So is it just me, or do you feel barraged by ads targeting seniors?  The television retirement ads seem to jump out at me now.  I log on for the morning headlines, and I’m reminded of bone loss, laugh lines, and any number of aging-related problems.  I can’t even open the Sunday paper without beautiful brochures containing retirement ads scattering to the floor.

A bit touchy, you say?  Possibly.  You see, the older I get, the more I understand that people in the second half of their careers really do have a lot to offer.  That’s what we’re calling “The Second Act”—men and women over the age of 55 choosing to stay in, or re-enter, the job market.  Due to various factors, older workers are choosing to remain in the job market for an extended period of time in a number of different capacities.  Below are a few statistics that illustrate that fact.

• According to the U.S. Department of Labor, there are more than 16 million Americans over the age 55 who are either working or looking for jobs.

• According to the American Association of Retired Persons (AARP), 72% of all workers today plan to work after retirement.  In addition, a full third of retirees re-enter the job market within two years of their initial retirement.

• According to the Social Security Administration, the percentage of gainfully employed people between the ages of 65 and 70 will be 30% by the year 2020.

Why are seniors staving off retirement?  Some suffered a severe economic blow during the latest recession and need to stay in the job market, while others simply become bored with their leisure time and crave the challenges and camaraderie of the workplace.  Regardless of the reasons behind the trend, this much is evident: with the impending shortage of qualified candidates, considering older workers is certainly a viable option when addressing hiring needs, both short-term and long-term.  Becoming part of the “Second Act” could have a profoundly positive impact on your company’s potential for growth and ultimately, its bottom line.

Re-evaluate your practices

We all recognize that there has historically been a certain stigma associated with hiring older workers.  But under scrutiny, that stigma just doesn’t make sense.  The reality is that these workers provide a clear value that other candidates may not.  And before dismissing the notion of hiring seniors, you should analyze the benefits they could provide for your company.

• Experience—This is an obvious one, but its impact is often under-valued.  People who have been in the workforce for an extended period of time are very intuitive and adapt quickly.  They enjoy being able to apply their education, training, and experience in new and creative ways.  Experience has been a good teacher.  This also translates into cost savings for the employer, since seniors do not typically require extensive job training.

• Motivation—Retirees who have re-entered the work force for economic reasons are definitely motivated.  And of course, those who go back to work for other reasons, such as a greater sense of fulfillment or satisfaction, are also intrinsically motivated.

• Loyalty—In the recent past, job movement has become commonplace.  However, older candidates first entered the workforce when that wasn’t the case.  As a result, they’re less likely to seek greener pastures.

• Work ethic—More experienced workers have witnessed the benefits associated with a strong work ethic and the rewards that are often given to those who exhibit one on a consistent basis.

• “Alternate Innovation”—What’s this?  It means that older workers, due largely to their professional and life experiences, are very good at tweaking and modifying an existing business process for the purpose of maximizing its efficiency and effectiveness.

Reap the benefits

“The Second Act” is growing with each passing day and the impact that it’s having on the workforce is becoming more pronounced.  While it’s certainly important to do everything you can to attract the best and brightest talent in the market, its equally imperative that you don’t overlook solid, quality, talented people who are 55+ and who can contribute greatly to your company in either a full-time or part-time capacity.

Re-assess and re-evaluate your hiring practices in an effort to account for the significance of “The Second Act.”  Many seniors appreciate employers’ creativity when hiring.  Consider the fact that for some, insurance benefits might be more important than salary.  Salary may be traded for time off.  For many, career planning is not as important as it used to be—but the opportunity to apply their years of experience is rewarding.

This growing trend could easily transform into a market shift with far-reaching implications.  Only those companies that first recognize this trend and then look for ways to apply it to their current practices will be able to fully take advantage of what it has to offer.

So now, when I’m bombarded with retirement ads, I’m going to smile and take a new approach.  Being able to take a vacation—without kids, $4,934.  Buying that car I’ve always wanted, $48,000 and some change.  Benefiting from all my years of experience?  Priceless!

(Once you’ve decided who your target candidates are going to be, whether they’re fresh out of school or seasoned veterans with years of experience, what steps should you take to formulize your selection process? Regardless of whether your candidates are 25 or 55, there are a number of factors involved that you may not be thinking enough about, but are crucial to ensuring the success of any hiring endeavor.  In next month’s issue, we’re going to explore the topic of behavioral interviewing and the positive role it can play in your selection process.)