Estimated reading time: 3 minutes
I’ve been seeing some articles lately about the value in hiring, engaging, and retaining older workers. That’s great. Statistically, the U.S. has more job openings than job seekers. Some of this is because there are more people exiting the workforce than entering. The U.S. Chamber of Commerce has a nice overview titled “Understanding America’s Labor Shortage” which goes into the reasons that we’re in this situation.
Because we’re facing a labor shortage, organizations might want to think about how to keep older workers in the workforce longer. Some older workers are open to the idea of retiring later. But – and this is a huge but – organizations have to create workplaces where older workers feel included.
There was an article in a recent issue of HR Magazine talking about the things that older workers are looking for when it comes to work. Here are a few topics mentioned:
Well-designed work. Employees want to understand how their work contributes to the organization’s mission, vision, and values. This is the foundation for employee engagement. When employees can tell their friends or family, “I do ABC and it helps our customers do XYZ.”, they can see how the work they do helps the company and its customers. That means designing jobs that are well-thought out and connect workers to the organization.
Flexible benefits. I’d like to think that organizations realize employee benefits are important. What’s becoming increasingly important is the ability to pick and choose benefits that align with an employee’s lifestyle. Specifically, when it comes to older workers, maybe they have healthcare coverage through Medicare but would like to have dental, vision, and hearing coverages. Creating flexible benefits plans will show employees that the organization cares.
Scheduling flexibility. Speaking of flexibility, if the past few years haven’t taught us anything it’s that employees want flexible work. For older workers, that might include flexible scheduling, reduced hours, job sharing, and a defined phased retirement program. It’s time for organizations to get comfortable with openly talking about exit strategies with employees. Not in a “let’s push someone out the door” kinda way but rather “let’s talk about creating a win for both of us”.
Training. Don’t assume that as people get older, they aren’t interested in learning new skills. For instance, some people might welcome the opportunity to learn a new software. Not only does it help them with their work, but it gives them the confidence to learn other software programs. And the training conversation also can include giving older workers the opportunity to mentor others. A valuable way to share organizational history, etc.
Some of you might be saying, “Hey! This list sounds like things that all employees would like – good jobs, flexible benefits, scheduling flexibility, and training.” And you would be right. That’s what makes this a nice list. Organizations aren’t creating a separate set of programs just for older workers. The goal is to create an employee experience that gives employees what they need when they need it.
It’s worth mentioning that if an organization does create an inclusive employee experience for workers of all ages – everyone will see it and that becomes a retention tool. People can work for an organization that takes care of their employees, regardless of their age.
Image captured by Sharlyn Lauby while exploring the streets of Gainesville, FL
54
Jack Towarnicky says
Thanks Sharlyn:
Per your post: “… the value in hiring, engaging, and retaining older workers. …”
Until various barriers are removed, few HR leaders expect to see substantial change in the employment process with respect to older workers.
See: Aiming at the Wrong Target: What’s Holding Employers Back When It Comes to Older Workers? Benefits Quarterly Fourth Quarter 2023
Carter Rigsby says
It is imperative that an organization have those older workers in the work environment as there is a labor shortage. Having older workers can be advantageous to a company as the knowledge and experience acquired can be useful for those younger employees coming in. It is important however that organizations are making it attractive for those older workers to stay within the company. The article suggested a few ways in which companies can do this. By having flexible scheduling, good benefits, and having the employees feel value will help retain those older workers. Retaining employees are more cost effective as the onboarding process is costly and timely. That is why it is important to retain and keep those older workers so they can train and upskill the younger employees and this can save the company time and resources. HR managers have to make the work environment attractive where they feel included and involved.
Christiaan Janeke says
I agree with you, this is a very nice list. While reading this post, I thought to myself: “These are all things that I would like to see more of in my job!”. I totally agree that all employees should have to opportunity to receive training, not matter how old they are. I also think that many of the older employees who have been a part of said corporation or industry should also have the option not only to learn more, but also to teach. This will not only have these employees more engaged, but also give them a chance to teach the things that they have been doing for many years. This will not only keep the retention rate of the company high, but also share skills and knowledge gained from years of experience with younger employees, thus also increasing their skills and productivity.
I would love to see more organizations implement flexible work schedules and more well-designed work. I really think that most corporations are just complacent with the way things are running and have been run in the past. If it ain’t broke, don’t fix it, right? Well I think that if something can be done better, it should be done better. This will improve employee culture, retention, as well as overall work satisfaction.
jack towarnicky says
Did you read the Chamber survey and the gaps THEY identified:
(1) Lack of access to childcare
(2) Competition from:
(a) New business starts
(b) Digital commerce
(3) An increase in savings – the cash dump by the federal government allowed 23% of women in the survey to cite others in the family making enough money – allowing them to continue sitting out of the labor force.
The Chamber gaps don’t line up with the lists of “nice to have”.
– Well-designed work. Well designed for whom – the organization or the worker? Needs to be both – and too often older workers know what they prefer and many employers cannot legally and/or profitably implement/sustain such a structure.
– Flexible benefits. Need a bunch of code updates and removal of regulatory barriers to allow for employment policies and benefits that meet older worker needs/desires among a diverse workforce of all ages.
– Scheduling flexibility. Digital commerce has it all over 40 hour work weeks in terms of scheduling flexibility. Tough to compete on that basis.
– Training. As median tenure has been less than five years throughout the past seven decades, what is the documented return to the organization on such investments? Training in the current role, and in the next most likely role? Yes, certainly.
– Favorable employee experience that gives employees what they need when they need it. Nothing is GIVEN. Rewards must be earned.
– Make it attractive to stay. No. Retention is the NOT the primary goal. Instead, employers need to gain experienced workers who create a competitive advantage
Looks like the disconnect will continue until someone removes various barriers to enable employers to meet older workers desires/needs and their own business objectives.