For many of us, “older workers” is synonymous with “ready for retirement.” But with individuals aged 65 and older making up the fastest-growing segment of the US workforce, older workers have become a valuable and often overlooked source of talent. While older workers vastly eclipse their younger counterparts in experience and institutional knowledge, they often face age-related discrimination and everyday hurdles within the workplace.
Aging Into Talent
Many adults who are old enough to receive full Social Security benefits are choosing to continue working past this age. While financial necessity is a highly-cited reason, these employees have also indicated that continuing their work adds purpose to their lives, allowing them to stay active and continue using the skills they’ve built up over decades. Tellingly, around 91% of employees in this age group feel satisfied with their jobs.
Older workers make for happy, dedicated employees, but that’s not all that makes hiring and retention a smart business strategy. Not only do these workers perform as well as—or better than—younger employees, they combine their unique skills and expertise with a willingness to mentor the next generation.
For institutions with large amounts of undocumented institutional knowledge, tenured workers are even more crucial. Approximately 65% of older workers have been with their current organization for over ten years. By putting in the time, these employees have become a repository of all the institutional knowledge that resists documentation, from client preferences to nuanced market trends. These employees—and the knowledge they hold—may be doing more for their organizations’ operations and stability than their employers realize.
Encouraging Retention
Older workers thrive in organizations that support and engage with them, which can in turn positively impact the overall culture in the workplace. There are some simple, but effective ways to accomplish this:
- Work with them. Offering part-time or phased retirement options can help older workers find a work-life balance that benefits your organization as well. Support for health needs through flexible benefits or wellness programs is another great way to reciprocate these employees’ dedication.
- Invest in training. Many younger workers believe that their older counterparts are unwilling, or unable, to learn new skills. The truth is that 81% of older workers feel confident learning new technologies. All they need is proper support and training methods that appeal across generations. Reverse-mentoring programs, in which a younger employee mentors their older counterparts, can have rewarding effects on both age groups.
- Gather specialized knowledge. One of the things that makes older workers so valuable is the insights and experiences they bring to the table. Encourage mentorships and establish ways for these tenured employees to document the institutional knowledge they’ve cultivated.
Attracting Experience
Though most older workers expressed a sense of loyalty towards their current organization, there are still plenty of candidates that fall in this age range. Here are some key strategies for recruiting more experienced talent:
- Develop inclusive job postings that avoid age-biased language, and consider whether specific degrees or tech certifications are firmly necessary.
- Offer flexible work options, such as part-time or phased retirement programs.
- Train hiring managers on age bias, encouraging them to prioritize ability and motivation in their evaluations.
- Partner with AARP, veteran organizations, and similar senior networks to develop targeted outreach programs.
- Provide structured reentry opportunities for retirees or other similar groups.
- Celebrate and highlight the age diversity within your organization.
