Advantages of employing and retaining older workers
Key benefits that employing and retaining older workers can bring to businesses.
There is a wide range of advantages that employing older workers can bring to your business, especially when you have a mix of different ages across your workforce.
Age-diversity benefits
Age diversity can bring many benefits to your business. Employers can reap the benefits of experience and loyalty that older workers can bring. There may also be broader advantages for others within the workplace.
Working in an age-diverse team brings benefits, including fresh perspectives, knowledge-sharing, and improved problem-solving. Where there is an age-diverse workforce, businesses have seen advantages including:
- increased productivity
- skills diversity
- better inclusiveness
- opportunities for mentorships
- improved staff retention
Benefits of employing older workers
Employing older workers can bring the following advantages to your business:
Experience and knowledge
Older workers bring life experience as well as accumulated knowledge from many years of working. You can tap into these strengths to help overcome workplace challenges and identify business opportunities.
New ideas and opportunities
If you are developing new ideas or searching for new business opportunities, an age-diverse workforce can prove helpful in weighing up the potential risks and benefits. Such foresight can help suggest new ideas or efficient ways of doing things.
Focused workers
Older workers are likely to analyse business tasks from a measured or calculated point of view rather than from an emotional one. This, in turn, can lead to fewer mistakes.
Problem-solving
Older workers with their experience, maturity, and often calming influence can help solve problems that may arise in the workplace, whether they are difficult business decisions or workplace conflict.
Positive role models
Older workers can be a positive influence on younger or less experienced workers. They often perform well in training or mentoring roles.
Resilience
Older workers are likely to have experienced difficult times throughout their working life, and so are often resilient when faced with a business challenge.
Commitment
On average, older workers report higher job satisfaction and are less likely to switch jobs. A reduction in staff turnover can create stability in the workforce and is more cost-effective than recruiting and retraining new staff. See control staff turnover.
Adaptability
Older workers are likely to have experienced frequent changes during their working careers, so they often adapt well to the need for new skills and changing technology.
Responsibility
Older workers are inclined to take on roles that require a level of responsibility, such as management positions, and are often willing to accept accountability if things go wrong.
Customer service
Older workers usually place value on customer service, which can help you similarly maintain a focus on providing quality service.
Consider the challenges too
Despite the many advantages, there are some possible challenges for employers managing older workers, as with staff of any age. See ageing workforce: challenges for staff and employers.