Starting a new career or working later in life
Over the years, the employment landscape has changed significantly. There has been a rise in people starting a new career or working later in life. Older people have a wealth of transferable skills and experience to offer. Therefore, employers could be missing out on the valuable contributions these employees could make to the business when in the right roles.
Today, as we navigate the complexities of the modern workplace, the concept of a second career is becoming more popular. One factor is the cost of living. Some people approaching retirement age have made the decision to work for longer so they can increase their savings. Another factor is that people are living longer, giving some the opportunity to try new careers. Continuing to work post-retirement can enable people to fully utilise their expertise.
“It is never too late to be what you might have been."
George Eliot
Second careers for retirees
When you consider people currently in their 80s or thereabouts, they would have usually committed to a career path for the long term. Back then, loyalty and job security was a cornerstone of professional life. People would often stay with the same employer for 30 years before they retired in their 50s or when they reached 60. But gone are the days when individuals stay on a single career path, loyal to one company for decades.
Fast forward to the present, and there’s been a rise in people in their late 60s and 70s working post-retirement. According to the Office of National Statistics, in 2022, there was an increase of 173,000 people in employment aged 65 years and over. This record rise meant that a total of 1.468 million older people were employed, partly driven by part-time work.
Many people are returning to the workplace because they need to supplement their pension income. Due to the pension age rising to 67, there’s also many people in their 50s who are busy planning their second careers.
However, not all older people are working because of financial constraints. In some cases, rather than viewing retirement as an endpoint, some people are exploring new careers for personal fulfilment. Working in later life can give people the chance to do something they have never done before. Such opportunities could include working in a new role or field.
Career pathways – from past to present
It’s worth taking a moment to consider the next generation. As we look ahead, employers need to recognise the shifting dynamics of work and retirement. There is another clear trend of people embarking on multiple career transitions throughout their lifetime.
According to The World Economic Forum’s Future of Jobs Report 2023, people need to be prepared for “multiple career changes”. As a result, people need to become “lifelong learners”, so they have the ability to transition into different roles. The report also showed that adults in the USA have worked in 12 careers on average by the time they reach age 55. This pattern is likely to be similar in the UK and in other parts of the world.
The concept of a traditional, linear career path has evolved to a more fluid working approach. People now have much more freedom to explore new opportunities and reinvent themselves professionally. Instead of viewing this as a financial necessity, there could be value in some people proactively considering second careers. Staying at work ensures an element of social contact and mental stimulus, which is beneficial for well-being.
It's evident that older people are increasingly finding themselves needing to work post-retirement. Whether this becomes part of their retirement planning or due to a precarious financial situation, this trend is set to continue. Their wealth of experience, knowledge, and skills are assets that should not be overlooked or underestimated.
HR support for older employees
To conclude, older people are taking a more proactive approach to their careers, and it’s clear that people are working for longer. We believe it is time that employers recognise their value. There could be avenues for an older employee to continue working, but in a different, less-stressful role. Such roles could still add value to the business but offer flexibility and financial stability for those in their later years.
As we adapt to the changing career landscape, let’s embrace the concept of second careers. By recognising the value our older generation can bring to the workplace, we can support them to transition into fulfilling post-retirement roles. As a result, we can ensure they continue to make meaningful contributions to the workforce and society as a whole.
At Invictus HR, we can actively engage with your employees, who are considering retirement, and help them to acknowledge their transferable skills. Together, we can identify job opportunities within your workplace, and help you to support employees working post-retirement or part-time.
If you need HR advice on managing older employees, please get in touch.
Sources:
https://www.indeed.com/career-advice/career-development/career-change-quotes
https://www.weforum.org/reports/the-future-of-jobs-report-2023