Superannuated boomers won’t vanish from the workplace altogether: people in their 60’s and 70’s – because of either need or desire – will be among the 40% of the US workforce that will rent out its skills in years to come.

And in the UK, a 2009 survey of HR professionals found that 57% were increasing hiring of temporary and contract workers due to the uncertain economic climate and 47% found that part-time workers were more appealing to employers that are looking to cut costs.

Enter the baby boomer generation.

“Boomers are already enjoying the perks of work life balance and remaining engaged,” says AWS President Cathy Clonts. “Forward-thinking companies are taking advantage of the technical talent mature workers can contribute.  Keeping in touch with their former employees maintains a valuable connection which industry leaders are utilizing today by rehiring former employees for full and part time projects that require technical expertise and specialist knowledge.”

One international company currently has 3.5% of its alumni community completing or having already completed additional contract work, further supporting the idea that older workers are a valuable asset to today’s workforce. Projects are of both a part- and full-time nature and cover a variety of sectors.  These baby boomers are valuable for their technical expertise, knowledge management and interest in training and mentoring less experienced professionals.

Acknowledges one US company president, “In this environment, employees with exceptional skills, experience, and corporate knowledge provide the primary source of value creation. Rehiring proven performers is the easiest, most cost-effective way to acquire exceptional talent.”

As the baby boomer generation reaches retirement age, some economists believe unemployment will surpass 10% as older workers crowd out the younger generation. Time magazine views this as one temporary effect in what will be a positive change, predicting that this presence of older workers will create more jobs and, therefore, both encourage people to spend more freely and allow new companies and industries to form.  “The economy has great absorptive capacity. As long as no one is being forced, more people participating in the workforce is better for everyone”, according to Claudia Goldin, an economics professor at Harvard University.

“They will be working as coaches, strategists and consultants” Joanne Sujansky, co-author of Keeping the Millennials, says. “By 2019, there will be many more of those opportunities than there are now because boomers will need the income and companies will need their expertise.” Janet Reid, Managing Partner at Global Lead, a consulting firm adds, “We’ll see an increase in job-sharing at very senior levels. You might have two boomers who share the job of Chief Financial Officer, for instance, which lets them keep working and also have some leisure time”.

Some believe it may not be so simple to return to or remain in the workforce. A USA Today article published in August 2010 finds that jobs in today’s market are scarce and many employers aren’t willing to hire older workers. “The unemployment rate for workers 55 and older has jumped from 3% in the second quarter of 2008 to 7% in the second quarter this year”.

However, with money a key deciding factor in combination with staying busy and remaining intellectually engaged, it appears probable that we can look forward to older workers remaining in the workforce for longer. Indeed, “by choosing not to retire, they may be doing you a favour”.