Don't Undervalue Older Workers

Competitive Advantage

Every smart leader today understands the value of a highly trained and skilled workforce that can deliver a significant competitive advantage to the organisation. Many traditional organisations too often focus only on younger workers, not understanding that the value mature workers bring is more important than ever.

Mature workers bring experience, industry and company-specific knowledge, as well as a highly developed professional network. They can be among the workforce’s most experienced, skilful and reliable contributors. However, many leaders don’t truly appreciate older workers’ value and, without intending to, may even create incentives for them to leave.

Organisations that understand the benefits mature workers can offer the workforce, and develop and implement programs and policies that meet their unique interests and needs, can enjoy a significant competitive advantage over those that do not.

Retain and Develop

Some industries that employ a large number of technical workers or technicians are looking at up to 50 percent or more of their technical workforce retiring in the next five to 10 years. These individuals have gained their deep knowledge of the company’s key equipment and technologies during their career. For example, in the telecom industry, retired technicians often have to be pulled out of retirement to work as contractors or teachers because they were the only ones who understood how to work important legacy equipment.

Retaining experienced staff can help circumvent massive retirements, avoiding a potential leadership crisis that would otherwise occur as significant portions of the workforce retire simultaneously. Employers also will have fewer unfilled positions and continued access to key institutional knowledge. And there is no need to invest to hire and train new workers, all of which adds up to a significant competitive advantage for companies savvy enough to take the time to understand what is important to this workforce demographic.

For instance, mature workers bring different viewpoints and interests to the workforce. They may not face the same large financial obligations as younger workers do with mortgages and families to support. Many mature workers also say that they want to do something meaningful and that they want to enjoy social relationships in the workplace. With this in mind, it is important to make sure mature workers are in the right positions to use their unique strengths, skills and talent.

Mentors and Teachers

Companies also might consider transitioning mature workers into teaching roles, which benefit both employee and employer. Employees who serve as trainers, coaches or mentors may feel the company recognises the importance of their contribution to the organisation. Coaching and mentoring also can offer the employee more scheduling flexibility and a more relaxed environment where there is less stress and responsibility. At the same time, the organisation can maintain its access to the mature workers’ knowledge and experience.