Increased longevity and life spans have provided an opportunity for the aging population in the job market. In fact, according to the World Health Organization, individuals ages 60 and older make up more than one-fifth of the market, and this number continues to increase. Learn the benefits of changing careers at an older age, and see how the knowledge and experience of older adults positively impacts the market.
Changing the Face of the Workforce
Regardless of the industry, the growing aging population of individuals 60 and over continues to change how employers view their workforce. Older adults are making career changes later in life, learning new skills to stay on top of technology advances and sharing knowledge that stems from a long history in the workforce. As a result, younger employees have the potential to learn innovative skills and model the strong work ethic of this aging population, which ultimately positively impacts productivity and profits.
Increases in Household Financial Assets
Not only does the increasing aging population impact on-the-job productivity, it also positively impacts expected growth of financial earnings for firms. Americans aged 60 and over within this population account for 40 percent of consumption growth when it comes to entertainment, transportation and housing. These individuals spend money at a rapid pace when earning at a later age. As a result, the economy experiences a boost, and companies are able to hire more staff to respond to the growth. Oxford Economics reports that Americans over the age of 50 control approximately 80 percent of household wealth, which means that spending increases and the need for additional staff continues to grow.
Encouraging an Emerging Market
With more older adults from this booming aging population active in the workforce, the job market has changed to adapt. Opportunities for employment are much more plentiful, which positively affects the workforce for all ages. Older adults seek out unique experiences to enhance their knowledge while learning new skills from the younger generation. As a result, firms are finding that their employee base is much more prepared, knowledgeable and flexible to changes within rapidly growing industries, such as health care and finance.
Entering New Fields
As an older adult in the workforce, your role continues to evolve. Seek out companies that embrace historical knowledge and welcome innovative ideas. Market the skills and qualifications you possess, and show that your work experience adds value to new and evolving workforces. Older adults with an open mind and willingness to learn can positively impact the workforce and offer growth opportunities for employees of any age.
Individuals within the aging population are at an advantage in the workforce. Show that you have the skills and qualifications needed to work alongside all generations while also sharing the valuable knowledge you possess due to having a long and fruitful career.
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