Retiring Retirement: why productive ageing is important and how it can occur

Here's a summary of an excellent article by Linda Marsa on the productive potential of older people and the efforts of some employers and governments to tap into this potential.

Marsa notes the widespread global phenomenon of an ageing workforce:

“We’re going to see something we’ve never seen before—people in their 60s, 70s and 80s functioning at an exceptionally high level who want to continue working and remain connected,” says S. Jay Olshansky, a professor of public health and co-author of the study.

And the frequency with which the opportunity is missed to tap into this phenomenon:

“There’s a tendency to push [older people] out of the labor force,” Olshansky says. “But these folks are reservoirs of valuable information that we’re not tapping in to.”

Marsa notes that a culture shift is necessary, quoting Laura Carstensen, the director of Stanford University’s Center on Longevity:

“We’ve been given 30 extra years with no strings attached,” she says, referring to the near doubling of life expectancy, with no additional years of disability, over the past century. “We have to think about creating new cultures, and changing social norms and institutions to build a society that supports long life.”

By 2025, according to a study by political economists at Northeastern University, in Boston, there will be more than 15 million new U.S. jobs but only about 9 million people of “working age” (18 to 64, as defined by the Census Bureau) to fill those positions.

Marsa notes a few examples of employers who are proactively adapting to this need. Notably the Iowa-based engineering firm Stanley Consultants, where hardly anyone actually retires:

The company, whose civil engineers, architects, and scientists help plan and execute infrastructure projects around the world, consistently ranks among the AARP’s annual list of best employers for workers over 50. About 18 percent of Stanley’s 850 employees are in their 50s, 60s, or 70s. “We’re already experiencing a talent shortage in our industry, so we have to find ways of retaining our people,” says vice president Dale Sweere, who directs the human resources division. Employees eligible for retirement, for instance, can choose to stay on part time or on a per-project basis while drawing from a retirement fund. Even the company’s 73-year-old board chairman, Gregs Thomopulos, still works half time. “The standing joke around here is that we throw a retirement party for someone on a Friday and they’re back at work on Monday,” Sweere says.

Marsa also notes other pioneering employers who are jumping on the bandwagon:

Goldman Sachs, whose “returnship” program provides training to retirees who want to restart their careers.

B&Q, the New York-based DIY and garden store, which makes a point of recruiting older workers with “soft skills” such as conscientiousness and customer rapport.

Marriott, the hotel chain, which teaches new skills to older “associates” looking for less physically taxing positions.

Marsa notes that even the U.S. federal government is adapting:

In 2014, it began taking applications for phased-in retirement, in which eligible workers gradually cut their hours over 18 months in exchange for mentoring younger colleagues.

If the benefits for companies and governments of encouraging older workers are not compelling enough, Marsa argues, there are also considerable health benefits to keeping older adults in work:

Working longer may even delay death, according to a recent analysis of two decades of retirement data by researchers at Oregon State University. After controlling for confounding factors such as demographics and poor health, the researchers made a startling find: People who worked at least a year past retirement age had an 11 percent lower risk of dying during the study period.

#retirement #productiveageing #productiveaging