Fill Your Contingent Workforce Needs with Retirees
Many view retirement as freedom from the constraints placed upon them by the standard ï9-5ï work schedule. The idea of not having to worry about the everyday tasks associated with a career seem refreshing to those currently involved in the execution of those tasks. However, many often find this to be a situation where the old adage of ïbe careful what you wish forï applies. If you need any evidence of this, just take a look at the number of retired professionals lining up for positions designed specifically to fill contingent workforce needs.
Analyzing the Growing Retired Professionals Labor Pool
Why are retirees often looking to get back into the workplace The answer to that question is by no means simple. Motivations may differ from person-to-person, and the type of work that they are looking for often doesn’t meet the criteria of an average full-time job. Most enjoy the extra time and freedom that they have to be with family, travel, and pursue personal interests. At the same time, they may never realize exactly how much time their retirements would offer them to indulge in these activities.
According to the National Institute on Aging, the average man who retired at the age of 65 in the 1950’s could expect to live another 13 years. The assumption that many have is that advances in medical technology have now increased the average life expectancy greatly. However, the NIA’s numbers don’t seem to support that. They show that from that earlier time to today, the average man’s life has only been prolonged by additional four years. At the same time, the amount of time spent in retirement has increased dramatically.
Why is this It’s largely due to the fact that more and more working professionals are retiring at a younger age. As young adults begin to delve deeply into personal financial planning, the idea of being able to retire in one’s 50’s is being pushed upon them more than ever. While being able to leave the workforce behind at such an age is appealing, many don’t realize how much free time they’ll have on their hands once they decide to retire.
However, another recent ideological shift in retirement planning has changed the very way that many view the post-career lifestyle. An increasing demand for retired professionals to fill contingent workforce needs now gives retirees the best of both worlds: a less stressful and demanding work environment where they’re still able to ply the skills and trades that for so long gave them a sense of purpose. They may not be looking to get back into the action full-time; they just want you to know that they’re there when you need them.
How Bringing Back a Retiree Benefits Your Business
If economic challenges leave you without the ability to bring on new full-time professionals, or yours is an industry that sees seasonal fluctuations in workforce needs, then this talent pool of retirees could potentially offer you and your company a number of advantages over other staffing methods. Here are just a few:
-Familiarity: The greatest challenge in bringing on new staff on short notice to fill contingent workforce needs is getting them up to speed on your policies and procedures. The failure of new employees to comply with company practices can be extremely costly, particularly if you work in an industry that’s subject to regulation. However, if you’re able to fill a short-term position with a retired professional that brings with him or her years of experience in working either for your organization or within your industry, that risk is virtually eliminated.
-Experience: The training and orientation of new employees is an industry in and of itself. Every day that a new employee sits in training is one more day of lost revenue from him or her not being able to perform the tasks that he or she is needed for. In regards to contingent workforce needs, extensive training is almost a liability given than a short-term employee won’t be around long enough to apply it. Bringing in a seasoned retired professional lets you fill your staffing needs almost immediately.
-Focus: Whenever special projects arise, many companies make the mistake of hiring new full-time employees to dedicate to them, only to be left overstaffed once projects are completed. To avoid this problem, more companies like yours are looking to instead bring in recently retired professionals to spearhead such projects, with the understanding that the association ends once the project is completed.
Retired professionals can potentially be a tremendous resource to help fill your contingent workforce needs. Finding and taking advantage of such a resource, however, can present its own unique set of challenges. The hiring tools offered through Mighty Recruiter can help pair your organization with the ideal retiree pool, thus granting you access to all of the potential benefits these seasoned workers have to offer.