Introduction
The phenomenon of “desjubilación,” or returning to the workforce after retirement, is on the rise due to escalating living costs. According to recruitment firm Robert Walters, this trend is driven by economic pressures, insufficient pension fund returns, and the need to supplement income for many individuals. This article explores the implications of desjubilación on the labor market and offers recommendations for companies to capitalize on this trend.
The Desjubilación Trend
A recent survey by Robert Walters reveals that 68% of Mexican professionals over 50 believe they will need to work beyond the traditional retirement age due to limited savings. This sentiment is echoed in WTW’s Global Attitudes and Benefits Survey 2024, where 86% of respondents admit they don’t save enough for retirement and plan to delay their retirement by at least a year.
Over the past three years, there has been a 10 percentage point increase in people anticipating a delay in their professional retirement. WTW’s research indicates that confidence in a dignified life during retirement has eroded, with only 33% of workers feeling they are on the right path to retirement. The report highlights a strong correlation between immediate financial concerns and retirement preparedness.
Stress and Concerns Surrounding Retirement
The UVM Public Opinion Center’s survey on retirement expectations and concerns reveals that 66% of people find retirement worrying, while 53% experience stress related to it. When considering their primary source of support during retirement, 21% expect to work, and 27% plan to rely on savings specifically set aside for retirement. However, there is a divide in opinions, with 50% believing their savings will suffice for retirement, while the other half doubts it.
Implications for the Labor Market
Alfredo Araneda, Senior Director at Robert Walters for Hispanoamérica, states that desjubilación presents companies with the opportunity to expand and diversify their workforce.
“Desjubilación offers companies innovative and effective solutions to current labor challenges by recognizing and leveraging the potential of retirees,” Araneda asserts. “Not only do organizations strengthen their teams, but they also contribute to a more inclusive and diverse labor market.”
Capitalizing on the Desjubilación Trend
- Recognize Potential: Mature employees bring invaluable experience and knowledge that can significantly enrich the work dynamic and enhance brand reputation. Valuing these qualities is essential to maximize their positive impact.
- Adopt Flexible Practices: Adjust job descriptions to be age-inclusive. Offer flexible working conditions and ensure training accommodates all employees’ needs to foster an inclusive and accessible work environment.
- Leverage Experience: The life experiences of older employees are a valuable resource that can boost productivity and workplace culture. Integrating their knowledge and perspectives can lead to a more innovative and cohesive environment.
- Foster a Supportive Culture: Engage older workers through incentives, mentoring, and support. Ensuring they feel valued and integrated within the organization is crucial for retaining their talent and promoting a positive work atmosphere.
Challenges in the Aging Workforce
Despite the benefits of desjubilación, the labor market faces challenges related to ageism. A Robert Walters survey indicates that 59% of individuals over 50 believe their age prevents them from being considered for upskilling courses, and 65% of workers omit their age from their resumes to avoid being dismissed.
These challenges underscore the need for the labor market to adapt to this reality. While desjubilación can diversify the workforce, age remains a discriminatory factor in the world of work.
Key Questions and Answers
- What is desjubilación? Desjubilación refers to the trend of retirees returning to the workforce after retiring.
- Why is desjubilación increasing? Economic pressures, insufficient pension fund returns, and the need to supplement income are driving this trend.
- How does desjubilación impact the labor market? It presents companies with opportunities to diversify and strengthen their workforce by leveraging the experience of older employees.
- What challenges does desjubilación pose? Ageism and discrimination in the labor market remain significant challenges, despite the benefits of desjubilación.
