By Stephen Smoot
Many working Americans have a glorified vision of retirement as an endless vacation of travel and enjoyment. While some can enjoy that life, many others lack financial resources, and sometimes even the energy to do such things. Many settle into daily routines that do little to stimulate the mind or body.
A number of aging Americans might benefit more from a modified work schedule and set of responsibilities over simply leaving work.
“Aging employees bring two types of experience to an organization,” notes a 2023 article in Harvard Business Review. It adds that “the first is ‘human capital’ and it consists of such things as knowledge, skills, learned capabilities, and patterns of behavior acquired through a lifetime of work and working.”
That capital represents what an individual takes with them from job to job.
“Firm-specific human capital” represents “knowledge, social networks, mastery, and knowhow generated through the experience of working in one organization” along with its network of collegial entities, suppliers, supporters, etc.
Obviously, these types overlap in different areas. The article then shared research on the value that older workers bring. It indicated that, in terms of value to an organization, age mattered much less than tenure. The longer one worked for a single entity, the more value that person has to that entity, regardless of age.
This and other research, the article argues, “upends” common stereotypes of older workers. “It is a commonplace view among business leaders that older workers are a liability to a business because of their higher cost and a presumed decline in productivity,” is how the article outlined that stereotype.
Research also indicated that when employers do craft ways to keep older workers on, that this practice “can be good for the business.” Sometimes, this takes creativity. It means recognizing an older worker’s desire for more rest, more free time with family or hobbies, or to volunteer with a church or civic organization.. Part time hours that hone in on what the worker knows most or does best allows the best result for all.
Imagine a teacher with 40 years of classroom experience who still loves to teach, but has the energy to focus on one or two classes instead of the rigors of a full day schedule. School systems, particularly those in areas that struggle to recruit, could offer adjunct options to retirees to teach one or two classes and get paid per class instead of a full time salary.
The article also describes the benefits of long tenured workers in business or other organizations. It says “traditional forms of employment – that is, businesses with employees who build tenure,” as opposed to contract, platform, or other non traditional personnel, tend to operate more efficiently and effectively over time.
It says “these organizations miss out on the business value that tenure and longevity with an employer bring.” The article fails to mention the highly important aspect of loyalty. A loyal employee will work harder, endure more, and often accept less salary and do it for the good of his or her co-workers and/or the company itself.
Another, and perhaps more important, side of this coin exists.
Americans love to mythologize about retirement. Many imagine it as a time of travel and adventure when seniors get to embark on the life they could not have when working or raising children. Too often the reality of retirement comes in the form of settling into a routine that for some leads to increasing social isolation and/or loneliness.
According to the National Institute on Aging, under the National Institutes for Health, “research has linked social isolation and loneliness to higher risks for a variety of physical and mental conditions. These can include high blood pressure, obesity, a weaker immune system, anxiety, depression, cognitive decline and diseases associated with that.
“Conversely,” it says, “people who engage in meaningful, productive activities with others tend to live longer, boost their mood, and have a sense of purpose.”
Researchers, such as Dr. Steve Cole from the Social Genomics Core Laboratory at the University of California – Los Angeles indicates that “loneliness may alter the tendency of cells in the immune system to promote inflammation,” stimulated by a sense created by the “physiological pathways of loneliness.”
The body promotes inflammation to heal from injury, but a chronic state of that leads to more serious health problems over time.
Most research shows that seniors who stay active tend to stay healthy and remain independent for longer. This also saves taxpayer and other dollars spent to support seniors as they get older and experience more challenges.