Do you track the ages of your employees? If yes, you may notice that older employees are staying in the workforce longer, for a variety of reasons. In 2017, a male reaching the traditional retirement age of 65 years could expect to live another 18 years; for women, another 20 years. Faced with two decades of life ahead of them, many employees continue to work for a sense of purpose, to maintain their income, or to add to their retirement fund. And, although they make up a smaller number of workers overall, the 65- to 74-year-old and 75-and-older age groups are projected to have faster rates of labor force growth annually than any other age group.
There are advantages to having older workers. Benefits often cited include:
- Older workers are a steady and reliable source of skilled labor.
- Older workers miss fewer days of work.
- Older workers have a strong work ethic.
- Older workers provide maturity, wisdom, and experience — without drama.
If you are interested in retaining older talent, what can your company do to keep them on board?
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Offer flexible or part-time work options. While still interested in working, many older adults appreciate the option to work less than a traditional 8-5 workday. Flexibility makes your workplace more attractive.
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Provide mentoring programs. This includes mentoring programs where the older employee is the mentor (to share experience and wisdom) as well as the mentee (to develop new skills).
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Provide ongoing learning opportunities. Training and education help increase employee engagement.
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Consider phased retirement. This allows the company to continue to benefit from the employee’s knowledge and allows the employee to continue earning a salary while adjusting gradually to a new “no work” lifestyle.
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Structure work that acknowledges employee maturity. Control over how, when, and what kind of work older employees do is important because it shows their knowledge, experience, and judgement are valued and respected.
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Tailor wellness options to the older worker. Many of the traditional wellness offerings (healthy eating, active living, etc.) are of value to employees of all ages. Add topics like retirement planning, living wills, preventive screenings, and financial planning to engage older employees.
It’s to your company’s benefit to keep all employees healthy, especially older employees. To engage and retain them, focus on their strengths and appreciate the benefits they provide to your organization.
For further reading:
Older workers: Labor force trends and career options
https://www.bls.gov/careeroutlook/2017/article/older-workers.htm
Why Recruiting Older Workers Adds Value to the Bottom Line
https://www.glassdoor.com/employers/blog/recruiting-older-workers/
How retaining senior employees can help your business
https://hiring.monster.com/employer-resources/workforce-management/employee-retention-strategies/retaining-older-workers/
The Case for Hiring Older Workers
https://hbr.org/2019/09/the-case-for-hiring-older-workers
Perks for Older Workers Are the Next Big Workplace Trend
https://www.barrons.com/articles/perks-for-older-workers-51550857598
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