October 4, 2024
KUALA LUMPUR – A rising number of seniors are applying for jobs post-retirement to cope with the rising cost of living and a longer life expectancy, says Jobstreet by SEEK.
The online employment company’s managing director Vic Sithasanan said there has been a 13% rise in job applications from seniors aged 60 and above between January 2023 and the end of August 2024.
He said this was likely due to factors such as the rising cost of living and extended life expectancy, which necessitates longer careers for financial stability.
“The reasons reflect personal motivations and broader economic factors, but the most pressing is the rising cost of living.
“On Jobstreet’s platform, we’ve seen the number of senior users aged 60 to 99 grow 2.6 times from 2022 to 2023, with a 2.4-fold increase in Q1 (the first quarter) of 2024 alone compared with 2022.
“Seniors are motivated to extend their careers to increase their financial safety net,” he said.
He added that with longer life expectancies, seniors feel the need to sustain their income for a longer duration, prompting many to seek employment opportunities beyond the retirement age.
Sithasanan said an estimated 1% of the current 3.9 million seniors are actively searching for jobs, which reflects a significant portion of the aged population engaging in the job market.
“As the workforce ages and the value of experience becomes more apparent, companies will – if they have not yet already – recognise the benefits of hiring senior talent.
“This requires a shift in perception, and the need to create a working environment that supports and encourages the hiring of older workers.”
He said many companies are implementing upskilling and reskilling programmes specifically designed for older employees, ensuring they stay up to date with the latest technologies and industry trends.
“Doing this will appeal to senior hires, who are looking for ways to remain relevant and leverage their vast experience to mentor and guide younger employees, fostering a culture of knowledge transfer and intergenerational collaboration.”
Sithasanan said companies offering flexibility at the workplace could also appeal to older talent who prioritise the ability to manage family or health commitments.
He added that government has several initiatives that support and incentivise older workers in the workforce, such as income tax reductions for employers who hire older workers, as well as training and development programmes to help older workers acquire new skills.
“The Human Resources Ministry has also stepped in to issue age-friendly workplace guidelines to address the specific needs of older workers, such as ergonomic workstations and accessible facilities,” he said.
Sithasanan said Jobstreet’s Laws of Attraction (LOA) survey has shown that Malaysian talent is largely driven by salary and compensation, but more mature generations such as Gen X and Baby Boomers typically look for roles that can showcase their wealth of experience and knowledge, with job security at the forefront of their minds.
“Seniors have also expressed a desire to stay active and engaged in the workforce, as a way to maintain a sense of purpose and contribute to society,” he said.
He said in terms of competitiveness in the workforce, the inclusion of senior workers complement the workforce as they prefer roles that differ from those sought by younger candidates, such as part-time, consultancy, or mentorship positions.
Sithasanan said companies are increasingly aware of the unique skills and perspectives of senior employees, particularly those who can mentor younger employees and position the company for sustained success.
“Their experience enables them to efficiently navigate challenges, making them valuable assets in decision-making processes, especially in roles that require specialised knowledge.
“This can be particularly beneficial to productivity and stability, especially in industries facing skills shortages.”
In terms of the type of jobs senior citizens are seeking, the highest number of job applications on Jobstreet are from the manufacturing, transport & logistics industries (15%), followed by accounting (12%), and human resources & recruitment sectors (10%).
Sithasanan said awareness, government support, age-friendly workplace policies, and a commitment to inclusivity is necessary to help seniors rejoin the workforce
“Employers must be made aware of various policies and initiatives that exist to incentivise the hiring of senior citizens.
“The government could also expand funding for training and development programmes that help senior workers acquire new skills, ensuring they remain competitive in a rapidly evolving job market,” he said.