Over the next 10 years, it’s anticipated that nearly 76 million Baby Boomers will reach retirement age, and there will be less than 50 million workers to fill the void. A recent study conducted by Strategy One, a marketing research firm, learned Baby Boomers wouldn’t consider themselves “old” until 74. The study, U.S. Boomers Insights and Implication Study, concluded that 78% feel they still have opportunities in life once they reach retirement age. And according to a blog post by Baby Boomer Insights, 80% of boomers plan to continue working well past retirement.
Though employers may feel that it’s essential to focus mainly on fresh faces to ignite new ideas and stir things up, it is important to realize that recruiting, hiring and retaining mature employees can also help your business. Below are four reasons to keep older employees in your workforce.
Experience – Mature workers possess on-the-job experience. They’re detail-oriented, focused and attentive. And these qualities, which have been perfected over time, can trickle down to younger workers, making older workers excellent mentors for younger generations.
Loyal – Employees in the Baby Boomer generation don’t feel the need to job hop or look for better opportunities. They’re socially and economically stable. They know the value of a good employer, and a loyal and dedicated employee is more productive and more likely to stay with the company longer, which reduces turnover costs.
Mature – They’ve been around for awhile, so workplace drama doesn’t rattle them. They have work and life experience and typically know how to handle complicated situations and understand workplace politics. Their maturity can help ground your entire workforce.
Strong Work Ethic – Older employees take pride in their work. Boomers may not burn through deadlines, but you can be sure that they’ll take the time to do their jobs right and put in the extra hours to make sure it’s quality work, resulting in fewer mistakes that can be costly for your company.
Before you start thinking it’s time to throw out the old for the new, remember the attributes maturing employees have to offer, and your business will reap the benefits.