Our AI writing assistant, WriteUp, can assist you in easily writing any text. Click here to experience its capabilities.

2.4 million older workers may retire early due to technological change

View Original View Raw

Summary

A new report from Multiverse has found that 2.4 million workers over 50 in the US may retire early because they are unable to keep up with the technological changes in the workplace. However, 41% of those workers said they would be willing to stay in the labor market if they had access to better training. The report also found that over half of those surveyed felt that younger workers received priority in terms of training and development opportunities. Additionally, 16% of those planning to retire in the next 12 months said they would reconsider if their employer offered them the opportunity to train and develop new skills, and 35% of those already retired said they would be interested in returning to work if they were given the opportunity to train and develop new skills.

Q&As

How many workers over age 50 may retire early due to technological change?
More than 2.4 million workers over age 50 in the U.S. may retire early because they can't keep up with the technological changes and skills required in the modern workplace.

What is the key focus area for retention strategies and skills continuity?
The key focus area for retention strategies and skills continuity is providing better access to training.

What percentage of older workers feel younger workers are prioritized over them for learning and development opportunities?
57% of respondents said they feel younger workers are prioritized over older workers for learning and development opportunities.

How many early retirees said they would be interested in returning to work if an employer offered them the opportunity to train and develop new skills?
35% of early retirees who already left the labor market said they'd be interested in returning to work if an employer offered them the opportunity to train and develop new skills.

What percentage of hiring managers prefer to hire older candidates over younger ones for entry-level positions?
About 60% of hiring managers said they prefer to hire older candidates over younger ones for entry-level positions.

AI Comments

👍 This article provides a valuable insight into the struggles faced by older workers in adapting to technological change. It also highlights interesting solutions that companies can take to address this issue, such as offering more training opportunities and investing in lifelong learning.

👎 This article fails to address the issue of age bias when it comes to hiring, as seniors are often overlooked for entry level positions. This means that older workers may have to take on jobs which do not take advantage of their experience and skills.

AI Discussion

Me: It's about how 2.4 million older workers may retire early due to technological change. A survey found that 41% of them said they'd be willing to stay in the labor market if they received better access to training, which could help retain workers over 50.

Friend: That's really concerning. It could lead to a lot of experience and skills being lost from the labor market.

Me: Exactly. Plus, the older workers are feeling anxious about the pace of digital transformation and the adoption of AI. They also feel like younger workers are getting prioritized for learning and development opportunities.

Friend: That's really unfair. It's clear that older workers need better access to training and learning opportunities so that they can stay in the labor market and not have to retire early. It's also concerning that many of them are worried about age bias when it comes to hiring. We need to find ways to fight that bias and make sure that seniors can find meaningful work.

Action items

Research and implement training programs that are tailored to the needs of older workers.
Develop strategies to reduce age bias in the hiring process and create a more inclusive workplace.
Invest in lifelong learning opportunities for all workers, regardless of age, to help close digital skills gaps and strengthen the labor force.

Technical terms

Technological Change: Refers to the changes in technology that occur over time, such as the introduction of new products, services, and processes.
Digital Transformation: The process of using digital technologies to create new or modify existing business processes, business models, and customer experiences.
Artificial Intelligence (AI): A branch of computer science that deals with the development of computer systems that can think and act like humans.
Skills Gap: The difference between the skills that employers need and the skills that job seekers have.
Learning and Development Opportunities: Opportunities for employees to learn new skills and develop their existing skills.
Inflation: A sustained increase in the general price level of goods and services in an economy over a period of time.
Entry-Level Positions: Positions that require little to no experience and are typically the first step in a career.