Un-retirees are Re-entering the Labor Market
Although there are many reasons for the Great Resignation, the largest remains the pandemic that also heavily contributed to early retirements. But with increasing vaccination rates, salaries, and job opportunities, un-retirees are re-entering the labor market, according to MarketWatch. How many of the three million early retirees will return to the market? Only time will tell.
According to the article, 2.5% of retirees returned to the labor force in October, an all-time high. Further, fears of the pandemic are dwindling with increasing vaccination rates. This matters because most early retirees left because of rising covid numbers. How surges of covid will affect the re-entry has yet to be seen.
Before the pandemic, workers 55-years and older held 40% participation in the workforce. Today those numbers are 38%. Although participation in the labor force is increasing, the number of jobs employers need to fill stands at 10.4 million, according to the article. In addition, with 4.4 million people leaving their jobs in September, the challenge for recruiters remains.
But with the advent of new un-retirees, recruiters have a seasoned pool of talent to explore. Although their tech skills may be slightly dated, soft skills like sales, teams, and managing complex projects remain. Recruiters in every industry will need to upgrade their recruiting and retention skills to access this labor force.
Even with the advent of un-retirees, businesses remain short-staffed across industries. Now more than ever, businesses need help from recruiting experts. Let BCT guide your recruiting and retention processes and get the personnel you need.
If you are interested in learning more about getting the best IT talent in the Dallas metroplex, BCT specializes in recruiting IT talent in Dallas, Ft. Worth, and North Texas. So if you are looking for a rewarding career, contact us today.