national study suggests many keep working out of financial necessity
new york (from a press release) — while nearly a quarter (23 percent) of the u.s. workforce knows of an older worker who has been denied a job, promotion or raise because of age, more than twice as many businesses encourage older workers to stay on the job than to retire early.
according to a national hudson survey, 38 percent of workers say their organizations keep older workers because they are difficult to replace, compared to 15 percent whose firms want to make way for younger workers.entrepreneurs and small-business operators are especially eager to retain older workers; 49 percent encourage them to stay on the job, compared to 11 percent promoting retirement. conversely, 26 percent of government workers say retirement is actively encouraged.
many organizations — and particularly larger ones — proactively take steps to take advantage of older workers’ experience. thirty-five percent of respondents say their firms offer formal mentoring programs to pair a younger worker with an older one for guidance and training. that number rises to 50 percent among companies with 250-500 employees. among those employees whose firms offer such programs, 51 percent say their firms encourage older workers to stay.
“with 76 million baby boomers approaching retirement age, retaining older workers is not so much a choice as a necessity,” said alicia barker, vice president of human resources, hudson north america. “that said, organizations that go beyond accommodation to active engagement of older workers stand to benefit from a loyal, hardworking labor force that offers tremendous experience and institutional knowledge.”
even as companies do more to keep workers on the job longer, those workers themselves may not have a choice. according to a hudson survey earlier this year, 74 percent of u.s. workers plan to work at least part-time during their retirement years. this month’s survey found that 57 percent of workers believe that people continue to work beyond retirement age because they need money, while just 27 percent say it is because they enjoy having something to do.