They’re calling it “The Great Unretirement.” It’s the pendulum swinging in the other direction since the pandemic-fueled “Great Resignation” when thousands of people choose to leave their jobs, creating an extreme shortage in the workforce. The question is, what does this “unretirement” mean for you? For all of us?
How it Happened
The pandemic gave most of us a great deal of time to think. Many realized that their lives actually revolved around their work. They were out of balance. It had been so long since they’d stopped to smell the roses, that they forgot how. They didn’t feel that they had their priorities straight. And all that was unacceptable.
Also during the pandemic, work changed. Many companies figured out ways for employees to effectively work from home, work flexible schedules, or offered them early retirement.
Given the option, many employees decided they wanted to pursue other possibilities, check out possibly greener pastures. They took the opportunity to voluntarily resign. In fact, about 50.5 million people quit their jobs in 2022, besting the record set in 2021 of 47 million people quitting.
That’s a lot of people leaving their jobs in a relatively short amount of time. Since then, businesses, large and small, have had difficulty dealing with the results of such a mass exodus. Prior to this, companies faced difficulties finding people with the right skills to hire. Now, they’re worried about just finding interested people they can train to fill open positions.
Managing the Deficit
Everywhere you turn today there is a help wanted sign or advertisement. Small businesses often have to change or cut back their hours of operation due to lack of staff. How can we manage this workforce deficit? What are our options?
Baby Boomers to the rescue. People born between 1946 and 1964, or the Baby Boomer generation, are unexpectedly returning to the workforce in greater numbers than before. They’re bringing their skills, talents, and experience.
The Question Is…
At the 100 Year Lifestyle we’ve been posing the question for quite some time. Do you want to retire at 65 and possibly live decades more without meaningful work in your life?
According to U.S. News & World Report, it’s never been uncommon for baby boomers to continue to work into the 60s, 70s, and even 80s. With more and more people adopting 100 Year Lifestyles, health, longevity, and vitality are going hand in hand well beyond set retirement dates. How are you going to spend your healthy longevity?
Age is Now a Competitive Advantage
While staying on past standard retirement age many or may not have been encouraged in the past, today companies are encouraging it. Your age is no longer a liability for you or your company, it’s a competitive advantage.
Age implies wisdom, experience, insights, and knowledge that companies need now more than ever. They need it so much that they are dealing head-on with issues like age discrimination in the workplace and hiring policies. These issues not only affect the likelihood of older workers coming on board, but the ability of the organization to build and maintain a diverse and successful culture over time.
With each experienced employee they onboard, companies not only strengthen their own culture, but improve their level of customer service and satisfaction, and therefore profitability.
They create the opportunity for mentorship and employee learning opportunities where knowledge is shared and valued in the culture. Even in fast-paced technology-based industries, experienced professionals can still share their experience, insights, and industry specific knowledge with their younger colleagues.
Additionally, for many reasons, existing company employees who haven’t been in the specific industry or general workforce for a long time might not have fully developed their skills. Skills such as adaptability, dealing with clients, or creative problem solving come with experience.
By recognizing these strengths and others that different age groups bring to the table, companies can not only weather the Great Resignation, but go forward with a stronger, more resilient organization and workforce.
Go For It!
If you’re thinking of joining The Great Unretirement, or considering not retiring in the first place, go for it! There has never been a better time to share your talents and wisdom.
If you’re excited about the possibilities and want to continue to be as healthy as possible for as long as possible, keep taking care of your spine and nervous system. There’s a 100 Year Lifestyle provider near you who will keep you living at 100% for 100 years…or more!