Issue link: https://nebusinessmedia.uberflip.com/i/1524726
16 HARTFORDBUSINESS.COM | AUGUST 5, 2024 Ann Wood (left) and Seniors Job Bank Executive Director Robin Clare attended the West Hartford Senior Day at the Elmwood Community Center. CONTRIBUTED PHOTO Filling A Need Seniors Job Bank aims to bridge gap between older workers and CT's labor shortage "A lot of employers have been struggling with finding ways to main- tain their workforce and productivity as rising levels of their more experi- enced, older workers leave," she said. Older employees possess invalu- able knowledge and skills that companies want to pass down through succession planning, she said. To incentivize older workers to delay retirement, employers are offering greater flexibility, such as reduced hours, remote work options and gradual retirement transitions. "They're trying to find meaningful ways for them to continue contrib- uting, while offering individualized flexibility… to find meaning in mento- ring others and leaving a legacy," she said. Having older people stay in the workforce benefits aging workers, companies as well as younger professionals who can be mentored, Carannante said. On the flip side, seniors who may face challenges adapting to new technologies can benefit from the knowledge and guidance of younger coworkers. As multiple generations converge in today's workplace, companies should foster an inclusive environ- ment where diverse perspectives are valued, Carannante said. Clare said businesses and municipalities should proactively reconsider their benefits packages and workforce planning strategies in anticipation of the impending surge in senior workers. "By embracing the strengths of their senior staff while addressing potential barriers, businesses can capitalize on the opportunities presented by the growing older workforce," Clare said. CT'S LABOR FORCE BY AGE GROUP AGE GROUP NO. OF WORKERS 14-18 42,984 19-21 79,854 22-24 81,926 25-34 301,530 35-44 297,967 45-54 272,971 55-64 273,368 65-99 122,046 *Data is as of the third quarter of 2023. Source: U.S. Census Bureau By Hanna Snyder Gambini hgambini@hartfordbusiness.com M illions of Baby Boomers are in the midst of retirement age, and Generation X is quickly approaching that finish line. As a result, many professions are feeling strain from skilled, seasoned employees leaving the workforce. Connecticut, like many states, has been grappling with a major work- force shortage since the pandemic hit in 2020. As of April 2024, Connecticut had 90,000 job openings, according to the U.S. Bureau of Labor Statistics. But one unique group is working toward a solution: The Seniors Job Bank, a nonprofit that serves 36 cities and towns in Greater Hartford. The service, which has been around since 1974, connects workers over the age of 50 with businesses, munic- ipalities and other employers. It's free for both job seekers and employers looking to fill open positions. Available jobs range from full- time, professional-sector work, to part-time, temporary employment or even one-time jobs like performing home repairs. Executive Director Robin Clare said the Seniors Job Bank is the only one of its kind in the U.S., and it has seen a significant increase in activity in recent years due to the growing number of job seekers, and Connecticut employers' desperate search for talent. In 2023, the Seniors Job Bank had 494 total job listings. As of June 30, the bank had 371 listings in 2024, projecting to far exceed last year's total. Clare said when she started at the bank in February 2023, there were about 500 job seekers in the database. "Now we're at 883, not even a year and a half later. So, we're not seeing a shortage of workers," she said. While some workers might want a job to stay busy and fight the boredom of retirement, others still need an income or healthcare benefits into their retirement years, Clare said. "For many retirees, returning to the workforce provides a sense of purpose, social connections and new challenges in their post-work life," she said. How it works The Seniors Job Bank is serving a growing customer base. According to AARP, by 2034, there will be more people in the U.S. who are 65 and older than children, repre- senting 70 million people, or 25% of the population. The U.S. Bureau of Labor Statistics projects that 36% of people ages 65 to 69 will be in the labor force this year, far more than the 22% who were working in 1994. Moreover, the bureau forecasts that by 2030, 96% of workers over the age of 75 will still be in some kind of employment, underscoring the growing prominence of mature workers in today's economy. The Seniors Job Bank has two main categories of workers: younger individuals ages 50 to 64 who are often seeking full-time positions with comprehensive benefits; and older job seekers ages 65 to 80 who typi- cally prefer part-time roles that allow for continued engagement without full benefit packages, Clare said. Job seekers in the bank's database can select different categories of work, and they get a notification when a position matching that description becomes available. The bank is not a jobs-placement agency, but rather a resource to connect job seekers and employers. It's up to the job seeker to apply for a position listed in the bank's portal, and "then the relationship is between them and the employer," Clare said. Clare said professional jobs are the fastest-growing type of available positions, and as of April 2024, the bank had more job listings in busi- ness and the municipal sector than it had in all of 2023. The bank's database has hundreds of professionals seeking work, including more than 100 accountants. Due to the great demand, getting more full-time professional job postings into the database is a priority, Clare said, and the nonprofit is actively trying to reach out to more businesses to make them aware of the service. The bank operates on an annual $120,000 budget, with three part- time paid employees, including Clare, an administrative assistant and bookkeeper. There are 15 non-paid board members who also serve on committees, such as marketing, programming, outreach, finance or fundraising. The bank operates out of space in West Hartford's Town Hall. Jeffrey Ferketic, 62, retired last year following a 35-year career in engineering and space systems for Raytheon Technologies/United Technologies Corp. He turned to the bank seeking work because he wasn't ready for the stark transition from daily work to full-time retirement. Ferketic now sits on the Seniors Job Bank's board, and serves on the information and technology committee. He also helps onboard job candidates into the bank's data- base, often conducting interviews to find out what type of employment and schedule are the best fit. "The social contact was one reason I was pursuing work," he said. Rethinking workforce strategies Megan Carannante is co-chair of law firm Pullman & Comley's labor, employment law and employee benefits department. She said many companies are actively trying to retain their experienced older workers due to labor shortages following the COVID-19 pandemic.