Sweden, New Zealand, Australia, and other high-performing economies are known for being open to older employees. And they have plenty of good reasons for their inclusive policies. As we age, we gain valuable knowledge and wisdom – attributes that can help drive a company to success. So, while hiring and retaining older workers might not seem like the most glamorous option, it’s a smart move that can deliver an abundance of attractive benefits.
If you want to develop the level of diversity in the workplace Australia and other successful nations are known for, it helps to understand how doing so will benefit your company. To that end, here are seven advantages of hiring and retaining older talent:
1. A wealth of experience
Older workers generally come armed with years of experience in their field. They’ve seen it all, they’ve done it all, and they have the expertise to prove it. Older employees usually know how to handle difficult situations and can guide younger workers through even the most unusual of challenges because they’ve been through it all before. With such breadth and depth of experience, your senior employees can save you a huge amount of money on training and onboarding costs.
2. Unbeatable work ethic
While everyone is unique, older workers tend to have a strong work ethic and old-school values that will prove highly advantageous for your company. They’re known for being reliable, punctual, and more committed to their work than their younger colleagues. Older employees know the value of hard work and aren’t afraid to put in the time and effort it takes to get a job done beautifully.
3. Advanced problem-solving skills
Armed with the wealth of knowledge and experience we mentioned earlier, older workers are often brilliant at solving complex problems. They’re able to see beyond distracting details and assess the big picture. In addition to this ability to think critically, they’re often more patient and methodical in their approach to problem-solving, which can lead to more effective solutions that stand the test of time.
4. Brilliant mentors
Older workers are natural mentors and are often happy to guide younger workers and provide valuable advice and support. You can take full advantage of this fact by establishing a mentoring program in your company. This serves the dual purpose of supporting younger team members while ensuring older workers feel valued and engaged at work. You can look forward to higher job satisfaction and retention rates all around.
5. Well-developed communication skills
Talented senior staff members often have well-honed communication skills. To succeed in their decades-long career, they’ve had to learn how to communicate effectively with clients, colleagues, and management. The right senior employee for the job should also be able to share complex ideas in ways that are easy for others to understand.
6. Loyalty and a lack of interest in job-hopping
Research has shown that older workers are more loyal, less likely to job-hop, and more committed to their work and their company. This loyalty can help you maintain strong retention rates, saving your company a bundle on recruitment and training costs.
7. Improved workplace diversity
Older workers add an extra dimension of diversity to your workplace – a quality that has been proven to deliver an abundance of benefits. Teams composed of people with different backgrounds, experiences, and perspectives tend to come up with more innovative solutions and ideas. So you’ll be better equipped to serve a diverse customer base.
Value and invest in senior team members, and you can look forward to cost savings, increased innovation, and many other benefits. So, don’t overlook the older applicants the next time you’re hiring.