Here are a few key advantages in hiring and retaining older workers:
Research shows that older employees are more likely to show up to work on time, and less likely to call in sick. Older workers also do not switch jobs as often as their younger colleagues. Older employees shine when it comes to maturity and professionalism – resulting in a strong work ethic.
The Pros and Cons For Hiring Mature Workers
Older workers make great mentors and are able to help their younger colleagues develop professionally. As a result of mentorships, stronger relationships can develop among your workers, which should lead to a more enjoyable culture and work environment — and an increase in employee engagement.
Over the past couple of decades Americans have been seeking to work to older ages. employers actively target to older workers tend to be low-quality part-time jobs with no benefits. retirement benefits.
The Big Economic Factor - All things considered, various reports indicate that older workers are 1% to 10% more costly than younger counterparts when accounting costs alone are considered.
If you look at earnings – a standard economic proxy for productivity – older workers win hands down in terms of raw economic value. A 2013 study found that those between the ages of 60 and 74 tended to earn 10% to 20% more than their younger counterparts.
Some HR professionals did report disadvantages:
Older employees might bet set in their ways and sometimes are not as adept at new technology as their younger counterparts. They may need additional training, and they may lack flexibility.
Our career systems, pay systems, and recruitment and assessment systems are designed against hiring older people. Many companies believe that older people are “overpaid” and can be “replaced with younger workers” who can do the job just as well.
Age discrimination, inadequate training opportunities, working while managing health conditions and disabilities, balancing caregiving responsibilities with work, and preparing financially for retirement are among the main challenges facing an aging workforce.
10 companies that really care about their older workers
Another way to motivate older workers is to tap the insider knowledge that they've accumulated over the years. Encourage them to develop training modules and step-by-step guides to help new hires learn the ropes.
Some employers also believe older job applicants expect high salaries or are overqualified. Most people over 60 are happy and willing to go back to a position they had a few years ago, if it gets them back doing work they're qualified to do and want to do.
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