The aging workforce in the United States is a concern for many employers and employees. As the Baby Boomer generation begins to retire, more workers will leave the workforce. It could create significant challenges for companies, as they must find ways to fill the vacancies left by retirees.
However, that doesn’t mean that companies should stop hiring senior employees. There are many reasons why companies should continue to hire seniors. Here are five of them:
Wealth of Experience
Senior employees have been through a lot. They’ve weathered recessions, booms, and busts. They’ve seen it all and can offer young employees valuable insights.
In addition, senior employees have a wealth of experience that can benefit your company. They know how to get the job done, and they can provide mentorship to younger employees.
Lower Turnover Rate
One of the biggest concerns for employers is turnover. It’s costly and time-consuming to train new employees constantly. Fortunately, seniors are less likely to leave their jobs. In fact, according to the Bureau of Labor Statistics, the median tenure for workers aged 55 and about is ten years. This is compared to just four years for workers aged 25 to 34.
So if you’re looking for employees who will stick around, seniors are a good bet. They will last longer in your company, and are willing to bring your business to a bright future.
More Productive
It’s a common misconception that seniors are less productive than their younger counterparts. However, this isn’t the case. On the contrary, seniors are often more productive than younger employees.
A Center for Ageing Better study found that workers aged 50 and over are just as productive as workers aged 25 to 34. They also found that seniors are likelier than younger workers to say they’re effective at work.
So if you’re looking for employees who will get the job done, seniors are a good choice. They can still be productive despite their age.
Reliability
Seniors are also more reliable than younger employees. They’re less likely to call in sick, and they’re more likely to show up to work on time.
This is because seniors have more experience and know their expectations. They’re also generally more mature than younger employees, so they’re less likely to make careless mistakes.
Lower Training Costs
If you’re worried about the cost of training new employees, seniors can help. Seniors require less training than younger employees, so you’ll save money in the long run.
In addition, seniors are often willing to take on entry-level or lower-paying jobs. This can be a great way to ease the burden on your budget.
Hiring seniors can be a great way to benefit your company. If you want to make your company more attractive to seniors, here are some options.
Offer Senior-related Benefits
As people grow older, so do their assets too. For example, it’s estimated that Americans aged 75 have an average asset of $254,000 compared to $6,300 for those aged 35-44.
This means that seniors have more to lose if they were to retire. A robust asset management program is key to attracting and retaining senior employees. This program can help seniors keep their assets safe and secure, giving them peace of mind and making them more likely to stay with your company.
Flexible Work Arrangements
Seniors often have different priorities than younger employees. For example, they may seek more flexible work arrangements to spend time with their families or pursue other interests.
If you’re willing to offer flexible work arrangements, you’ll be more attractive to seniors. This could include things like part-time work, telecommuting, or flexible hours.
Senior-specific Perks
Seniors also often appreciate different perks than younger employees. For example, they may value health insurance more because of their age. They may also enjoy discounts on things like travel or entertainment.
Other senior-specific perks include discounts on membership fees, unique parking spots, and priority service.
Network With Senior Organizations
If you want to attract seniors to your company, it’s a good idea to network with senior organizations. These organizations can help you connect with potential candidates and learn more about the needs of seniors.
Some examples of senior organizations include the American Association of Retired Persons (AARP), the National Council on the Aging (NCOA), and the Senior Citizens’ Center (SCC).
Seniors are a great benefit to your company. By having the proper knowledge of attracting and keeping them, you are more likely to succeed in having a loyal and productive workforce. Your company can also grow with the wealth of knowledge from such employees.