Employers Face Challenges from Delayed Retirements, Macy’s to Open on Thanksgiving

from Challenger, Gray & Christmas, Inc.

A just-released survey showing that more Americans age 50 and older plan to delay retirement presents some unique challenges to the nation’s employers. In one respect, companies will benefit from these workers’ knowledge and experience, according to John A. Challenger, chief executive officer of Challenger, Gray & Christmas, Inc.

In an era when employers are turning increasingly toward contingent or contract workers, having a stable of seasoned veterans on the payroll is vital to maintaining corporate memory. However, there are issues related to managing a multi-generational workforce with which to contend, including the fact that these different age groups generally tend to be motivated by different factors.

Employers also have to be aware of the pitfalls associated with having an aging workforce that does not retire and make room for younger workers to advance within the organization. It is critical to have a strategy for the continued development and advancement of young talent. If they feel like they are being held back or that they are not being challenged, they will become disengaged and either take their skills elsewhere or, worse, stick around doing the bare minimum when it comes to the quantity and quality of their output.

How should employers prepare for an aging workforce that plans to further delay retirement? What can younger workers do to ensure they are able to advance their careers? What can older workers do to improve their chances of finding and keeping a job?

RETAILERS OPENING THANKSGIVING DAY

Challenger, Gray & Christmas predicted holiday hiring to remain flat or decline slightly from last year’s record levels. However, even with a slight decline in overall hiring, national retail chains are expected to hire tens of thousands of seasonal workers across the country. Indeed, retailers so far have announced plans to hire 444,000 seasonal workers, according to initial tracking by Challenger.

Much of this hiring will occur over the next three to four weeks, so that retailers have workers in place for the all-important Black Friday sales. Some retailers have moved up Black Friday shopping from early Friday morning to late Thanksgiving Thursday night. Per John Challenger:

Among those starting sales on Thanksgiving Day is Macy’s, which is planning to hire the most seasonal workers so far this year, with 83,000, and announced some of its stores would open at 8p.m. Thanksgiving Day. While there was some public criticism of earlier and earlier sales, the outcry obviously did not translate to decreased traffic or else Macy’s and others that are sure to make similar announcements in the coming weeks would not be doing it again this year. The early opening will only increase the need for temporary seasonal workers, who are likely to be the ones stuck working on Thanksgiving Day, as those with more seniority tend to get first-preference when it comes to assigning holiday hours.

Will other retailers join Macy’s in opening on Thanksgiving Day? How might early openings impact retail employment? What can those seeking holiday jobs do to improve their chances of finding employment?