For the best part of our industrialised age, young people get a job, stick with it for their entire career, then retire and relax. But this isn't happening anymore with the rise of unretirement in the older generation ...
Analysis from the Office for National Statistics' (ONS) found that economic activity levels in the over 50s are at their highest levels since before the pandemic. More than twice as many men as women are still working, with many long-term retired thinking about returning to work.
Many have said that it's more for mental stimulation than for the money, which I find quite interesting. Yes, some did say it was to top-up their pension payments, and these are the ones who could be considering part-time work with their existing jobs when looking at a bleak future after retirement age.
Older people can act as mentors, sharing their knowledge and general experiences of the world with the next generation, so it's seriously worth thinking about when one of your older employees comes to you asking for reduced hours rather than actual retirement; your business could benefit greatly from the request.
So, you could consider a phased retirement programme as part of your wider flexible working packages, and this could include an ongoing reduction in working hours over time that could suit both you and your older workers!
You'll still have engaged employees, and excellent mentors, and in return, you'll have productive members of staff who know your business well and have a strong work ethic.
And if someone wants to unretire and come back to work for you? My advice would be to seriously consider it.
If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.