101: Hiring older employees
According to the U.S. Department of Labor, the number of people in the workforce who are 65 or older is expected to grow by 75% by the year 2050. By way of comparison, that number is expected to grow by 2% for the 25-to-54-year-old age range. There are benefits to hiring older workers and retaining them.
Older workers can save your company money. While some costs, like insurance, might increase, the long-term outlook shows savings. Older team members can start a role and be effective immediately, says Maryalene LaPonsie of U.S. News & World Report. “They also may have advanced critical-thinking skills that can help them make good decisions quickly,” she writes, especially when changes need to be made in the organization. Older workers can serve as mentors to younger workers, adding a beneficial workplace dynamic.
The overqualified mindset is outdated. Tenure is difficult to predict at any age, points out the Society for Human Resource Management (SHRM). It’s wise to steer clear of stereotypes. “Instead of assuming someone is overqualified, ask all applicants, ‘Where does this position fall along your career path?’ This … gives the interviewer a better idea of the candidate’s goals,” advises SHRM.org. They may be moving to a new career field or improving their commute, for example.
Consider creative, flexible schedules to keep older workers on staff. CVS offers a snowbird program where employees in Northern states can temporarily transfer to stores in warmer climates in the winter. “Suzanne Fontaine, 66, a certified pharmacy technician at a CVS in Richmond, R.I., said she would have retired years ago if the company had not let her work the winter months at a CVS in Naples, Fla., where she and her husband have a second home,” writes Steven Greenhouse of The New York Times.
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