STEM skills shortages: Retirees to the rescue

Historically, it is the older generations that have fuelled successes in the STEM industry. So-called 'baby boomers' have been pivotal to many of the field's greatest achievements, including developing an effective COVID-19 vaccine, the progress of AI, and even the world wide web.

But as this generation begins to move towards retirement age, companies face critical skills gaps. Our most recent How the STEM world works research found that less than half (45%) of STEM professionals aged over 50 are committed to staying with their employers for the foreseeable future.

Hiring new talent will not necessarily compensate for the knowledge and experience lost with retiring members of the workforce. Companies should be striving to retain older workers - or maybe even lure them back from retirement.

Why is this generation of STEM professionals so critical to the workforce?

Of course, they have built up years of problem-solving experience and expertise and a bank of technical knowledge in highly complex areas, such as healthcare and engineering. When issues arise, there is a much stronger chance than with younger colleagues that they will have seen something similar before, and be in a position to resolve it efficiently.

Moreover, there is a resurgence in some areas of STEM that aligns with the skillsets of older members of the workforce. For example, in response to the climate crisis, interest in the low-carbon potential of the nuclear power industry is returning. Many specialists entering retirement played a role in the industry's 'golden era' (late 1950s to early 1980s). To companies looking to scale their operations and avoid engineering skills gaps, such employees are gold dust.

Retirees want pay rises, purpose and perks

For companies to hold on to their older workers, it's important that they find out what motivates them. At present, there is a distinct expectation gap.

Less than half (48%) of older STEM professionals trust that they will be fairly compensated and rewarded for their work successes. If you want to retain your older employees and tempt them away from retirement, you need to offer competitive renumeration that reflects the value they bring to your business.

It's not just about money and perks, though. Older members of the workforce also want to feel engaged and inspired by their day-to-day work. However, our research indicates that only 43% of workers over 50 find their work fulfilling in this way.

This data is surprising. Arguably, there's never been a more exciting time to work in STEM, with professionals tackling existential global challenges such as climate change, and chasing opportunities like digitalisation and healthcare evolution. In the face of such daunting tasks, companies are competing for experience and proven expertise, as well as new skillsets. You should make it clear to workers on the brink of retirement that they remain highly valued, while emphasising the opportunities to contribute to meaningful change.

Rekindling careers: navigating post-retirement returns

If your workers have already hit the retirement button, there is an extra layer of complexity for hiring managers. They may be enthusiastic about getting back into STEM, but things will have changed, both culturally and professionally, since they left the workforce. There is nothing here that companies cannot overcome, but it does require careful consideration.

Retirees may have responsibilities or hobbies outside the workplace that require added flexibility. For example, many older workers find themselves looking after elderly parents or helping with grandchildren. Offering flexible arrangements such as remote working, contracting, part-time opportunities, or even job shares could make it easier for them to consider returning to the workforce.

There is also evidence that many retirees are discouraged from seeking employment because of the increasing role of technology in the workplace. In one survey, one in eight (14%) said that digital transformation was a source of anxiety.

Companies should offer every worker, returning retiree or not, the opportunity to upskill and develop their digital expertise. This will be mutually beneficial. Not only will you prepare them for digitalised STEM environments, but you'll address the issue of tech anxiety among potential retirees; almost half (41%) of whom said they would be willing to stay in the labour market if given better access to training in this area.

Some countries even have dedicated 'returnships' to encourage older generations to re-enter the workforce. For example, the UK government launched an initiative that includes apprenticeships, skills bootcamps and sector-based work academy programmes.

The retirement relay: passing the torch to the next generation

In some cases, no amount of pleading, pay rises or promises of upskilling will keep potential retirees in the workplace. Here, you need to make the most of their limited time to smooth the transition to younger colleagues.

You should engage them to help train new starters, so their technical skills and expertise are not lost when they leave the workplace. Robust knowledge transfer programmes can be a great way to facilitate this.

Upcoming retirees are also great candidates for mentoring schemes, instilling the required soft skills in the next generation of STEM specialists.

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