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Age Diversity: The Benefit to the Bottom Line

By Sharon Emek, Ph.D., CIC

Don’t look now, but the workforce is aging. According to the Bureau of Labor Statistics (BLS), 33 million Americans aged 55+ were employed in 2015, and 3.1 million were actively seeking work. Also, 8.4 million were employed compared to just 4.7 million teenagers. BLS also reports that employed workers aged 65 or older had grown by 117% between 1994-2014; employment of workers aged 75 and older increased by the same percentage in the same 20-year span.

It’s a trend that will continue. According to the Society for Human Resource Management (SHRM), 10,000 Baby Boomers turn 65 each day. By 2020, there will be more than 31 million job openings and too few people to fill them, says a Georgetown University report, leaving a shortage of 5 million or more qualified workers.

Yet in the quest to attract younger workers, companies often overlook a huge pool of qualified, highly skilled candidates – these same retirement-aged – or older – workers.

All too often, age diversity is looked upon as a challenge for companies to overcome. Understandably, many managers are unsure how veteran workers will team with millennial workers given the generational differences.

Yet such age diversity can be a huge asset to companies, particularly when it comes to employing and retaining older workers. The veteran worker offers companies a breadth of industry knowledge, a strong work ethic, experience working in teams, and mentorship potential.

Dispelling the Myths

However, misconceptions often get in the way. AARP data reveal that employers are concerned that older workers, among other things, lack an understanding of technology, don’t adjust well to change, and are too focused on retirement.

Myth #1: Older Workers Aren’t Tech-Savvy. Many companies assume that older workers aren’t up on technology. However a 2017 Pew Research report shows that 67 percent of people aged 65 or older use the internet, 34 percent use social media, and 42 percent own a smart phone. Likewise, many veteran workers, who were on the job when their companies first adopted technology, both understand and use current software applications, devices, and various resources that today’s businesses rely on.

Myth #2: Older Workers Don’t Adapt Well to Change. And yet these are the same workers who have demonstrated a career’s worth of adapting to changing workplace environments. The veteran workforce can adapt to change almost better than other workforce demographics given their experience in doing just that.

Myth #3: Older Workers Aren’t Engaged. A SHRM study shows that older workers are show greater job engagement than younger workers. An Aon Hewitt/AARP study found that 65% of workers aged 55 and older are reported to be engaged at work, compared to 58-60% of those under the age of 45. Older workers often come back to the job market post-retirement because they are looking to contribute again.

Myth #4: Older workers are “old.” It’s a common misconception among companies that a veteran worker is just too old. However, employers who have older workers as part of the workforce know differently. Research has shown that people are living younger longer. Plus, companies employing older workers are reaping the benefits. A US Bureau of Labor Statistics report reveals that companies that have developed programs to use older workers give themselves a distinct advantage, including an expanded labor pool.

The Veteran Worker Bonus

There are plenty of other advantages to hiring older workers. Yet with all the misinformation, employers can easily overlook the veteran worker. It’s a sizable misstep: veteran workers bring a wealth of benefits to the workforce, including:

An experienced point of view. Veteran workers have been there. They’ve had to solve the very problems your company may be facing. They’ve also worked through complex issues and developed sound processes that have brought results for their former employers.

Reliability. According to data generated by the Max Planck Institute for Social Law and Social Policy, older people are more focused, less distracted, and more able to concentrate on the job they’re performing.

A strong work ethic. A report by the Sloan Center on Aging & Work at Boston College reveals that people working past retirement age are more engaged and satisfied with their jobs. What are older workers looking for? According to the same report, “job challenge and learning” opportunities are their top sources of job satisfaction.

Deep knowledge/subject matter expertise. Imagine being able to hire an employee who has 20 years or more of experience in the very job you’re trying to fill. Many veteran employees have the education, certifications, and on-the-job training you won’t find in employees even 10-15 years younger. These are workers who have proven themselves.

Built-in mentorship potential. These are also people who have plenty to teach their colleagues. And companies that hire veteran workers, even in remote positions, are benefitting from these workers passing on vast amounts of knowledge to their younger colleagues, thus keeping that knowledge from walking out the door.

The Synergy

That mentoring can help younger workers become much more equipped to do business. Veteran workers can teach the younger generations the soft skills that are typically acquired through experience – how to build and nurture business relationships; how to work with a team focus; potential mistakes and how to avoid them, and; how to engage others in problem-solving.

Likewise, younger workers have plenty to teach their older colleagues. Younger workers, who are typically more technically inclined, can share new programs and methods they’ve discovered. Younger workers can also bring new ideas to the brainstorming sessions, and can adapt to change faster, which can inspire veteran workers to view things through a new lens.

One thing both older and younger workers share is the desire for remote work. In fact, according to a FlexJobs and Global Workplace Analytics report, 85 percent of millennial employees want to telecommute 100 percent of their workday. It’s a wish many of their older colleagues have already cashed in on: that same report reveals that employees who are 65 or older 70 percent more likely to telecommute as the average worker. Workers aged 55 to 64 are 20 percent more likely.

Benefits to the Business

Whether working inhouse or remotely, veteran workers who are retirement age or older afford your company has access to a larger, more skilled talent pool. And by adding a remote working arrangement to the mix, you can expand your talent search to the national level, which can help your company find the right-fit skills needed to improve productivity.

Also, veteran workers often require little or no training to get up and running. Many have worked on the very systems your company uses, and they understand workplace behavior and company policies. If a veteran worker needs training, chances are it will be a minimum amount.

Then there’s the cost. In many cases, older workers re-entering the job market are actually more affordable than their younger counterparts. Healthcare costs in particular are often less expensive with older workers because they don’t have young dependents at home. Plus, if older workers are hired in a work-from-home position, they’re more willing to work for less pay and few, if any, benefits.

The bottom line: your company benefits. More importantly, creating an age-diverse workforce can vastly improve the knowledge, skills, and productivity of your employees. By embracing and integrating a veteran workforce with younger workers who bring new methods and ideas to the table, you can create an unstoppable team that can bring a more comprehensive approach to your business.

About the author

Sharon Emek, Ph.D., CIC, is founder and CEO of Work At Home Vintage Experts (WAHVE).  WAHVE is an innovative contract talent platform that specializes in matching retiring, experienced and knowledgeable professionals with a company’s talent requirements. WAHVE bridges the gap between an employer’s staffing needs and seasoned retiring professionals extending their career working from home. Our screening and placement process provide a complete and effective solution to talent qualifying, hiring, and HR administration.

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