase in workers 65 to 69 by 30%, that’s likely to be minority workers.
Boomers were the answer to the Great Recession, and their parents saved the post-war labor shortage.
As history has a way of repeating itself, the last labor shortages occurred post-World War II and after the Great Recession of 2008. In the post-war period, older workers fueled growth. By 1950, one in two men in the labor market were over the age of 65. Following the Great Recession, the economy took a nose-dive. The housing bubble burst, stocks plummeted, and the unemployment rate rose to almost 10% by April 2010. In 2008, the first boomers turned 62. However, boomers were needed in the labor force, much like they are now, only in 2008 boomers stayed employed out of necessity. Today, housing prices are through the roof and stocks reached record highs throughout the pandemic. The national unemployment rate dropped significantly.
However, according to another Pew Research study, retirees of today tend to be educated white US nationals. Today, 34% of the population is over 50, but less than a quarter of those are minorities
Nonetheless, unemployed or underemployed boomers are available to fill the gaps left in the wake of the Great Resignation. The bigger question is, will they?
Forbes.com – March 3, 2021
