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June 1, 2011

Weekly Wednesday Acronym – NQR

Filed under: General HR Buzz11:12 am

OK, this is a new one – at least for me!  In one of the HR e-mail subscriptions I receive, I spotted this acronym which sparked my curiosity so I had to read further.  If you are a baby boomer planning to retire, you may find yourself turning into an NQR, or “Not Quite Retired”. 

A recent study revealed that there are more people age 65 and over in the job market than at any time in history.  That number is currently 6.6 million, compared to 4.1 million in 2001.   In addition to the 6.6 million currently employed, there are nearly half a million workers 65 and older who want to work but cannot find a job.  So what has caused this surge of NQR’s in the workplace?

The reasons are many, but based a lot on recent trends in the workplace and economy.   Many people in this age group have lost their jobs due to layoffs or early retirement packages which may have not been as rich as expected.  Additionally, the debt load for many is higher than in previous generations.  Some have not built their 401(k) plans to the level sufficient for retirement income, due to lack of discipline or other hardship factors that may have occurred.

As an employer, you may find that NQR’s are good fits for open positions within your company.  Many have a great education and a number of years of experience to go along with that.  They are motivated to work because they need the money as a supplement to their retirement income.

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