The Great Resignation phenomenon has accelerated the pace of talent hunting for almost every company around the globe. Even though the Employment Act of 1967 prohibits age discrimination, it is not a surprise that companies favor younger candidates. It is a sign of short-sightedness. Nearly one in four Americans will be older than age 50 by 2025. it means that approximately 23% of the population will be 50 or older during the next decade. Therefore, it’s essential for organizations to factor in the long-term implications of hiring older workers.
Hiring an older worker has multiple benefits. More senior employees offer advanced work experience and maturity from a talent perspective. On the other hand, older workers also present unique challenges in hiring. Therefore, it’s essential to understand potential risks while exploring ways to mitigate them. Let’s dive into the advantage of the company for hiring older workers.
Hiring older workers can improve the productivity of a team. Researchers have found that employees over 50 are more engaged at work. This age group has been found to be twice as active compared to younger workers. The reasons for this are multifold. First, older workers are likely to have a wealth of experience under their belts. This has been found to increase job satisfaction and a person’s ability to find satisfaction in their work. Second, older workers are more likely to have family and life responsibilities that may benefit from their attention.
Lower turnover rate
It’s essential to remember that older workers are less likely to leave the organization. In fact, over the age of 50, voluntary turnover drops by nearly half. An aging workforce also has a positive impact on retention. This is because older workers are less likely to quit their current job. The rate of voluntarily leaving a job drops by 57% for workers between 50 and 64 years old. Organizations that can hire older workers successfully may also see a decrease in recruitment expenses.
More experienced and expertise
Studies have found that older workers consistently outperform younger workers. Because older workers have been in the industry for a more extended period, they will likely have more experience and expertise. For example, workers over 50 are more likely to have a decade of experience. In addition to this, they’re also more likely to have a higher level of expertise.
The Bottom Line
The leading reason organizations should consider the benefits of hiring older workers is their experience and expertise. While these individuals may come with their fair share of challenges, they can also impact the organization. Older workers may have a wealth of experience under their belts and be more focused on their job. They can offer an insightful perspective that younger employees don’t have. In addition to this, these individuals may have a wealth of expertise and experience that can make an organization better. Companies that can successfully hire older workers can improve their talent management strategies. More senior employees can offer a wealth of expertise and experience that can make an organization better. Moreover, these employees can also help bridge the age gap between employees and help improve the retention rate of talent.
Scaleup365 provides a platform for old workers and companies to bridge the age gap in the workforce. It is a win-win situation for companies to recruit older workers. Check out the features of this platform to get hired or hire quality candidates in diverse fields.