AARP Hearing Center
As today's economy fluctuates, workers are dealing with the impact of inflation and continuing fall-out from the COVID-19 pandemic. They are faced with weighing the pros and cons of staying in their current jobs, moving to new jobs, or exiting the workforce altogether. Balancing the need for adequate compensation, benefits, flexibility, and opportunity for growth all factor into the equation.
To understand work trends since Wave 2 (September 2022), we fielded the third wave of the AARP Work & Jobs Data Series survey on the Great Resignation among adults age 50-plus. Results show a significant increase from Wave 2 (September 2022) to Wave 3 (June 2023) among those who retired from work or a job since the start of the COVID-19 pandemic (9% to 11%). However, little has changed since Wave 2 among those who say they retired earlier than planned, with one in five adults (21%) reporting this.
Remote work is waning with an increased need for social interaction.
Almost a fifth of adults ages 50-plus report that they are working from home less now (Wave 2: 15%; Wave 3: 18%) than before the COVID-19 pandemic, while about the same number report that nothing has changed regarding where they work (20%), and nearly half (48%) never worked from home. Among those who are working remotely, since work and home are in the same location, ending work for the day continues to be a struggle for well over a third of adults age 50-plus (36%). Interestingly, those who say that being isolated from coworkers is difficult has increased significantly since Wave 2 (29% to 36%). In fact, those who report they miss interacting with people as a reason for job change more than doubled since September 2022 (8% to 20%). Other challenges remain for at least one in five who report having difficulty with staying focused on their work (26%), with a significant increase among those who say it has been very difficult (2% to 7%).
Money and flexibility continue to drive job change.
Money continues to be a key driver of job change among adults age 50-plus, with nearly two in five reporting that they need the money (39%) and a similar percentage saying they want to receive higher pay (38%). In fact, the top reason for leaving or considering leaving is being near retirement age and receiving low pay or feeling undervalued. Pull factors continue to be stronger than push factors as far as looking for or finding a new job, especially with people thinking they can find a job with better pay (35%). Other reasons for leaving or considering leaving a job include believing they could find a job that offered flexibility on when (20%) and where they work (16%), had better health benefits (14%), and had more opportunity for growth (14%).