5 Key Reasons to Recruit and Retain 50+ Workers
When it comes to supporting growth in the workplace, smart employers know that age should not be a determining factor in the hiring decision. The general surplus of unskilled labor along with a scarcity of certain skills, makes it even more obvious to employers that they need to capitalize on the potential value added by mature workers.
Trends for the 50-and-Older Workforce
Increasingly, leaders in business are beginning to realize that hiring and retaining mature workers would help increase revenue and improve business productivity. As of 2020, there were 300.000 older workers in the Netherlands, between the ages of 65 and 80–a large proportion of the economically active population. The employment rate for this age group went up over time, from 51.8 % in 2009 to 71% in 2020, an increase of 19.2 percentage points. Hence, the Netherlands’s aging working population is expected to provoke substantial changes in the composition of the workforce, offering employers an opportunity to fill the skills gap by attracting underutilized talent pools.
What Are the Benefits of Hiring Older Talent
1. Workplace Diversity, Equity, and Inclusion (DE&I): Building an inclusive workplace culture can improve a company’s reputation and legitimacy with a variety of stakeholders. In the long run, a good reputation enables companies to differentiate themselves and makes it easier for the business to attract and retain talent. Furthermore, studies indicate that greater progress in diversity and inclusion contributes to a higher likelihood of outperformance, effective problem-solving, and decision-making.
2. Higher Practice-Based Work Experience: Older generations who have been at it for a few decades are more proactive, self-assured, and practical. Expertise developed through long practice in a field can help them come up with different methods to deal with problems and offer alternative approaches to projects and provide critical guidance to help ensure economic growth.
3. Developed Skill Sets: Longer working lives give older workers the upper hand in having not only more experience than younger generations in management, marketing, and finance but also a richer understanding of the industry. According to results from a study published by The Center on Aging and Work at Boston College, employers report that older employees have stronger established networks of professional colleagues than younger workers.
4. Internal Coaching: Older workers bring a lot of sheer knowledge and critical thinking to the table. Passing on their experience to younger employees can lead to new business opportunities and cut unproductive training expenses. To bridge the generational gap and leverage collective strengths, reverse mentoring can help older workers keep up and stay relevant.
5. Longer Employee Tenure: Mature workers in control of their work tend to be more loyal to their job and companies than their younger counterparts. The graying generation has an approach grounded in an old-fashioned work ethic, demonstrating in this way higher dependability and attention to quality.
Leading Through Change
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