Workplace expert and author Erica Keswin explains the unique strengths they bring to companies.
Smart leaders are learning that welcoming older workers to their company with open arms is good for people and good for business.
People are living and working longer — many are even “unretiring” — and the numbers tell a fascinating story: by the end of this decade, 45 percent of workers will be 45 and up, and employees older than 75 will make up almost an eighth of the workforce, according to the Bureau of Labor Statistics
These shifting demographics could be a big boon for business. Older workers bring a lot more to the table than meets the eye, and it’s smart to consider tapping into this large and willing population. Let’s take a closer look at how these seasoned members of society can beef up your company’s bottom line.
History and experience
“One of the biggest values older workers can bring to the workplace is to share their history,” says my friend Lindsey Pollak, an expert on the multigenerational workplace. These employees offer a vivid look into life before all the technology younger workers take for granted, not to mention a fresh perspective.
“In my experience, younger workers enjoy these stories and like to hear about when you were in their shoes,” Pollak says.
They also bring the experience of having worked through recessions or periods of high inflation, they’ve made mistakes and know how to avoid them, and often have a deep institutional knowledge of client relationships or company rituals that are invaluable. We know that diversity of thought is good for creativity and teamwork, and hiring older ages is an important way to add a variety of voices to your workforce.
Patience, compassion, and empathy
Susan Cornish, who owns a franchise of the childcare company Jovie in Columbus, Ohio,, raves about her experience hiring older workers, who tend to be more patient and compassionate. As Cornish tells From Day One, “A crying baby or a mischievous toddler won’t rattle someone who has already raised their children as much as it might someone who is 17. They bring life experience lessons that you can’t train for.”
I often say that in today’s workplace “soft” skills are the “hard” ones to master and teach — and they’re a particular strength of older workers. I’m referring to interpersonal skills, the abilities that allow people to collaborate and work well with others, things like: effective communication, resilience, problem solving, and empathy.
According to an assessment last year from professional services firm, Deloitte: “While traditionally referred to as ‘soft skills,’ in reality these capabilities are critical to delivering business value and adapting hard skills as workforce needs change.”
Flexibility
Many industries are facing a significant labor shortage and need to get creative about hiring. Another benefit of older workers is that they often have more flexibility in terms of their schedules. They don’t have to pick up kids after school, and AARP studies have shown that they are more likely to voluntarily seek part-time employment. Also, according to Vantage Aging, more senior workers tend to be more reliable, switch jobs less, show up to work on time, and call in sick less.
If you are lucky (and smart) enough to attract these seasoned employees, you might be wondering how you keep them. According to Heather Tinsley-Fix, senior advisor for financial resilience at AARP, “Research shows people want the same core things across generations.” Translation: They want to be respected and to feel valued. Making sure your team members actually feel that value and respect imbues loyalty.
It’s not rocket science, but it does take intention. I go into how to keep your employees (including your older ones) connected to your company in my book, The Retention Revolution, out Sept. 26. If you want to learn more about how to create a more virtuous cycle in today’s workplace, pre-order here. As you’ll learn in the book, I believe the benefits of a multigenerational workforce goes beyond just being good for employees and the employers they work for — it just might change the world, too.
Erica Keswin is a 2x Wall Street Journal bestselling author, speaker, workplace strategist and professional dot connector. Her new book, The Retention Revolution: 7 Surprising (Yet Very Human) Ways to Keep Your Employees Connected to Your Company (McGraw Hill), comes out Sept 26, 2023.
