Since older workers are nearing retirement, there will be an increase in younger workers in the years to come. According to CNBC, millennial and Gen Z workers will have the biggest impact on the future national workforce. That’s one reason we’re seeing new articles about motivating younger employees. They have different reasons for working than the older generation, and thus it’s important to understand those reasons to keep them as employees.
However, just because the focus is on the young, that doesn’t mean that employers can disregard the older generation. In fact, hiring more experienced talent has certain advantages over hiring younger candidates. Here are five reasons why entrepreneurs should consider hiring older workers.
Reason 1: They have more experience.
The main advantage older workers enjoy over newer or younger employees is their experience level, which offers additional perspective and skills that cannot be taught.
For example, let’s say you have two applicants for a chief marketing officer position. One of them is younger and a recent graduate while the other is an older, more experienced worker. Make it a point to compare each chief marketing officer resume. While the fresh graduate is younger, energetic, and has more ideas, the older one likely has more real-life, proven experience. That will give you the assurance that in any situation, especially a negative one, the older applicant will not freeze up or be rattled. They’ll be decisive and know what to do right away. That alone makes older applicants very valuable.
Reason 2: They require less training.
You should never stop training employees. After all, it’s your company. Your employees should learn to do processes in ways that you prefer. Whether they are young or old, training is a must. The new, fresh graduates will need a lot of time being trained, especially if they are on their first job.
However, since older workers have been around and have more experience, they will require less training. You will save up resources by not having to train the more mature employees. They already know what is expected of them based on their previous work experiences.
Reason 3: They can act as mentors to the younger generation.
One way to give younger employees experience is to put them in situations where they have to lead. Doing that, however, may lead to situations where problems arise and the employee doesn’t know what to do. And that may lead to your clients having a negative view of your company. The worst possible thing that could happen is you have a PR nightmare on your hands!
A safer thing you can do instead is to pair up one of your younger employees with an older employee. Older workers have the skills and experiences that they can pass on to the younger generations. Making the older, more mature workers mentors can foster stronger relationships among your workers. That will give you a happier and more productive work environment.
Reason 4: They are more likely to be loyal and stick around.
According to Gallup, 21 percent of millennials said they changed jobs in the last year. That’s over three times the number of older workers who say the same thing. Furthermore, millennials show less willingness to stay in their current jobs. As mentioned above, the younger generation is seeking different things from work than their older counterparts.
Older employees, on the other hand, have higher levels of satisfaction in their work. Many older workers simply enjoy working and get pleasure from their jobs. Older employees will also have fewer things to think about. For example, since they are older, we can assume that their children are already adults. They also value job security more which is why they are more likely to stay around.
Reason 5: You will be helping them out.
Because of the recent COVID-19 pandemic, a lot of workers lost their jobs. According to the Congressional Research Service, “the unemployment rate reached 14.8% last April 2020 – the highest rate observed since data collection began in 1948. In April 2021, unemployment remained higher (6.1%) than it had been in February 2020 (3.5%).” Further, reports show that older workers are being pushed out of the job market.
So if you have a business that is thriving right now, you can help your business grow by hiring older workers who have lost their jobs and need financial security. Hire an experienced marketing consultant. Or sign on with an older gym instructor as a personal trainer. You’ll be able to give them work, and you’ll get diligent workers who bring a lot to the table. It’s a win-win situation.
Strive for a balance in your company.
Of course, these five reasons for you to hire older workers don’t necessarily mean you should only hire older workers. Look for a good mix of skilled talent from a mix of generations. Diversity in worker age brings new perspectives to the table. Let them learn from each other. Finding the proper balance can only be a good thing for your company. And above all, pay attention to who you’re hiring. Make sure they’re a good fit for your company so your hard work and efforts are not wasted.