According to studies, 25 percent of the workforce in most
companies around the world will be 55 years old and up. The challenge for
businesses is not the fact that many of their employees are getting closer to
retirement age. As you may know, a huge percentage of millennial workers are
just a call away. The bigger challenge for business leaders is how they will be
able to realign their workforce and hiring strategies to meet the demands of a
modern business environment.
With the right preparation, you will be able to take
advantage of this situation. Here’s what you should do:
1. Have an exit plan for older workers.
You need to know what to do with employees who are nearing
retirement but are just not ready to quit. Phased retirement plans are a good
solution to this. With this program, your older employees will gradually have
reduced work hours. This is beneficial for both the employee and the company,
especially if the worker is among the top performers in the organization.
2. Consider flextime scheduling.
As people grow older, they naturally develop more desire to
be with their family more. They also tend to enjoy their hobbies, or simply
take more time to relax. By providing a flextime schedule, you will prevent
absenteeism, and also increase job satisfaction and employee retention.
3. Give equal treatment to everyone.
It is important for you to not think of age when dealing
with your employees. Although it is true that having older employees around
means taking the risk of paying higher healthcare costs, you shouldn’t use this
as a reason to get rid of those who have stayed with you through thick and thin
and have helped you reach business success. After all, doing business is not
only about making money, but also making good relationships with people.
4. Being young does not always mean being productive.
Yes, there are now so many younger, more enthusiastic, and
more talented workers who can easily replace your ageing employees. This
doesn’t always mean, however, that they will be more productive than your older
employees. Keep in mind that younger workers are more easily distracted, and
according to studies, younger people are more likely to jump from one job to
another. In short, the availability of younger employees should not in any way
become your basis for getting rid of the older and more reliable ones.
5. Find ways to develop your workforce.
The biggest advantage of younger workers is that they are
the experts in technology, particularly. If this is the case, then it makes
sense to offer your older employees some sort of training on how to utilize
modern office equipment, tools, software, and so on. Executive coaching specialists always emphasize the need for
employee training and development as part of building a successful business.
