For years as employees approached 60 years old, they started thinking about retirement. Many worked for the same company for 25+ years. Many had and continue to have excellent benefits.
Mostly, this thinking is gone due to COVID – a massive workforce disrupter – and age expectancy increases.
According to the US Bureau of Labor Statistics, in June of 2022:
- There were 10.7 million job openings
- 2 million people quit their jobs and
- 3 million were laid off or separated from their company
In the past, employers gravitated toward lower-earning, younger workers. Today, they look at all workers, including those 60+ years old, as viable workforce candidates. Learn more about what this workforce brings to the table.
Bargain Benefits for Older Employees
- Lower turnover rates.
The average length of service at one company for workers over 50 years old is ten years compared to those under 50, who only work 3.5 years at the same company.
- Higher customer satisfaction.
Lower turnover generally means higher customer satisfaction rates.
- Diverse perspective.
Employers focus on Diversity, Equity, and Inclusion (DEI) initiatives that should also include hiring and retaining older workers. Remember, 34% of the US population is over 50 years old.
In addition, their benefits are the ability to remain physically and mentally active, support themselves financially, and stay more socially engaged.
What Older Workers are Looking For
The over-50-year-old workforce is looking for:
- Flexible schedules, which means full-time, part-time, or seasonal work.
If your organization has that agility, the better off you will be.
- Work from home or hybrid situation.
Some workers like the ability to work from home because they may need to tend to the needs of their parents and grandchildren. Or they like the interaction of going to work but don’t want or need it five days a week.
- Competitive wages with incremental wage increases.
If someone has 20+ years of customer care experience, you should pay them at that experience level.
- The opportunity to mentor others.
- A priority on wellness and balance classes.
If your business offers an Employee Assistance Program, you want to ensure it has the latest offerings, including yoga, tai chi, balance, and meditation classes. Many programs are offered onsite or virtually. If your employees are 65+ and enrolled in Medicare, they can take advantage of in-person and virtual Silver Sneakers.
- Being appreciated! This is true for every generation, but especially for the Baby Boomer and Mature generations.
SACS Consulting and Investigative Services is an HR Resource
Let us help you put proper procedures, policies, and training together to ensure you find all the right employees for your organization. Please get in touch with us at 330.255.1101 today for a free consultation.