SunSentinel.com

March 6, 2005

 

Many retirees want to work, but on their terms

By HUMBERTO CRUZ

Sun Sentinel

Nearly two-thirds of American workers want to keep doing at least some work in retirement, a major new study shows. But few employers, despite a growing need for the knowledge and skills of older workers, are prepared to accommodate their scheduling preferences.

"Traditional views of retirement are changing dramatically," concludes a study based on interviews nationwide with 7,718 employees age 18 and over working at least 30 hours a week. Just 34 percent of workers said they did not plan to work at all in retirement, while 8 percent planned to work full-time and 26 percent part-time. But the most popular option among those who want to keep working -- "something few employers are prepared for," the study said -- is to "cycle back and forth" between periods of work and no work. That was the preferred choice of 32 percent of all workers, which translates to nearly half of those who want to do some work in retirement. "The most popular choice is not to work full-time or part-time, but rather have a chunk of time and on and a chunk of time off," like somebody who spends summers at the golf course or the beach while working full-time other seasons, said Bob Morison, director of research for the Concours Group, a global consulting firm.

The study, funded by 24 leading corporations, was conducted by Harris Interactive for Concours Group and Age Wave, an independent think tank that counsels business and government on aging issues. The finding that most Americans want to do at least some work in retirement is no surprise -- that fact has been amply documented in other surveys cited in this column. But the new study, titled "The New Employee/Employer Equation," digs deeper into workers' preferences and their attitudes toward work.

It also contains another major finding that may surprise you (or your boss): Older workers, those 55 and older, are the most committed and loyal employees, far more than their younger counterparts. For example, 60 percent of workers 55 and older say they are willing to put forth more effort than expected at work, compared to 51 percent of those 35 to 54 and just 43 percent of younger workers 18 to 34. And 59 percent of the older workers say they are either "satisfied" or "very satisfied" with their jobs, compared with 44 percent and 40 percent respectively of the two other age groups.

"Companies have to wake up to the fact that their young workers -- their managers and skilled professionals of tomorrow -- are the most dissatisfied and least engaged workers today," said Tamara Erickson, executive officer of the Concours Group. By contrast, "older employees are happiest on the job," Morison said. "They are not biding their time waiting to go out to pasture." Instead, they are interested in their field and wanting to learn more.

"It just busts open the stereotype about older people being set in their ways," Morison said. "Across the board it's fairly startling to us that the stereotype we normally attribute to youth -- energetic, passionate, inspired -- actually fits better with today's older workers," said Ken Dychtwald, president of Age Wave.

The obvious conclusion, then: "Mature workers want to work, but on their terms and not in `place-holder' jobs," the study said "... Older workers will provide companies with a valuable pool from which to address skill and labor shortages. However, organizations will have to rethink how best to attract and accommodate these older workers and their preferred work schedules." And, as Morison said, "We think there is real value in encouraging people to keep working beyond retirement ... If the entire Baby Boom generation retires on schedule, businesses would be in trouble" because millions of knowledgeable and experienced employees would leave at once.

As the population ages, "our projection is that the average employer is going to have to double the number of employees older than 55 in the next 10 years," Morison said. "Employers are going to have to accommodate more part-time workers and more contract workers, and they are going to have to be even more flexible about scheduling and work arrangements because the value of experienced employees of any age is going to rise."

That's good news for older workers who have marketable skills and can be flexible themselves on working arrangements. Morison's advice in this area is worth heeding: "Give some thought to the blend of work, leisure, going back to school and volunteer work you want to have in retirement," Morison said, "and try to hook up with an employer for whom the pattern matches."