Dear Rusty: I’m 66 years old and still (self) employed as a home builder. I have not taken Social Security benefits yet, and don’t need to at this time. If relevant, my business struggled when I first started it five years ago, but did well last year, and I’ll have my highest earning year in my life this year and possibly next year as well. My question is, and it may be dumb, is it always best to delay Social Security until age 70, if there is no current financial need for it? Also, are benefits calculated by total dollars earned over a lifetime, or is an average or mean computation used? I’ve enjoyed excellent health throughout my life, and I have longevity in my family. I’m single if that’s relevant.

Signed: Planning Ahead

Dear Planning Ahead: There is never a dumb question about Social Security (SS) because it’s a highly complex program. No, it isn’t always best to delay claiming SS until age 70, but yours might be a typical example of why waiting until age 70 to claim is a smart move. Here’s why: 

 • Your benefit at age 70 will be about 31 percent more than it would be at your full retirement age (FRA), which is 66 years and 2 months if you were born in 1955. 

• If you are still working and don’t urgently need the money, your SS benefit will grow by 8 percent for each full year you delay claiming (but you can still claim at any time if necessary and get all Delayed Retirement Credits (DRCs) earned to the point you claim). 

• Your benefit amount will be computed using the monthly average of your lifetime 35 highest earning years, so if your current and more recent earnings are among your highest, they will be included in your benefit computation when you claim. Your earnings in the early years will be adjusted for inflation, and if you don’t have a full 35 years of earnings, the Social Security Administration will still use 35 (putting zeros in to make 35). So, if you don’t have a full 35 years of lifetime earnings, your current earnings now will eliminate some of those “zero earnings” years, resulting in a higher benefit. 

• If you’re in good health now and you enjoy at least an “average” longevity (about 84 for a man your age), you will receive more in cumulative lifetime benefits by waiting until age 70 to claim and enjoy that higher monthly benefit for the rest of your life. If you wish to estimate your life expectancy, you can use this tool we use here at the AMAC Foundation: https://socialsecurityreport.org/tools/life-expectancy-calculator/. 

• Since you’re single, you don’t need to worry about maximizing a survivor benefit for your spouse, but if you marry or have an ex-spouse who outlives you, then waiting until age 70 to claim would give your spouse the maximum survivor benefit to which they are entitled. 

So, in your specific circumstance, waiting until you are 70 to claim appears to be a wise choice. For others who don’t enjoy good health and don’t expect to make average longevity, or for those who urgently need the money earlier, claiming before age 70 is often a better choice.      

Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4 million member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.

Author note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.

It would be an understatement to say that COVID has forever changed the world of work. The impact of work from home and the rapid adoption of technologies like Zoom and MS Teams that made it possible have led to significant hiring challenges. No longer can companies succeed in demanding that workers report into an office. Those who do will find that they are unable to attract the best and brightest candidates.

According to XpertHR’s Survey of HR Challenges for 2021, recruiting and hiring topped the chart with 66 percent of those surveyed saying it was “very challenging.” Certainly, COVID and the rapid move to work-from-home have had a profound impact. A study by Global Workplace Analytics showed that the number employees working from home was increasing pre-pandemic. The number of remote workers increased from 3.9 million in 2015 to 4.7 million in 2019. Fast forward to the height of the pandemic where 58.6 percent of Americans were working remotely.

Remote work is here to stay

Many, having now experienced remote working, have no plans or desire to go back to full-time in-office work. In Buffer’s 2021 State of Remote Work study, 97.6 percent of respondents said they would prefer to work remotely at least part-time for the remainder of their careers. Various studies reveal the reasons: more flexibility, fewer distractions/more productivity, and time and money savings as well as fewer carbon emissions from commuting.

Remote work saves you money

But businesses can benefit their bottom line as well by allowing employees to work remotely. The Global Workplace study estimates that companies can save up to $11,000 annually per part-time remote worker. These potential savings result from increased productivity, lower real-estate costs, reduced absenteeism and turnover, and better disaster preparedness. And companies in high-cost labor markets are now hiring new employees from less-expensive markets. Likewise, employees living in high-cost-of-living cities are opting to move to more affordable locales and are taking their jobs with them.

Remote work has changed recruiting forever

As more businesses have embraced remote work, the face of recruiting has changed significantly. Competition for talent has never been stronger. To win the war for talent, companies need to leverage technology, have an efficient recruiting process, and stand out from the crowd as a great organization for which to work.

How to source and retain talent

#1 Leverage technology

Applicant Tracking Systems (ATS) can help drive efficiencies in the recruiting process and they are even more important when teams and candidates are physically distant. But, like any computer system, they are only as good as their inputs. Critical to getting the most out of these platforms are strong, clear job descriptions and a user-friendly way for candidates to apply but, more importantly, a good process for consistent, frequent communication with candidates. Companies that let candidates fall into black holes with no communication are likely to lose out on competitive candidates.

#2 Remember the human element

At the end of the day, an ATS is merely a platform for managing the process. Hiring teams must commit to excellence in interviewing as well as following up with, communicating with, and making offers on candidate’s timelines. Sue Keith, managing partner of marketing-recruiting firm, Ceres Talent shares that the biggest cause of clients missing out on their top candidates is their failure to move quickly. 

“In this market, it’s pretty much guaranteed that the candidate you’re interviewing is also talking with several other companies, and is likely further along in the interview process. One of our clients recently missed out on their top candidate by 24 hours after adding an unexpected additional interview to what had already been a thorough process. It’s also important to be respectful of the candidate’s time. They may be working from home, but they still have a day job that they are responsible for,” Keith said.

Too often, interview teams focus on the wrong things. For example, they demand a certain number of years of experience and miss out on superstars who have risen through the ranks quickly. Others insist on interviewing a set number of candidates. Andy Nussbaum, co-founder and managing partner of AAJ Interactive Technologies, a firm that places hundreds of in-demand technical resources each year, says, “There’s nothing wrong with falling in love with the first candidate, and being done. It saves you a ton of time and money. Interview until you find a really great candidate. Don’t interview for the sake of interviewing. In this market, if you see someone who is a good fit, make an offer. If you don’t, someone else will.”

When interviewing, screening for cultural fit is just as important as validating technical and other skills. Understand the types of personalities that succeed in your company and incorporate questions into the interview guide to find whether the person is a fit. Not everyone will be, and that’s okay. It’s better to determine that upfront.

With stiff competition for in-demand roles such as technical resources, companies need to find a way to stand out. It’s easy for candidates to find out what it’s like to work in your company — Glassdoor is just a click away. Be sure to monitor your employee reviews and address any concerns quickly. Speaking of reviews, technology analyst firms like G2 and Capterra post reviews online. And, for non-tech companies, there’s Google, Yelp, and many more. Proactively managing reviews and reputation is imperative when competing for candidates. Consider adding employee testimonials to your website and social-media sites. And make sure all interviewers know that part of their role is to “sell” candidates on the organization.

#3 Devise a passive candidate strategy

Despite the proliferation of job postings online, many of the strongest candidates remain hidden. They may not be actively searching for a new position when you are looking for them. So how can you get and stay on their radar? Start with your current employees. Institute an employee-referral bonus program. Who better than your current employees to help choose their co-workers? 

Identify competitors and reach out to their employees. Host and attend meetup groups. Build your online presence and participation. By actively engaging in LinkedIn Groups and other online communities, you can identify potential future team members. Encourage your hiring managers to participate in these groups and seek to connect with people who actively, intelligently, and professionally engage in the community. Seek to add them to company newsletters and invite them to follow you on social media. Reach out to them when you have openings and ask them for referrals of candidates. If they are interested in the position themselves, they will bring that up, but in the meantime, you will not seem overly aggressive. 

Keeping top talent

Retention has become a hot topic as companies try to hang on to valuable employees who are constantly getting inquiries from recruiters and talent managers. Flexibility and recognition are the top two ways to keep employees. According to Owl Labs, 74 percent of workers say that having a remote-work option would make them less likely to leave a company. A study by CBRE shows that 69 percent of millennials would give up on certain work benefits for a more flexible working space.

To find, attract, and retain top talent in today’s environment, hiring teams must understand and accept the changes in candidate requirements, such as flexibility. They must also have a professional, efficient process for recruiting, communicate frequently, and be prepared to make strong offers quickly. 

Those who don’t will find themselves spending more time, energy, and money to find talent or end up settling for second-rate employees.                      

Beth VanStory is a partner and chief marketing officer (CMO) with Chief Outsiders (www.chiefoutsiders.com) a growing fractional CMO firm. Christine Corte is a senior recruiter with Veteran Staffing Network.