The Unretirement Trend: A Golden Opportunity for Employers

By Kimberly Kafafian

Even if you aren’t a football fan, chances are you’ve seen the Tom Brady “unretiring” commercial. The GOAT signed a 10-year contract with FOX to be an in-game NFL analyst. In the commercial that hypes up his debut in the broadcasting booth, Brady notes his football journey isn’t even close to done, closing the ad with, “Back to work.” You may recall that Brady retired the first time around in February 2022. That decision lasted a whole 40 days before he announced he was coming back for a 23rd season citing “unfinished business.” After the end of that season, he officially retired from playing the sport, but he still can’t seem to sit on the sidelines. He’s back in the game, just in a different capacity. While Brady may not have been my team’s quarterback, I can appreciate his passion for returning again – and again – to keep one foot on the field. He’s got a lot of life left, and plenty of wisdom and insight to share. Brady’s not alone in his “unretirement.” Returning to work has become a trend – particularly among baby boomers – and one that wise leaders are recognizing as a golden opportunity for their organizations.

Data from LinkedIn reveals that the number of previously retired baby boomers returning to the workforce reached a five-year high of 13.2% in 2023 – an increase of 23.9% over 2022. Why are people deciding to go back to work? While you may be quick to think they need additional income or medical insurance, many return to the workforce because they miss the mental stimulation and social interaction, or they are looking to find more purpose in their lives. 

Benefits of Hiring Older Employees

Whichever reason brings older people back to the workforce, it’s a boon for employers. Older workers offer a wealth of experience and knowledge, which can help employers not only fill gaps but save on training costs. Unretired workers also tend to have a strong work ethic, and according to studies, are usually more engaged, which can boost productivity. And, their serving as mentors and coaches to younger employees leads to a more collaborative and cohesive environment. Simply put, having older employees is good for business.

The Cost of Ageism in Recruitment

Despite the plethora of benefits, there’s still a stigma surrounding age that creeps into recruitment. Many employers harbor biases against older applicants, thinking that they are less adaptable or technology savvy. According to AARP, about two-thirds of adults over age 50 believe older workers face discrimination in the workplace. This pervasive bias not only affects job seekers, but significantly limits the talent pool. Dismissing candidates because of their age is a missed opportunity, costing employers to lose out on key candidates.

Unretiring Boosts Brain Function and Well-Being

It’s not just organizations that gain from unretiring. Workers also reap benefits – beyond pay – by being back on the job. Engaging in work can stimulate the brain, decreasing the risk of cognitive impairment and preserving memory. Many retirees report feeling isolated and lonely, which can impact mental health. Returning to work provides opportunities for social engagement, enhancing overall emotional well-being. Additionally, having a clear sense of purpose, with routine and structure, can boost mental wellness.

How Employers Can Capitalize on the Unretirement Trend

• Revise Job Descriptions – Focus on skills and experiences rather than years worked or age. 
• Offer Flexible Work Arrangements – Flexibility can make positions more appealing to older workers who may want a better work-life balance.
• Provide Training and Development – Help older employees enhance their technical skills.
• Foster a Culture of Inclusion – Cultivate a culture that values age diversity and encourages intergenerational mentorship programs that allow older employees to share their knowledge while learning from younger colleagues.

The unretirement trend presents an opportunity for employers to rethink their approach to recruitment and workforce diversity. By recognizing the value of older employees, organizations can tap into a talent pool that brings experience, reliability, and insights, improving productivity.