Published in the Pawtuket Times on January 25, 2016
In 2016, you can likely expect to see an increasing number of experienced workers seeking new employment. According to the recently released AARP survey, making “more money” was the key motivator for 74 percent of the survey respondents.
“The economy may be doing better these days,” said AARP Senior Vice President Jean Setzfand. “But a lot of workers are still worried about their paychecks. While our survey, which included many Baby Boomers and Gen Xers, found most people looking want more money, we also found a wide variety of reasons for their job search rationale.”
Looking for Greener Pastures
The “Experience in Work” survey (with its findings detailed in a 47 page report released this ), conducted for AARP’s new career website, aarp.org/work, finds that of the approximately 4 in ten inclined to seek new work this year, 23% are either extremely or very likely to try to find a new job this year, and another 16% say that they are somewhat likely to job-seek during that period.
Researchers say that respondents, ages 35 to 64, cite career growth potential (21%), better work flexibility (25%), more enjoyable work (30%), as well as better health benefits (28%) as reasons they plan to seek new employment this year.
Added Setzfand: “Things are so fluid that many of those likely to switch jobs this year say they do not expect to stay in the same industry. An even larger group of job searchers do not know what type of business they will end up in at all.”
The 10-minute, online, unbranded survey (a nationally represented sample of 1,291) conducted by Phi Power Communications, Inc., found that that experienced workers who are already looking for a new job say the tools most commonly used in their search are online listings (62%), personal contacts (40%), and company career listings (33%).
Most of those surveyed (62%) are currently employed, and a solid majority (66%) have been in the same job for at least five years, pointing up the need for likely job seekers to update their skills.
Meanwhile, experienced workers are willing to take the leap outside of their job sector. A quarter (24%) of those likely to switch companies say that they do not expect to remain in the same industry. An even larger percentage (42%) do not even know what type of business they will end up in.
But, finding new a new job is not a piece of cake. Age discrimination (42%) is listed as the biggest obstacle to gaining a new higher paying job, followed by “not being offered enough money” (37%), a poor regional or local labor market (24 %) and “lack of availability of full-time jobs with benefits” (23%).
According to Kathleen Connell, AARP Rhode Island State Director, the survey findings capture how older workers value their job experience. “They see career growth continuing at 50 rather than experiencing a decline in their value to employers; they believe they bring experience and knowledge to the table that can be leveraged to find flexibility that meets their financial needs and lifestyles; and many, for the first time, may be doing the math and realizing how much health benefits play a factor in their overall compensation,” she says.
While the survey respondent’s attitude reflected in this AARP phone survey seem obvious at age 50, Connell believes that many workers now think this way as they turn sixty years old and they anticipate another decade or more of full-time employment.
Connell adds, “Conversely, one can infer that people are insecure in a fragile economy and a culture of mergers and acquisitions that result in the arbitrary elimination of jobs. So, career flexibility is a means of adapting, if necessary. In Rhode Island, our scale makes it difficult for most people to easily replace a lost job. And therefore, people in their 50s may be looking to advance to new job possibilities before they hear footsteps.
“Still, what the survey may show most clearly is that older workers are looking for a bigger paycheck in order keep pace with inflation and, hopefully, to save more for retirement,” says Connell.
The Secret to Keeping Employee’s satisfied
Edward M. Mazze, Distinguished University Professor of Business Administration at The University of Rhode Island, sees the New England region and the Ocean States Economy slowly improving. Businesses are hiring employees with specific skills, to replace individuals that have either retired or left for new job opportunities, he says, adding that a company’s growth and new technology also create the need to expand and hire new employees.
“The needed skill set and knowledge base for many jobs have changed as a result of the way businesses compete in today’s market-place. Individuals with experience and a willingness to continue to learn will find jobs because they add value to their organizations, adds Mazze.
“Employees are an important asset of an organization no matter what their age or educational background,” says Mazze, noting that this intangible asset does not appear on the balance sheet.
The widely acclaimed economist sees the major challenge companies face today is how to keep their employees satisfied. This goes beyond pay for performance, he notes.
The formula for retaining employees is quite simple, says Mazze. “To build a good workforce, the company must make work interesting, recognize the accomplishments of its employees, provide good working conditions, have a competitive compensation system and an opportunity for the employee to be promoted and continue to learn, he notes.
But, Mazze adds a major key to keeping employees satisfied is the culture of the company and the values of management. “It is not unusual for experienced workers to have five or six job changes in their career – some because of better opportunities and others because of down-sizing and right-sizing companies as a result of economic and financial factors,” he says.
AARP’s website (www.AARP.org/Work) provides useful information, tools and connections to an array of resources. This website includes a job search engine, a list of companies that recognize the value of experienced workers and recruit across diverse age groups, and tips for workers of all experience levels seeking employment or exploring new workplace options.
Herb Weiss, LRI ’12 is a Pawtucket Writer who covers aging, health care and medical issues. He can be reached at email@example.com.