Recession Delays Retirement for Many

The poll of 1,453 working adults, including 502 hiring managers, found 45% of U.S. baby boomers say the recession was a strong factor in their decision to plan for a delayed retirement.

Designed to determine how the economic downturn affected various age groups, the survey found that compensation, benefits, and company stability are among the highest priorities across generations when looking for an employer. 

Generation Yers said advancement and opportunity for a title are more important than with Xers or Boomers.  Boomers say a benefit package and company stability are key for them.

Meanwhile, all generations say health care is 9.1 on a 10-point scale in importance, while retirement plans and bonus programs are more important with Xers and Boomers than with Yers. Yers particularly prize onsite offerings like fitness centers.

When it comes to job-hopping, 40% plan to look outside their current employer while 31% plan to stay put and build tenure.

Some 72% of hiring managers say it’s a challenge to manage teams made up of employees from different generations.  The biggest advantage is the different experience levels and areas of expertise from a mutli-generational workforce.

The survey identified Boomers as 46 to 64 years old, Generation X is 32 to 45, and Generation Y is 21 to 31.

The survey report is available here.