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With the bear market hitting bond portfolios hard, bonds performing as poorly as stocks, and inflation raging, what seemed like a secure retirement income could be more of a pipe dream for many older Americans who have retired or are looking to retire soon . The economic situation is sending more workers of retirement age back into the labor market. A recent CNBC poll found that the majority of retirees would consider returning to work. But finding the right job is not always easy.
Many companies do not offer the flexibility that many older workers desire later in life. Ageism is another factor: 78% of older workers say they have seen or experienced ageism in the workplace, according to AARP’s 2021 data, the highest since 2003, when AARP began tracking the data.
However, many companies are increasingly looking for older employees, and with good reason. For one thing, the job market is tighter than it has been in decades, and there are now two open positions for every worker in the country, and companies are struggling to attract and retain talent. Research by workforce planning firm Homebase suggests seniors are more engaged; tend to look forward to work; more connected to their companies; and less likely to think about quitting. That makes older workers particularly attractive in today’s tight job market, said Jason Greenberg, chief economist at Homebase.
Here are four tips to help older workers find an age-appropriate employer.
1. Identify companies that have committed to hiring older workers
Start with those who have publicly committed to creating a level playing field for older workers. More than 1,000 companies, including Humana, Microsoft, Marriott International and McDonald’s, have joined the AARP Employer Pledge program. Eligible companies must not have had any discrimination claims in the past five years. You must also agree to recruit in different age groups and give equal consideration to all applications regardless of age. AARP also offers a job board to match experienced candidates with companies that are committed to having a mixed-age workforce.
The Age-Friendly Institute also certifies companies that are considered best-in-class for workers aged 50 and over. Applicants go through an extensive screening and certification process that includes a commitment to “meaningful employment, development opportunities, and competitive pay and benefits for employees over 50.” The list, last updated in April, includes Aetna, Home Depot, Macy’s, Starbucks and Wells Fargo.
Be aware that these lists are subject to change and do not give you the full picture. So make sure you carefully review any company you consider, said Lance Robertson, a former deputy assistant secretary at the US Department of Health and Human Services Aging who is now a director at Guidehouse, a global consulting and IT services provider.
2. Looks for clues in job postings
Older job applicants should look at a company’s job listings, which can offer insights into the company’s culture and whether it’s truly age-neutral, said Paul Lewis, chief customer officer at Adzuna, an online job search engine. Older jobseekers should look for language that specifically states that the company does not discriminate on the basis of age, he said.
Conversely, seniors should be wary of companies that use the term “digital native” in a job description or limit the number of years of experience as a job requirement, said Karina Hertz, AARP’s strategic communications director.
Additionally, sites like LinkedIn, Facebook, and Glassdoor can be helpful for finding resources and information about a company’s employment practices, including its commitment to older workers. And talking to current and former employees is also a good opportunity to gather information, Robertson said.
It’s also worth checking what tools, if any, a company offers to help older workers find a job. Humana, for example, has a careers site with a “Jobs After Retirement” section where seniors can search for jobs, learn about popular roles for older workers, and get answers to common questions, including how work affects them Social Security benefits . Workers younger than the age deemed full retirement age by the Social Security Administration and earning more than the $19,560 annual income limit in 2022 may have their benefits reduced. This means a $1 deduction from your benefit payments for every $2 you earn over the annual limit for those who are under full retirement age throughout the year.
3. Press HR for specific answers about learning and benefits
After your basic research, be sure to speak with a company’s human resources department to get a deeper understanding of the company’s policies, Robertson said.
Seniors should inquire about the type of support the company offers for family caregivers and flexible working options if an employee needs to assume or add to existing responsibilities. This can include a range of options, including job sharing, compressed work weeks, remote work, hybrid work and project-based work, said Chantelle Johnson, associate vice president of workforce and culture at Humana. It’s also important to find out if the company offers senior networking groups, which are a great way for older workers to network and benefit from shared experiences, she said.
Approaches to team collaboration and learning and development opportunities should be known in advance, said Ronni Zehavi, CEO of HiBob, an HR tech platform. “Even if someone has been in the workforce for 30 years or more, that doesn’t mean they’ve acquired all the wisdom they could possibly want,” he said.
It is also important to ask how this learning is achieved, since many older adults are not as tech-savvy as their younger counterparts. Find out if the company offers options other than online and app-based training, Robertson said. And healthcare options, including dental, eye care and pharmaceutical services, become even more important as people age, so understanding this is a must, he added.
4. Know the red flags
See if older workers are mentioned on the company’s website and in promotional materials. According to Lewis, it’s a bad sign if the company only presents employees in their 20s and 30s.
And if a prospective employer asks how old you are, when you graduated, or other questions designed to estimate your age — either on a job application or in an interview — consider that a red flag, Hertz said.
You shouldn’t say things like, “I wasn’t even born when you did that internship or went to college,” Lewis added.