The Future. Boomers are the belle of the ball in the modern American economy thanks to a penchant for working hard and desiring stability — qualities companies crave. That’s not to say younger employees aren’t ambitious, but companies may think that the tried-and-true work ethic of older generations gives them more bang for their buck.
When it comes to hiring, boomers may now have the upper hand.
- According to the US Bureau of Labor Statistics, people 55 and older are the fastest-growing age group in the workforce.
- That coincides with AARP reporting that there’s been a 122% increase in company commitments to hire more workers over 50.
- About 2,500 companies, including Bank of America, H&R Block, and Microsoft, have made commitments.
Additionally, Heather Tinsley-Fix, senior adviser for employer engagement at the AARP, says that “more companies are also recognizing the need to include age in their diversity, equity and inclusion efforts.”
Tough times, different approaches
Why the surge in demand for seasoned workers? With a Wall Street Journal-NORC survey finding that 75% of people over 65 consider hard work “very important” (compared to 61% of 18-to-29-year-olds), companies find value in hiring workers who statistically want to put in more work.
While boomers are heading back into the workforce and working hard, it’s not necessarily for a motivation that should excite anyone. Increases in inflation and cost of living are making it harder for people to stay retired. Yet, increasing life expectancy has led more older Americans to plot a second act in their careers.