7 advantages of hiring and retaining elder employees

There are a wide range of advantages that employing older people can bring to your business especially when you have a mix of different ages across your company. Job vacancies have been outnumbering job applicants for a while now. This is a result of baby boomers reaching retirement faster than millennials can replace them. To close the growing gap on the job market, companies need to take action by keeping and bringing older employees back to work. This may seem simple, but age bias is a serious challenge. Read the seven reasons why you should hire and retain older employees in your company.

1.       Skills & Experience

Older employees bring a level of experience, critical thinking and knowledge that can only be reached at a certain age. In some industries it can take up to a decade or longer to gain the technical skills necessary to deliver top quality work. Older workers can tap into both professional and personal experiences that help them excel in their work. It’s an obvious but sometimes overlooked asset. Wisdom comes with time. And wisdom makes the difference between a smart decision that helps the company and a mistake that sets everything back.

2.       Higher retention rate

Less staff turnover retains corporate knowledge and reduces costs and time associated with recruitment and training. Having people between the ages of 50 and 65 often leads to greater loyalty to the company. These professionals have already established their careers and are less likely to look for frequent job changes. With a strong sense of commitment and stability, they are more likely to stay with a company longer, resulting in less turnover and higher retention rates. This loyalty comes from their desire for financial security, and a sense of belonging within the organization.

3.       Strong work ethic

Older employees are usually the first ones to arrive at work, they stay focused throughout the day and rarely miss a day of work, even in fast-paced industries. They’re also more likely to have experienced challenging times throughout their working life and so are often resilient when faced with a business challenge. They adapt well to the need for new skills and are willing to learn about changing technology.

4.       Bigger network

New colleagues might have a hard time fitting in because the same way of working has been going on for years. People who have been in the company for a long time usually know their way around the company. Consistency is incredibly valuable financially. Older employees maintain relationships with all the different connections they’ve built up over several decades that could otherwise be lost, if they would leave. They’re also the few people that really understands all parts of the business. Probably because they moved around in the company. Plus, they've got a network that could make LinkedIn jealous!

5.       Multigenerational teams

Conflicts between generations have always existed. Today, four generations work together in the job market. Each generation has its own view on work and hierarchy. Different, but also complementary, they both bring different assets to the job market. The mix of generations is a gold mine for companies, regardless of their size. In addition to promoting diversity and inclusivity, it enhances the company's employer brand. Read more on this topic in our blogpost on “How different generations work together”.

6.       In-house mentorship

An intergenerational mix of teams allows a transmission of expertise, shows a diverse structure and contributes to the performance of the company. Older employees may have a broader understanding of a role, its associated responsibilities, and how best to tackle different tasks. They also have a better understanding of how to manage unexpected situations, such as project setbacks and customer complaints. By having older workers lead internal training sessions or provide on-the-job training, this knowledge and experience can be shared throughout your company.

7.       Cost effective

Everybody knows that more experienced, older employees are more expensive compared to younger employees. This is true on short term, but they’re more cost effective in the long run. For example, they’re not big job-hoppers, like the younger generation. This saves a company from the high cost of constantly having to hire new people. Companies that tend to have long-term employees save money. Older employees also increase productivity and industry reputation while reducing training costs.

Myths and stereotypes about older employees cause many companies to lose out on top quality teammates. Hiring and keeping older employees in your company can be a total win-win! Their skills, experience, and wisdom contribute to the success of your company. These seasoned pros have a strong work ethic and know how to handle any situation that comes their way. They also have a bigger network that can lead to more client loyalty, stability, and financial security within the company. And let's not forget about the magic that happens when different generations work together. While there may be higher costs with hiring and keeping older employees, they save you money by sticking around and reducing the need for constant hiring and training. and enhances the company's reputation. The workforce is aging at a rapid pace, so this is your chance to tap into a larger pool of often underused talent. By embracing the value of older employees, businesses can thrive in our ever-changing job market.

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