A Labor Department data analysis by TLR Analytics shows that about half of the 2.9 million jobs gained in 2018 went to employees aged 55 and over, according to thejobnetwork.com. Hiring young employees can be tempting when you are setting up a new business. After all, what you want most is new ideas, energetic team, and risk-takers. However, by targeting young staff, startups miss a different talent they cannot teach or replace. Thriving in a competitive industry requires years of experience in management and customer service. For this reason, you should hire and retain older employees in your company.
1. Creating Employment for Retirees Promotes Loyalty
If you are looking for employee retention, then consider hiring seniors. Older people are less likely to move from one company to another because, for them, stability is of great importance. Since they know what they want and feel satisfied with their work, they tend to stay longer compared to young employees. For an employer, this is good news because the cost of replacing an employee is higher than retaining them.
2. Retirees are Passionate about Working
Besides years of experience and knowledge, older employees have a strong desire to work. Whether they are seeking job opportunities to cater for senior living or learn new skills, retirees commit their time and energy to provide high-quality work. In addition, retired people look forward to arriving at work on time every day, focus on maintaining integrity at the workplace, and find pride in appealing performance. When you employ older workers, you bring essential qualities your business needs to thrive in the competitive market.
3. Older Employees are Good Mentors
Retirees may not be tech-savvy like the young generation, but they have a robust experience. Whether its productivity or customer service, older employees have the knowledge and skills they can pass down to young workers, which is an advantage for the entire team. Older workers make excellent mentors for various reasons besides years of experience.
They volunteer to offer mentorship programs, set goals, and strive to establish long-term relationships with novices and guide them in becoming successful. With this in mind, providing jobs for older workers means mentoring the younger labour force to become more productive, knowledgeable, and confident.
Older employees add value to your company by providing experience, mentorship, loyalty, and knowledge. Their desire to work and deliver excellent results increases productivity, which can result in significant profits. Creating employment for retired people can help move your startup to the next level.