Understanding Labor Force Participation
Work and retirement are two essential processes in many people’s lives, and many concepts are related to them. According to Markson et al. (2016), labor force participation is the part of a population either being employed legally or trying to find a job. Several characteristics can impact this concept, including gender, race, education, and health.
For example, statistics show that males of any age are more likely to be hired than females, with 84% of men under 54 employed in 2015 compared with 70% of women (Markson et al., 2016). Further, representatives of racial minorities are also less likely to have a job than white Americans, and the same concerns people with health issues or poor education. It is not profitable for employers to hire individuals who have severe or chronic illnesses or are uneducated and lacking the needed qualifications.
Reasons for Delayed Retirement Among Older Workers
Concerning retirement, not all seniors wish to leave their positions, choosing to delay this process. One reason is their deep commitment and desire to continue working for a specific company or with certain people. Another reason can be an older worker’s inability to support themselves financially in retirement (Markson et al., 2016).
Societal Benefits of Older Workers Delaying Retirement
Eventually, a senior’s health may be so good that they do not view themselves as only sitting at home or enjoying hobbies for the remaining decades. This delayed retirement benefits society in a way that many seniors still have enjoyable and fulfilling lives, serving as examples for the younger generations. They continue to contribute their knowledge, skills, and experience to developing various areas but usually for less compensation, which also benefits employers.
Flexible Work Options for Older Workers in Transition
Gladly, some flexible work options may be available to older workers. For instance, they can be hired as independent contractors, temporary workers, and seasonal or on-call personnel (Markson et al., 2016). Thus, elders still have jobs but do not receive many benefits, which is good for employers. Some can also work on flexible schedules, having shorter shifts to avoid adverse effects on health.
Insights from the Video: Investment in Older Workers Turns a Big Profit
As mentioned earlier, many organizations find having many older adults as workers profitable. For instance, as mentioned in a video by PBS NewsHour (2013a), such employers receive loyal, responsible, skilled, and less demanding staff working part-time and providing excellent quality. It is also great for the seniors themselves, as they can feel needed, communicate with people, earn additional money, and still leave earlier to complete family tasks. Working keeps them mentally stable and lets them feel alive and appreciated, which is highly precious.
Insights from the Video: Teens Lose Important Summer Jobs as Older Workers Fill Spots
At the same time, the effects of delayed retirement on society are not always positive. According to PBS NewsHour (2013b), numerous young persons cannot find a summer job or be hired to start their careers because older adults take all available positions. As mentioned earlier, employers benefit from allowing older people to remain in their work roles because it is profitable for organizations.
Balancing Employment Support for Older and Younger Workers
Therefore, specific initiatives from the government and firms are needed to support both vulnerable groups. For instance, the Services Corps of Retired Executives (SCORE) helps retired leaders realize their potential by offering consultations, which does not steal jobs from younger people (Markson et al., 2016). Further, Volunteers in Service to America requires hiring older and younger adults to maintain the balance. Encouraging volunteering also helps the government to keep seniors busy while the youth can start their careers.
References
Markson, E. W., Stein, P. J., & Alden, E. L. (2016). Social gerontology: Issues & prospects [eBook edition]. Web.
PBS NewsHour. (2013a). Investment in older workers turns a big profit [Video]. YouTube. Web.
PBS NewsHour. (2013b). Teens lose important summer jobs as older workers fill spots [Video]. YouTube. Web.