Singapore leads in recruiting workers postponing retirement

For a variety of reasons, workers are postponing retirement. The realities of increased health care costs, longer life spans and fewer retirement plans like pensions have caused the majority of current workers to mentally postpone retirement...by about 5 years since 1995. Quality of life issues factor in as well, including wanting to stay productive and continue to make a contribution, but older workers expect shorter hours and more flexibility. Many take on contract or consulting positions instead of full or part-time work.

There were already 500,000 more workers aged 75-90 in 2007 than 2006 in the United States (U.S. Department of Labor Bureau of Statistics). But the US lags behind Singapore in recruiting these older candidates and significantly behind in the retention of current older workers. Older workers bring a variety of life experiences and attributes to businesses that are harder to find in younger people: loyalty, patience, and a broader sense of the bigger business picture. Additionally, they may have well-established social networks that younger employees have yet to develop.

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Image Source Palmers Seniors