Growing Retirement Workforce Amidst Mounting Economic Uncertainty

Survey data confirms 80% of U.S. consumers are planning to work in some capacity even after retirement due to concerns around money, social security, boredom, etc.

HireClix, a leading recruitment marketing services company, today announced the findings of its first State of Retirement and Today’s Workforce survey, revealing how U.S. workers are evolving their workplace plans as they near retirement age. The data highlights top concerns and evolving workforce trends as employees of all ages, from Boomers to Gen Z, take a realistic look at their futures, with flexible, strategic workforce options such as “Flextirement” gaining influence as uncertainty looms.

Survey Highlights

• While most people (71%) expect to retire by age 65, 64% anticipate issues pertaining to having enough money to afford normal life expenses and the things they will want to do in retirement.
  • Other major retirement concerns include:
    • Social security no longer existing (42%)
    • Not having access to healthcare (32%)
    • Lacking a sense of purpose/not feeling fulfilled (27%)
  • On top of that, 40% have become cynical, believing people in America will not be able to retire at all and will need to continue working past 65.
• For those still hopeful about retirement, nearly half (41%) are worried about feeling bored or unfulfilled in retirement.
  • 80% said they would consider working part-time after retirement for various reasons, including for extra money, and a sense of purpose. On top of that, the state of the economy has also forced 48% of those planning to retire in the next 5-10 years to reconsider their retirement plans.
• On the other hand, there is a counter movement on the rise with a growing number of Americans who don’t necessarily believe they have to work after 65 but want to work for various reasons.
  • For example, 13% said they would work part-time, consulting or gig work like driving Uber; 16% said they would like to continue working for their current career company but in a part-time or consulting basis; and, a surprisingly high 25% said they would prefer continuing to work full-time after the age of 60.
  • Despite retirement being a long-term life goal for many, the survey reveals only 25% of Americans actually picture themselves traveling the world and spending time with family in retirement, and only 15% said they do not plan on working at all.

“Regardless of if retirement is imminent or decades away, there’s a growing trend among consumers that traditional, full-time retirement plans are no longer attractive or sustainable – either from a financial perspective, or for those seeking a sense of fulfillment,” said Neil Costa, Founder and CEO of HireClix. “For whatever reason, employees are staying in the workforce longer, and it’s increasingly obvious that retirement in its traditional form needs a refresh. It’s not about ensuring part-time, menial work is available to supplement business and worker needs – the opportunity is bigger than that for both parties. Smart employers are strategically engaging workers who are considering retirement, putting their career-long expertise to work in an impactful way.”

As workforce trends evolve and economic factors require workers to rethink their retirement plans, there’s a growing need and opportunity for companies to be flexible in how they strategically engage workers who are considering exiting the workforce. The survey found that 17% of U.S. consumers currently work for companies that offer a type of “Flextirement” program, and that number will likely continue to grow alongside mounting retirement concerns.

In addition to its own Flextirement program, HireClix partners with clients across industries to deliver strategic workforce planning and Flextirement offerings that help employees transition from full-time work to retirement. This allows employees to continue working in a strategic capacity, whether part-time or consulting, earning a paycheck and contributing to the career they built, while also affording them the flexibility to enjoy traditional retirement activities such as travel and spending time with their family.

“I love my job and the career I’ve built over the years, so when I found out there was an option for me to semi-retire but continue to contribute in a valuable way, I was ecstatic,” says Michelle Whiffen, Senior Vice President of Client Services and someone planning their Flextirement with HireClix.

The survey findings are based upon data collected from a representative consumer survey capturing 1,000 respondents ages 21+ across the United States. For the full report, please visit www.hireclix.com/resources/state-of-retirement-and-todays-workforce-survey. For more information on building your Flextirement program and recruitment strategies, visit www.hireclix.com.

About HireClix

HireClix is a recruitment marketing agency that provides full agency of record and strategic talent acquisition consulting services to help clients achieve their recruiting and employer branding goals. HireClix offers recruitment advertising agency services including programmatic media buying, contract negotiations, campaign management, and creative services. Additionally, HireClix built its strategic consulting practice to support talent acquisition executives as they navigate overall strategy, recruitment technology, process optimization, program development, and many other challenges in today’s recruitment marketplace. HireClix also provides full career site development and design services on a state-of-the-art and secure content management system for employers, leading to enhancements in their employer brand and candidate experience. HireClix was founded in 2010 with a focus on helping clients get the best overall return on investment for their recruiting dollars and continues to be the fastest-growing recruitment advertising agency in the industry, advertising in 40+ countries around the globe for a diverse group of enterprise clients. Learn more at www.hireclix.com.

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