Ravi Speaks:
Updated on 03.09.2022.
Hey there, today’s topic is about retirees. To some extent, an evaluation of what their post-retired scenario is and whether being senior and gaining experience that way really gives them weighage over the non-retirees. Certain study data speak the story heavily in their favor.
A very interesting read.
A Retiree has the advantage of seniority and experience
Before we compare the seniority advantage over new hires with less experience, we need to assess whether retirees are much happier than they might otherwise be whether being compared.
Also, whether they are in a comfortable balance or do they also have difficulties and worries about their lives after entering the post-retirement phase of their lives?
Are most retirees happy and in their comfort zone?
According to the latest Transamerica’s
2021 Retirement Study-“Amid the pandemic, workers have a positive outlook on life from having close relationships with family and/or friends (88 percent), being happy (86 percent), enjoying life (82 percent), and having a strong sense of purpose in their lives (82 percent). Part-time workers are more likely to be experiencing distress compared with full-time workers.
Transamerica’s 2017 retirement study found that 97 percent of retirees with a strong sense of purpose were happy, compared with 76 percent without that sense. These retirees spend more time with their families, traveling, volunteering, and pursuing hobbies.
Perhaps the biggest indicator that retiring early is okay is that your debts have been paid off or are very close to being paid off. Debt-free life, financial freedom, or whatever you choose to call it, means you’ve fulfilled all or most of your obligations and will be much less stressful in the years to come.
In terms of comfort and other amenities, they have more or less reached the stage in their lives where, by the time of retirement, they have accumulated enough money to provide them with all levels of this comfort and basic facilities.
How employers can keep experienced older workers from retiring?
Older workers with experience eventually retire, but a new study shows how employers can convince some of them to stick around for a few more years.
They all aim to provide a specific type of work environment – one that includes autonomy, participation in decision-making, information sharing, training opportunities, as well as compensation, and social welfare.
A nine-year study of over 750,000 federal workers over the age of 50 found that employees with high-quality work environments are likely to delay retirement if they don’t have a degree and aren’t qualified managers.
“As people age, research shows they prefer autonomy and control at work, wanting to feel respected and heard,” said
Kaifeng Jiang, the study’s lead author, and associate professor.
“Jobs like these can be especially attractive to people with less education and no management experience, as they may feel the need to maintain high-quality jobs than those with less than one year of experience.” others.”
The findings were published online recently in the journal
Personnel-Psychology.
The results show that older employees are less likely to think about retirement after the Great Recession of 2008, especially if they have these high-quality jobs.
Seniority is of particular importance to business owners, especially in key positions.
No company allows less experienced people to set up key positions in their various divisions. People with all the skills learned over time and repeatedly have proven how loyalty to their owners is a real asset and the companies that treat them sensitively. Because they are the solid pillar of this company.
The problem won’t just be a lack of bodies. Skills, knowledge, experience, and relationships walk out the door every time somebody retires—and they take time and money to replace. Given the inevitable time lag between the demand for skills and the ability of the educational system to provide them, we’ll see a pronounced skill shortage in fast-growing technical fields such as health care.
It’s Time to Retire Retirement and Create a Culture That Honors Experience.
Retirement, as it’s currently understood, is a recent phenomenon. For most of history, people worked until they dropped. It’s not good business to push people out the door just because your policies say it’s time. Just when we’ve gotten accustomed to having relatively few mature workers around, we have to learn how to attract and keep far more of them.
Companies have been so focused on
downsizing to limit costs that they have largely overlooked a potential threat to their competitiveness: a severe shortage of talented workers. The general population is aging and with it the workforce. People are living longer and healthier lives, and the birth rate is at an all-time low.
Over the next 15 years, 80% of the growth in workforce born in North America, and even more in Western Europe, will be over the age of 50. As these adult workers retire, there won’t be enough young people entering the workforce to make up for it. The Bureau of Labor Statistics predicts a deficit of 10 million workers in the United States by 2010, and in countries with birth rates much lower than population replacement (especially in Western Europe), the deficit will earlier, will be more severe, and remain chronic.
Based on the outcomes of their yearlong studies project, the authors of this text provide hints for gaining the loyalty of older people and growing an extra bendy technique to retirement that permits humans to preserve, contributing properly into their sixties and seventies. Companies can now no longer have enough money to think about retirement as a onetime event, completely dividing paintings’ existence from leisure.
Why should the senior employee, who has gained enormous experience, be deprived of using his vast skill and knowledge merely by putting him on the tag of retirement?
First, as mentioned above, most senior people, after reaching their retirement period, would like to continue their job and not opt for retirement. They simply put a request to their employer for the extension of services to be considered. Here, many established professional houses give a very serious weight age to such people and simply keep them on and would not leave them at all. At least till the time their health permits them to continue. They give them the extension under the ‘retainership-bond’ and that way keep the normal functioning of an organization uninterrupted. Such companies are simply very mature ones which would keep the heavier and advisory positions with the seniors like them. This way, they ensure minimum risk factors in the decision-making capacities compared to the relatively less senior or younger employees.
Now if we look to the other scenario-people who get retired also would not like to sit idle at home. Most of them opt for various jobs and keep themselves very busy and earning. The most important jobs which they opt for are mainly Consultancy/Advisory type if they were professionals. They also go into the tax preparer, Sub-Teacher, pet sitter, housekeeper, stores keeper, or even in the retailer shopkeeping segment.
The Most Preferred Job After Retirement-Freelancer’s job:
The most important choice for most retirees is self-employment. Working for yourself is a great way to make extra money on your schedule. There are
freelance jobs for any skill set, so stay open-minded. Freelancing allows you to do whatever you want and increases your income.
A very interesting question that comes to my mind is why does a “Retiree” yearn for freedom and aspire to work for money? The answer to that is simply “lifelong learning” while serving before retirement. It was this learning that helped him perfect his career as a master of his trade/profession in what we call his experience with seniority. It was the perfection he achieved that made him so confident and predictable that he felt like earning dividends by choosing to opt as a freelancer. You can only access the counseling or mentoring stage (Consultancy/Advisory) after you have mastered your craft during your employment. Therefore, seniority and experience are the two greatest achievements of a retired person, making him superior to his juniors in the profession and should always be respected and valued. Unfortunately, the same retiree also makes progress in attaining his higher age. This is where old age plays its game that slows down his reflexes and slowly his other faculties, and he slows down. Until then, he continues to strive for the best that is possible for him.
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