A growing number of seniors in Malaysia are looking for post-retirement jobs to cope with the rising cost of living and longer life expectancy, according to Jobstreet, a Southeast Asian employment website.
The online employment agency’s CEO Vic Sithasanan said there has been a 13 percent increase in job applications from seniors aged 60 and over between January 2023 and the end of August 2024.
He said the trend was likely due to factors such as the rising cost of living and longer life spans, which necessitate longer careers for financial stability.
“The reasons reflect personal motivations and broader economic factors, but the most pressing is the rising cost of living,” Sithasanan said.
“On Jobstreet’s platform, we have seen the number of senior users aged 60 to 99 grow 2.6x from 2022 to 2023, with a 2.4x increase in Q1 (first quarter) of 2024 alone compared to 2022.
“Seniors are motivated to extend their careers to increase their financial safety net.”
He added that with longer life expectancies, seniors feel the need to maintain their income for longer, prompting many to seek employment opportunities beyond retirement age.
Sithasanan said an estimated 1 percent of the current 3.9 million seniors are actively looking for jobs, reflecting a significant portion of the older population in the workforce.
“As the workforce ages and the value of experience becomes more apparent, companies will – if they haven’t already – recognize the benefits of hiring senior talent,” he said.
“This requires a shift in perception and the need to create a work environment that supports and encourages the employment of older workers.”
Sithasanan said many companies are implementing upskilling and retraining programs specifically designed for older workers to ensure they are in line with the latest technologies and industry trends.
“Doing this will appeal to senior staff who are looking for ways to stay relevant and leverage their vast experience to guide and mentor younger staff and foster a culture of knowledge transfer and intergenerational collaboration,” he said.
Sithasanan said companies that offer workplace flexibility could also appeal to older talent who prioritize the ability to manage family or health commitments.
He added that the government has several initiatives that support and encourage older workers in the workforce, such as income tax breaks for employers who hire older workers, as well as training and development programs to help older workers acquire new skills.
“The Ministry of Human Resources (Malaysia) has also advocated issuing age-friendly workplace guidelines to address the specific needs of older workers, such as ergonomic workstations and accessible facilities,” he said.
Sithasanan said a Jobstreet survey showed that Malaysian talent is largely driven by salary and compensation, but more mature generations such as Gen X and baby boomers typically look for roles that can showcase their wealth of experience and knowledge, with job security in supreme mind.
“Seniors have also expressed a desire to remain active and engaged in the workforce, as a way to maintain a sense of purpose and contribute to society,” he said.
He said in terms of workforce competitiveness, the inclusion of senior workers complements the workforce as they prefer roles that differ from those sought by younger candidates, such as part-time, consulting or mentoring positions.
Sithasanan said companies are increasingly aware of the unique skills and perspectives of senior employees, especially those who can mentor younger employees and position the company for sustained success.
“Their experience enables them to effectively navigate challenges, making them valuable assets in decision-making processes, particularly in roles that require specialized knowledge,” he said.
“This can be particularly beneficial for productivity and stability, particularly in industries facing skills shortages.”
In terms of the type of jobs senior citizens are looking for, the highest number of job applications on Jobstreet are from the manufacturing, transport and logistics industries (15 percent), followed by accounting (12 percent) and human resources and recruitment sectors (10). percentage).
Sithasanan said awareness, government support, age-friendly workplace policies and a commitment to inclusivity are needed to help seniors rejoin the workforce.
“Employers need to be made aware of various policies and initiatives that exist to encourage the employment of senior citizens,” he said.
“The government could also expand funding for training and development programs that help senior workers acquire new skills and ensure they remain competitive in a rapidly evolving labor market.”
THE STAR, MALAYSIA