According to Randstad UK, the number of over-60s registering with them has risen 160% above their long-running average.
This number of over-60s registering as candidates for new jobs had gradually risen until 2018, when it peaked at 180 and then fell to 150 in 2020. However, in the last 12 months, 400 people over the age of 60 have registered with the recruiter, looking for work.
The data supports figures from the Office for National Statistics showing that thousands of early retirees who gave up work during the pandemic are returning to the labour market. 84,000 fewer working age people have classed themselves as retired.
There are a few reasons why this is happening.
One is that inflation is running at levels not seen for 40 years, and living costs are soaring. An affordable early retirement might have looked realistic a couple of years ago, but it may not be an option anymore as people’s finances drive them back into work.
Additionally, the pandemic has weakened many of the social ties and loyalties between employees and employers, as well as between colleagues. People working remotely spend less time with colleagues. and this has led to many people looking for alternative employment.
Figures from the Office for National Statistics (ONS) found that 75% of inactive people aged 50 to 59 said they would consider returning to work in August 2022, up from 58% in February.
If this turns out to be the beginning of a larger trend, this will be a much-needed boost in the efforts to deal with the labour shortage. It will also help hard-pressed HR teams desperate to hire staff.
At the very least, organisations could benefit from having age-balanced workforces with distribution of employees relatively even across different age groups. The benefits to having an age-balanced workforce include a diversity of perspectives and ideas, which can lead to more creative and innovative solutions to problems. Older employees tend to have more experience and knowledge about the industry and the company, which can be valuable for training and mentoring younger employees. Age-balanced workforces typically have a mix of employees at different stages in their careers, which can provide greater flexibility in terms of scheduling and job responsibilities. A diverse workforce can lead to better decision making as it will be able to consider multiple perspectives and viewpoints.
Sad as it is for those driven back into the workforce, let’s hope we’re set for more early-retirees coming returning to work – for our sakes, if not theirs.