Many modern companies dedicate themselves to seeking young workers, but older employees have a lot to offer. Largely underestimated, older workers often have to deal with common misconceptions about their age group, but studies show that hiring older employees has many benefits for both employees and companies.
The most obvious benefit that older employees provide to companies is their experience. Older workers come armed with years of industry knowledge They can provide valuable insight to their younger counterparts, and their years of professional and personal experience give them the ability to speak knowledgeably to customers, vendors and colleagues.
The experience that older employees come with makes them a valuable resource within the work place. They have seen it all: failures and successes, innovations and duds. They've been through a wide variety of on-the-job experiences, so they are able to impart wise words and guidance to younger or more inexperienced co-workers. Young workers may be more enthusiastic and optimistic, while older workers are more realistic and practical. It makes for a great balance within the workforce.
Studies prove that work groups with greater diversity perform better. If every person within a work group is of a similar demographic, they may share too many common viewpoints, potentially robbing the company of unique ideas. People from different backgrounds, including age, gender, race and job history, provide fresher perspectives to problems. This leads to greater team bonding, fewer mistakes, better brainstorming and greater motivation.
One reason many employers shy away from hiring older employees is because they assume older workers are more expensive in terms of salary and benefits. This may not always be the case. Some benefits packages no longer require companies to provide expensive pensions, and older candidates may be willing to accept smaller salaries in exchange for better insurance packages. Additionally, spending a little extra on a more experienced employee may actually save money, as experienced professionals can hit the ground running with little to no additional training.
In today's competitive job market, young workers can be quick to leave a company for a better job opportunity, to return to school, to start a family or to switch career paths. This leads to higher turnover rates and even higher training expenses. Older employees are more likely to be satisfied with their chosen career and thus more settled and stable. By employing more older employees, companies can reduce turnover, saving themselves money in the long run and creating greater stability in their workforce.
Consider how adding experienced, qualified older employees to your workforce can benefit your company. More seasoned workers bring greater business know-how, work experience, loyalty and strong work ethic, while younger employees can offer technological prowess and fresh perspective. For the greatest benefit, make sure your workforce represents diverse age groups.
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