It’s well established that the skills gap is one of the biggest challenges facing practically every industry today. It’s a hurdle that has led many firms to rethink their hiring practises, invest in upskilling and waver previously non-negotiable qualification requirements, such as having a degree.
In a report entitled, ‘Where Have All The Workers Gone?’ The House of Lords Economic Affairs Committee noted that there were 565,000 more people economically inactive following the Covid-19 pandemic than prior to it. The most commonly cited reason for leaving the workforce? Early retirement. Such an exodus of skilled, experienced workers only exacerbates the existing shortfall in skilled candidates, leaving many vacancies unfilled for longer periods of time.
The Department for Work and Pensions has already been tasked with carrying out a rapid review on workforce participation, with a view to developing strategies to help more people back into work. New research from LinkedIn suggests that an unlikely source may already have got the ball rolling.
The ongoing cost of living crisis, which has caused the cost of everyday staples including food, fuel and energy to skyrocket is forcing many people to reconsider where and how they spend their money. It’s also forcing three in ten retired workers to consider rejoicing the workforce rather than dip into their savings further.
Tips for attracting retired candidates returning to the world of work
This willingness to return to work is potentially great news for employers, with a pool of mature, experienced, and knowledgeable candidates all seeking new roles. To successfully attract candidates re-entering the world of work, an approach tailored to this cohort is essential:
- Flexibility
Flexible working arrangements quickly became the norm post pandemic so accommodating the preferences of those looking to restart employment shouldn’t be especially problematic for most employers.
LinkedIn’s research revealed that almost half of retirees (41%) need a flexible work schedule. That could mean job sharing, part-time schedules, remote working or non-traditional working hours to accommodate other responsibilities and interests.
- Diversity and inclusion
Around 43% of retirees expect finding a job to be challenging due to their age. This means it’s especially important for organisations looking to recruit from this talent pool to have strong diversity and inclusion initiatives in place.
Take time to analyse the language and tone used in job adverts along with requirements for application to encourage applications from a wide range of candidates. This could mean removing the need to date qualifications as part of the application process or no longer asking for a date of birth to be provided.
- Create appropriate benefits package
If you’re keen to attract older employees, it’s well worth revisiting your employee benefits packages to ensure perks are in line with the expectations and needs of more mature employees.
Research conducted by HR Magazine found that two thirds of workers over the age of 50 would value flexibility and support if they were to become ill. 60% said they would also value financial support during any period of illness. Consider offering products targeted at older workers, such as health insurance and income protection, within your employee benefit package to attract and retain those returning from retirement.
If you’re considering returning to work after retirement, don’t miss our blog post on unretirement and how to decide if it’s right for you.
