One-in-five employers (21%) reported that over the last six months, current employees approaching retirement age have asked to postpone their retirement, according to a press release from CareerBuilder.com. Of that 21%, the vast majority (86%) said their organizations are open to postponing retirements.
Benefits of holding on to mature workers cited by respondents include:
- Employers want to hold on to their intellectual capital (65%);
- Mature workers can help train and mentor others (61%);
- Mature workers know how to weather a tough economy (42%); and
- Employers have more time to transition responsibilities (36%).
The press release pointed out that mature workers have been hit particularly hard by layoffs. The CareerBuilder.com survey found only 28% of workers age 55 and older who were laid off in the last 12 months found new jobs, the lowest of all age groups. This compares to 71% of those ages 25 to 34.
Mature workers are expanding their job search to include entry-level positions, internships, relocation, and other options to secure employment. One-in-four employers (26%) reported they have received applications from workers over the age of 50, but not retired, for entry-level jobs, and an additional 11% have received entry-level applications from retirees.
The majority (63%) of workers age 55 and older who were laid off in the last 12 months said they have applied for jobs below the level at which they were previously employed, and 44% have been told by employers that they are overqualified. However, the majority of employers surveyed (65%) said they would consider experienced candidates who apply for jobs for which they are overqualified.
Seven percent of employers reported mature workers have applied for internships at their organizations. Four percent have hired mature workers, while 55% said they would be willing to consider mature workers for internships.
Of mature workers who were laid off in the last 12 months and did not find a new job, 41% stated they would consider relocating to another city or state to find employment. Of mature workers who were laid off in the last 12 months and did not find a job, 23% are considering starting their own business.
Of those mature workers who were laid off in the last 12 months and found another job, 26% took a job in another field with the vast majority (75%) reporting that they are enjoying the experience. In terms of compensation, 40% landed positions with similar pay and another 13% found jobs with a higher compensation rate than what they were previously earning. Forty-eight percent took a pay cut.
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