Harrison Ford at age 80 stars in “Indiana Jones and the Dial of Destiny,” just released in theaters.

 He probably doesn’t need the money, his films having grossed over nine billion dollars in total.

More people are working while in their 70s and 80s, according to the Bureau of Labor Statistics. 

The labor force participation rate—the percentage of people either working or actively looking for a job—for men 75 years of age or older was just 7.1% back in 1987, 

the earliest data we have. By last year it had risen to 11.2%. 

That’s still a small minority, but a significant change nonetheless.

 Older women also increased their labor force participation rate, though they are still less likely to work in their older years. All told, we have about one million more employees just from 75+ people being more willing to work.

The issue is important because of the tight labor market. Hiring has become a bit easier in 2023, with more people willing to work, but this entire decade is tough. As noted in “The Scariest Chart For Business,” the current decade has the lowest growth of the working age population since the Civil War. We have left the era when hiring was easy because of an abundant supply of job applicants. Now hiring and retention have become key skills for business leaders.

Why are older people working?

Some older workers need a job, given living expenses relative to their Social Security and other income. But some of them work for the satisfaction of getting out of the house and doing something useful. The Wall Street Journal recently profiled several older workers.

A supermarket bakery employee, Andree Carlson, 82, told the Journal that she doesn’t need the money. The motivation for her and the other senior citizens is simple: “We like having somewhere to go, something that needs to be done, and everybody likes to feel needed.”

Business leaders today should study that simple sentence. “We like having somewhere to go ….” People of all ages value the social interaction they have with co-workers and customers. Remote work doesn’t get people out of their homes and often does not put them in touch with others. Keep that in mind when thinking about the work environment.

“We like … something that needs to be done ….” Younger people call this “purpose.” A great opportunity for employers is to identify how the job helps other people. Every job exists for a purpose. The company may be out to make a buck, but that buck is made by satisfying some human need or desire, either directly or indirectly. Whether manufacturing physical products or providing services, someone benefits from the product. Workers in the business-to-business space enable companies that sell directly to consumers. And whether I am buying a meal, an oil change or new underwear, I am better off for having that product—or else I would not have bought it.

“… everybody likes to feel needed.” Every manager of every business, non-profit organization and government agency should remember that every morning. Expressing appreciation for the work done by employees will keep the people on the job longer, and with greater engagement.

Older workers can help companies thrive in the tight labor market. And many of them can do a great job. See how Harrison Ford is doing at age 80 in a theater this summer.

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