5 reasons companies are bringing back retired workers

As the pool of  workers has shrunk with declining unemployment rates, companies are turning to retired employees to help with staffing, according to The New York Times.

Here are five things to know:

1. "In a tight labor market, firms find recent retirees increasingly attractive," said Kathleen Christensen, of the Alfred P. Sloan Foundation, according to The New York Times. "Their skills are up to date, they possess critical institutional knowledge, and they can mentor younger workers. Hiring back recent retirees appears more common than at any other time since the Great Recession."

2. Administrators at New York City-based Montefiore Health System have hired dozens of retired nurses to take on their usual duties as well as to mentor younger workers.

3. "To retain nurses beyond their natural retirement age is valuable because experienced nurses have a wealth of knowledge," said Maureen Scanlan, vice president of nursing and patient care at Montefiore Medical Center. "It’s a loss when that level of knowledge retires. They can remain with us in different capacities. It may not be in the role they’ve retired from, but they all become mentors."

3. Rick Quackenbush spent much of his life installing and repairing power lines for National Grid before retiring at 55. However, after taking on temporary jobs to help pass the time during his retirement, he returned to National Grid to work as an instructor at a training center. The company keeps in touch with retirees to see how they may be able to continue using their talent and knowledge.

5. "There’s a labor shortage in many sectors, like construction and transportation," Gad Levanon, PhD and chief economist for North America for The Conference Board,told The New York Times. "The attitude toward employing older workers is changing because of shortages."

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