The New Normal for Experienced Workers

AARP The New Normal for Experienced Workers More older Americans are employed today compared to 5 years ago; however many still face challenges in the current economic environment. 31M ЗОМ 11/2012 29M 4.9 million 28M 12/2011 more workers age 55 and over are working than when the recession started in December 2007 27M 12/2010 26M – 12/2008 12/2009 12/2007 Number of Employed Persons Aged 55 and Over (in millions) Experienced workers are faring better in overall unemployment rates 5.9% Age 55+ 6.7% - Age 25-54 16.3% Age 16-24 But Many Experienced Workers Are Cobbling Together Whatever Work They Can Find 1.4M 10.1% 4.7% older non-agricultural workers were working part time because they could not find full time work of older non-agricultural workers were unincorpo- rated self-employed of all workers age 55 and over held more than one job Not All Experienced Workers are So Lucky Long-term Unemployment (the percentage unemployed for 27 weeks or more) 2M people aged 55+ were 55+ 54.0 48.7 unemployed in December 2012 38.2 22.9 JOB (%) 16% 12/2007* 06/2009* 09/2012 12/2012 WANTED! of the unemployed were older workers Less than 55 38.7 37.1 51.3 26.4 16.6 Average number of weeks older (%) jobseekers are unemployed *December 2007 was the official beginning of the recession and June 2009 the official end. Why Do They Work?* The only reason I continue to work is because I need the money" 5555 strongly agree By race/ethnicity 39% 60% total 57% 76% 72% 21% somewhat agree White African Americans Hispanic/Latinos -70% Although needing the money is the top reason for working, 70% list "Enjoying their job or enjoying work" as one of their main reasons What Do they Look For In A Job?* Elements of an ideal job 91% Chance to use your skills and talents 88% 86% Friendly work environment Chance to do something worthwhile Feeling respected by your coworkers 80% 79% 77% 76% 75% 75% 74% 74% 70% Adequate paid time off Work allowing you to help others Competitive pay Feeling respected by your boss Opportunity to learn something new Flexible schedule Health care benefits or insurance Short commute 69% 68% Good pension benefits Chance to pursue something you've always wanted to AARP Work Reimagined Is Here To Help** Work Reimagined An AARP project to help experienced workers reimagine their careers, get hired, start businesses and connect to a vibrant 162 community of people navigating "What's Next" moments in their professional lives. pledge signers who have about over 4,500 jobs posted to LinkedIn 6000 members The AARP/LinkedIn employer pledge: f 2200 over 2200 likes on Facebook Openness Non- Immediate hiring needs (at the time of Pledge signature) to the value discriminatory HR policies of mature workers 30 in average 30 discussions a week on Linkedln * n=1500 Americans age 45-74 who were currently working or looking for work ** The work reimagined data is accurate as of January 2013. SOURCES: The Employment Situation, December 2012: Five Years After the Start of the Great Recession, AARP Public Policy Institute; Staying Ahead of the Curve 2007: The AARP Work and Career Study; Linkedin Work Relmagined; U.S. Department of Labor, Bureau of Labor Statistics AARP