Companies Increase Their Hiring Budget
Forty-four percent of companies that participated in a TalentDrive survey say they increased their hiring budget for the last year, and 50% predict Q2 and Q3 to be the most active hiring periods. More than 75% of companies say they are unprepared or only moderately prepared for the hiring spike.
When asked what tactics companies are using to attract and hire new employees, 52% say they plan to implement proactive recruitment marketing tools and campaigns as opposed to traditional job posting/advertising. In fact, 49% of companies decreased job posting budgets for 2010 with only 10% increasing their ad budgets. Thirty-one percent are investing in new sourcing technologies to reach unique candidates, and 60% have incorporated social networking as a key component in their recruiting process, but not their sole resource.
Workers Postponing Retirement Due to Financial Constraints
Seventy-two percent of workers over age 60 are putting off retirement because they can't swing it financially, a CareerBuilder survey reveals. For women over age 60, 76% say they are putting off retirement because they can't afford it, while 68% of men say the same.
Other reasons workers cited for putting off retirement include:
- They enjoy their job or enjoy where they work and don't want to leave it. (71%)
- They need the health insurance and additional benefits provided. (50%)
- They fear retirement will be boring. (24%)
- They enjoy feeling needed. (15%)
"The economy continues to cast doubt in the minds of mature workers regarding executing on their future retirement plans," comments Jason Ferrara, senior career advisor at CareerBuilder.com. "As a result, they are requesting to stay with employers a bit longer. Twenty-seven percent of hiring managers say they were approached about postponing retirements last year and were open to retaining mature workers. The key is to let employers know sooner rather than later that you would like to put off your plans to leave."
Older Workers Reporting to Younger Bosses
In a related finding, many older workers are reporting to younger bosses, a CareerBuilder survey reveals. Forty-three percent of workers age 35 and older say they currently work for someone younger. Breaking down age groups, 53% of workers age 45 and older say they have a younger boss, followed by 69% of workers 55 and older.
Occasionally, the younger boss/older worker situation can create challenges. Sixteen percent of workers between the ages of 25 and 34 say they find it difficult to take direction from a younger boss, while 13% of workers between the ages of 35 and 44 say the same. Only 7% of workers between the ages of 45 and 54, and 5% of workers age 55 and older, indicate they have difficulty taking direction from a younger boss.
Workers reported there are a variety of reasons why working for someone younger can be a challenge:
- They act like they know more than me when they don't.
- They act like they're entitled and didn't earn their position.
- They micromanage.
- They play favorites with younger workers.
- They don't give me enough direction.
"As companies emerge from this recession, it is important for employees to work together and move the business forward, regardless of their age," comments Rosemary Haefner, VP of human resources for CareerBuilder. "With so many age groups present, challenges can arise. Younger and older workers both need to recognize the value that each group brings to the table. By looking at their past differences and focusing on their strengths, workers of any age can mutually benefit from those around them, creating a more cohesive workplace."