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If you want success at retaining your best talent, toss out your stereotypes toward older adults: older workers can’t or won’t keep their skills current; older workers are cynical, stubborn, and difficult; and older workers have a lot of health problems.
Mature workers bring a lot to the table. They have a strong work ethic, abundant knowledge, and great life experiences. They are loyal, reliable, and focused. They have perseverance and maturity. These traits often place older adults among the most productive workers on the job.
But despite all of this, employers still have reservations about actively pursuing the 50-plus worker. These concerns include expectations of higher salary or stature; the potential of increased healthcare, pension, or retirement expenses; and liability issues, according to Manpower research. Unfortunately, perception appears to outweigh the facts.
The AARP’s 2005 report, “The Business Case for Workers Age 50+,” found that employees age 50 to 65 do use more healthcare than workers in their 30s and 40s. However, base salary—not healthcare—is the biggest component of labor costs. Base salary is driven by an employee’s skills, responsibilities, and individual contribution, rather than by age.
After factoring in all costs, including the expense of recruiting, interviewing, and training new employees, it makes good business sense to retain talented, experienced workers.
When asked to identify the essential parts of an ideal job, mature workers mentioned paid time off, a flexible schedule, part-time hours, and working from home. This shows that rather than giving up on work entirely, many workers are redefining retirement as the freedom to choose a new life, including different employment and career options.
Ways to help valued employees continue working longer may include job redesign, flexible work schedules, and accommodations when necessary, such as reduced physical activities and devices to help with hearing or vision loss. In addition to programs and perks, you’ll want to keep veteran employees in the loop for training and advancement opportunities. Mature workers are as interested in training as their younger counterparts. Also, they want salary and benefits criteria to be competitive and fair.
There is no denying the facts: The U.S. population is getting older, and even in a tough economy many employers are unable to find the skilled talent they need. As the workforce shrinks, employers must turn to mature workers to remain competitive.
Melanie Holmes
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