The number of older workers is growing, prompting a closer look at what job characteristics are important to members of this experienced talent pool when they consider whether to accept a new position. Over the next decade, three in 10 Americans ages 65 to 74 are projected to be in the workforce, up from 26% of that age group in 2021, according to the Bureau of Labor Statistics.

“Gains in longevity mean that our younger workers are looking at extended careers, and that the five-generation workforce is likely going to be the norm moving forward,” Heather Tinsley-Fix, a senior advisor for financial resilience at AARP, said in a presentation at From Day One’s June virtual conference.

To learn more about the employment concerns and priorities of an older demographic, AARP conducted a study of 2,000 U.S. workers ages 40 and up. For the vast majority of these workers, it turns out, a job means more than just a paycheck. 

The research found that work is very much a part of a person's identity, said AARP senior research advisor Lona Choi-Allum. An overwhelming majority of the survey’s respondents, 90%, said a job must offer meaningful work before they would accept the position.

“Older workers see their jobs as part of who they are. A majority of older workers seek employment with meaning,” Choi-Allum told the conference, titled “Expanding the Way We Think About Diversity, Equity, and Inclusion.”

At the same time, workers are seeking jobs with flexibility. One-third of those polled said the pandemic made them realize the importance of work-life balance. “The pandemic really made people take pause, and really think about how work fits into their life, including re-evaluating their personal goals and retirement plans,” Choi-Allum said.

This shift in attitude is most pronounced among workers in their 40s, with members of the group often serving as caregivers for children, aging parents, or a partner or spouse. “They're more likely to consciously slow down their life, and also take time to relax and figure out ways that they can reduce their stress at work,” Choi-Allum said. A sizable portion of this “sandwich generation,” 41%, who were caring for family members, reported feeling burned out.

Nearly all older workers (88%) demand an easy commute before accepting a job, and 79% want flexibility in their work arrangements, the survey found. A majority (72%) of those age 40 to 49 want the ability to work from home at least some of the time, with 62% saying they want to be able to work remotely all the time. In the 50-and-up age group, 64% said they wanted to work from home sometimes, and nearly half (49%) wanted to work from home all the time.

During the pandemic, many people worked from home for nearly three years, and they got used to that, observed Choi-Allum. “They realized how much they enjoyed it,” she noted. “It allowed them to do things like caregiving, in some situations. And it strikes me that that's not very different from younger generations in the workforce. Everybody really values that flexibility.”

Money Still Matters

Despite the growing importance of meaningful work and work-life balance, financial requirements such as job stability and competitive pay are still top considerations for accepting a new position, Choi-Allum said. Job stability was a “must-have” for 88% of older workers in the survey, while 87% cited competitive pay as a requirement.

Older workers also want to grow professionally. The survey showed that 86% wanted the opportunity to learn something new, and 89% said being able to apply their skills and talents was a top job priority.

Among the one in 10 people looking to return to the workforce from retirement, the main reason was because they needed the money, AARP found. “With the economy the way it is, and inflation, people are realizing that they did not have as much saved up as they thought they did,” Choi-Allum said. Retirees looking for work also said they enjoyed working, and it made them feel useful.

Age Discrimination Persists

Still, some older workers report feeling held back or treated differently at work because of their age, the survey found. A majority believe that age discrimination persists in the workplace today, with 64% saying they've seen or experienced it on the job, Choi-Allum said. About one in seven workers report that they resigned from their job in the past five years, and topping the list of reasons for leaving was lack of appreciation by co-workers or management, she said.

Nearly all workers agree that respect, inclusion and acceptance are central to fostering a positive work culture and their decision to accept a new job. “Older workers want a workplace that holds people accountable for their actions, where age does not limit their ability to work, that has good values and is free from discrimination,” Choi-Allum said.

Editor’s note: AARP, who sponsored this webinar, has partnered with MindEdge Learning to create a skills-building platform for employers to upskill their employees regardless of age. The course catalog includes a range of high-demand skills as well as durable soft skills to enhance productivity and contribute to the growth of your workforce and company. If you’re interested in signing up or just hearing more about these courses, add your name to the Google form here.

Susan Kelly is a business journalist based in Chicago.