Survey: It’s Not Just Boomers That Plan to Work Past Retirement

 In Career Tips

Survey: It's Not Just Boomers That Plan to Work Past RetirementRecently, Joanie Ruge, Sr VP and Chief Employment Analyst for Randstad Holding, US(world’s second largest HR services and staffing firm) released the results of their Work Monitor survey.  This survey is conducted quarterly by Randstad in 30 countries around the world.  The Work Monitor survey measures a variety of things ranging from attitudes on retirement to moving abroad.  To summarize Ruge’s observation of the survey results “The younger generation is thinking about retirement.  This is a shift because the younger generations usually give little thought that far out in time.”

A key finding in this survey is 70% of US employees aged 18-65 expect to work past the typical retirement age of 65.  The fact that the survey includes a significant number of young people makes this result the surprise.  When asked what might be driving these results Ms. Ruge cited:

1-     People are living longer and therefore working longer.  A decade ago there was a belief we would see a tremendous skill gap by this time.  That is not occurring; people are working longer than once predicted.

2-     The economic crisis has caused retirement funds to go down and people are realizing they can’t afford to stop working.

3-     As boomers are nearing retirement age, they realize they aren’t ready to stop being productive and active.  They are an active group and are not ready to slow down.

4-     The younger generation has entered into the workforce as these trends have shifted.  They are more keenly aware that the definition of retirement has changed.

Ruge also cited some interesting trends related to the boomers.  “We’re seeing the boomer demographic shifting into the temporary work force at levels not previously seen.  This is probably due in part to the economy but is also a way for boomers to stay productive.  As you look further into this trend, we see higher level people becoming contractors which are a great alternative for employers to find needed talent.  For the boomer, it can keep them active in using their talents.”  She went on to say: “Both our Tatum and Randstad businesses are placing CEO and CIOs on an interim basis using this demographic.  It’s a growing trend.”

Clearly, the landscape for how those close or at retirement age has changed.  Younger generations have seen the change and acknowledge that they will work long after the traditional retirement age.  We may continue to see further changes in how the next generation defines what and how they engage in work just as that is changing right now.  The concept of “permanent” employment seems to be fading away and in its place is emerging, flexible and ongoing work assignments.

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