According to the World Health Organization (WHO), retirement-age and older adults are on track to outpace children under the age of five.
Simultaneously, analysis from Euromonitor International forecasts that the average income for those 65 and older will be 13% less than the global population. As the number of older individuals continues to climb alongside the cost of living, more are reentering the workforce.
Not only is the pressure of older workers themselves, but systems intended to support these generations seem to be falling behind.
For instance, U.S. Secretary of Commerce Gina Raimondo recently revealed that she pays for her 90-year-old mother’s full-time care. Raimondo’s circumstances are the reality of many women across the country, increasing their likelihood of leaving or being pushed out of the workforce.
While it may take longer to enact changes that better supports older individuals, there is a way to welcome these workers that could be beneficial for companies.
In fact, research published in the Harvard Business Review indicates that entrepreneurs over 40 are three times more likely to have successful companies.
However, there needs to be a distinction between older workers wanting to reenter the workforce, and older workers being forced to reenter the workforce. Entering retirement should be a seamless transition, but if affordability continues to plummet, older individuals may have no other option but to work.
For companies to prepare for the reentry of older workers, it’s vital to adopt policies that will make their lives easier. Adopting flexible policies, incorporating upskilling programs and creating an age inclusive workplace are good starting points.