With job vacancies in the UK stubbornly stuck at more than one million, most sectors are still facing talent shortages.
One contributary factor is the increasing trend of non-participation among the 50-64 age group.
The inactivity rate for those aged 50 to 64 rose from 25.5% at the start of the pandemic to 27.2% in November to January.
Pre pandemic this was going in the other direction – with more 50-64-year-olds staying on to work either part- or full- time.
The rising cost of living may have deterred some to take early retirement, but not enough to set things back to where we were pre-pandemic.
While it’s quite normal for people to retire early there are well reported wellbeing benefits to staying in work part-time or in a less stressful role.
We ran a small survey with 150 retired individuals aged 50-64 to understand current attitudes. In line with other studies, we found 23% of this group have considered ‘unretiring’.
Some indicated financial pressure was a reason, but others mentioned boredom, lack of purpose and staying intellectually stimulated as reasons to return. The top factors that would tempt them back are flexibility and a short commute.
Employers can attract these returners by creating roles with even greater flexibility. They can help them master new technology and erode the stigma associated about starting again in a different role, and supercharging training and development programmes so that hiring focuses on potential to learn rather than experience.
Tristan Moakes is head of digital at Penna Enterprise
Tristan.moakes@penna.com
This article is sponsored content for The MJ
