How hiring and retaining older workers can benefit your business

As a new generation comes of age to join the workforce, you cannot ignore the older individuals that are both capable and willing to continue their employment. In fact, the Bureau of Labor Statistics found that by 2024, the labor force will grow to around 164 million people, and 41 million of them will be ages 55 or older. This is no small number, and businesses must understand how to hire, retain and best utilize this maturing workforce.

Engage with retirees and offer flexibility

A lot of the recruitment process has become reliant on technology, but this will not always reach an older audience. One of the best solutions to finding senior employees who have industry experience is to reach out to retirees from your own business, the Harvard Business Review explains.

Many companies are now engaging in "returnships," where they are inviting employees back to work from retirement. Offering flexible hours, and positions that cater to their expertise and acquired knowledge, can appeal to this older generation.

If you are hoping to go through the traditional recruitment process, make sure your hiring team understands age bias and how to avoid it. Keeping open discussions about implicit biases is an important step in increasing diversity and avoiding legal trouble. As the HBR points out, your company can be sued for age discrimination if an older worker is excluded from a position or fired for non-specific reasons.

An older employee can have a diverse skill set from years of practical experience.

Mature employees are excellent for managerial roles

The idea of a specific retirement age is no longer part of standard business practices. People want to – or have to – work longer. As the BLS reports, between 2014-2024 the labor force growth rate for the 75-and-older age group is expected to be about 86%, compared with a 5% increase overall. Understanding which roles are best for this eager segment is important for the longevity of your business.

Older employees are usually the most qualified for managerial, supervisor or mentor roles, according to the HBR. They can use their years of practical experience in their roles and spread their wealth of knowledge. At the same time, younger employees can also teach them about other aspects of the changing work landscape.

This trade-off of knowledge is incredibly beneficial for your business. It can reduce the time and effort it takes to train employees, and creates a well-rounded workforce.

There's no denying that this mature generation is eager to continue working, sharing their skills with others and hopefully learning new things along the way. Making sure your business is prepared to accommodate this change efficiently is crucial for continued success.

And most importantly, make sure you are in compliance with federal and state employee regulations. An attorney for business can be your best resource for navigating employee relations and understanding the law.

Categorised in: Business Law

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