In recent years, 20-somethings with business plans and VCs’ checks have gotten all the attention. It’s time to shift the focus to a forgotten generation of older workers.
Career
Age Diversity
Training
Retention Strategies
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Retaining and Utilizing Older Workers in the Workforce
Companies may struggle to fill positions at all skill levels if they do not employ and retain older workers.
Labor force participation by those over 55 will need to increase by about 25% to maintain current employment-to-population ratios.
Older workers receive about one-third of the formal training that younger workers receive.
Companies should rethink training and offer it to workers of all ages, as technology skills have a short shelf life.
Alternative arrangements, such as part-time permanent work and job sharing, can help retain older workers.
Some companies have recognized the need to retain older workers and have implemented strategies to do so.
Days Inn found that older workers on the front line had higher retention rates and brought in more sales.
Microsoft has supported training programs for older workers to free up younger workers with more advanced IT skills.
Assigning senior executives to foreign offices can retain valuable employees and preserve institutional memory.
Companies should be creative and insightful in retaining valuable workers of all ages.