Is there harm in asking? Questioning employees about their plans to retire

January 14, 2018 0 COMMENTS

Don’t leave older workers out of retention plans

August 14, 2016 0 COMMENTS

Employers nowadays may feel bombarded with advice on how to retain millennial employees. Those younger workers have the reputation of moving from job to job, so employers wanting to get the most from the investment they make in their youngest employees put a lot of energy into encouraging them to stay. But what about older employeesthose who are weighing the pros and cons of retirement, maybe wondering if they’re still appreciated? Are those workers also worth special retention efforts? And, if so, what should employers do?  Elderly business man with gears and ideas

“There is no substitute for experience,” Susan G. Fentin, an attorney with the Skoler, Abbott & Presser, P.C. law firm in Springfield, Massachusetts, says “Employees with a long record of experience with a company will undoubtedly have contacts in the industry that are invaluable. Any type of knowledge that is built up over time is generally hard to replace, so keeping employees on staff after what might otherwise be retirement age would work to the company’s advantage.”

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Age diversity becoming new priority for employers

May 19, 2013 1 COMMENTS

The statistics don’t lie. More people are planning to work beyond what once was a traditional retirement age. The federal Bureau of Labor Statistics (BLS) has projected that the primary working-age group—those ages 25-54—will decline from 66.9 percent of the labor force in 2010 to 63.7 percent in 2020. Workers 55 and older are projected to go from 19.5 percent of the labor force to 25.2 percent during the same period.

The U.S. Census Bureau released an analysis in January pointing out that for the last 20 years, the labor force participation rate of people at least 65 years old has increased, and the increase is particularly evident over the last 10 years.

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NQRs Are Ready to Work

May 15, 2011 1 COMMENTS

By Mark I. Schickman

The HR world certainly has more than its share of acronyms, having to deal with the EEOC in order to comply with the ADA. And for an employee on leave, the interplay among the FMLA, PDA, and WC are crucial. But there’s a new acronym you need to learn because it describes a sensitive part of your workforce, the NQRs. No, not a “national quality reviewer” or “nuclear quadruple resonance,” but “not quite retired” ― people who retired and left the workforce but have been forced to change their plans and reenter the job market.

A recent report found 433,000 people over the age of 65 who were retired and are now back in the job hunt. They aren’t looking for new careers. They don’t want to manage employees or run departments. They aren’t vying for promotions, perks, or travel. They want to work as little as necessary to get medical insurance. Their food and mortgage are already budgeted, but their savings won’t cover their green fees or vacation plans, so they look for enough extra income to cover that. They probably have more education and a better house than you do, but they are cash-poor: excluding pension and retirement plans, their average bank account is about $30,000 ― not enough for the retirement lifestyle they thought they’d be enjoying.

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Millions of Older Workers in Physically Demanding Jobs

October 17, 2010 1 COMMENTS

Hard Work? Patterns in Physically Demanding Labor Among Older Workers, a study from the Center for Economic and Policy Research, examines the population of older workers and how raising the retirement age affects those in jobs with difficult working conditions.

The study notes that high physical demands are a major reason for “early labor-market exit among older workers.” Therefore, increasing the retirement age will likely cause many older workers to “be physically unable to extend work lives in their jobs,” likely giving them “no choice but to receive reduced benefits.” The study predicts that “an increase in the retirement age or other cuts in Social Security benefits are also likely to put a greater burden on demographic groups that have higher proportions of workers in difficult jobs.”

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