Originally published 12/31/2022
The Fed thinks older workers are not coming back... you can prove them wrong by hiring them! ⬇️ Scroll down to read more ⬇️
If you are a marketing or ad agency, or any other creative enterprise, you are probably concerned about personnel right now. Here's your chance to prove the Fed wrong! 💡😉Hire older workers! 👍
The Fed considers that older workers are retired for good, never coming back. Older professionals will add a huge value to your agency several ways:
✅ They have seen, experienced and analyzed more than most. We have solid knowledge of what works and doesn't work
✅ Older workers like working in office environments, in real teams, where real creativity is done
✅ If the Fed is right (see below ⬇️) and they don't have to work only for money, you get an outstanding employee who wants to achieve excellence
⬇️ Keep reading what the Fed said below ⬇️
What the Fed is saying:
✅ Among Americans ages 18 to 64, the labor force participation rate — the share of people working or actively looking for work — has largely rebounded to early 2020 levels. Among those 65 and up, on the other hand, participation lags well below its pre-pandemic level, the equivalent of a decline of about 900,000 people.
✅ Baby boomers, the huge generation of people born between 1946 and 1964, continued working later in life than previous generations had, providing an unexpected source of workers. Their importance is hard to overstate: The U.S. labor force grew by 9.9 million people between the end of the Great Recession and the start of the pandemic. Nearly 98 percent of that growth — 9.7 million people — came from workers 55 and older.
✅ More than six in 10 people between the ages of 55 and 64 work or look for jobs, but nudge up the age scale even a little and that propensity to work drops drastically. Three in 10 people between the ages of 65 and 69 participate. Between 70 and 74, it is more like two in 10.
✅ It took until late 2010 for people between the ages of 55 and 69 to recover to their late-2007 wealth levels, according to Fed data. This time, an early-2020 hit had been fully recovered by June 2020. Financial wealth for that age group now stands about 20 percent above where it was headed into the pandemic, despite a recent market swoon.