Apparently, far too much. Today’s companies, looking to fill an ever-growing list of open positions (31 million by 2020, according to Georgetown University), are turning to millennials. Attracting the younger workers has become the focus of companies as they try tapping into the energy and enthusiasm of the generation they’re trying to sell to in many cases.
While having young, eager employees may be good in the short term, it also poses some unexpected issues. As more and more Baby Boomers head for retirement (the Bureau of Labor Statistics estimates 10,000 turning 65 each day), companies are losing a key component to their success – knowledge. Many retiring professionals have amassed a career’s worth of knowledge that younger generations simply don’t have yet.
In a perfect world, keeping the knowledge within the company while grooming a new generation to take their places would be ideal.
Luckily, that ideal just became a little easier to achieve.
We at WAHVE started our entire business on the idea that combining the knowledge and skills of the retiring and retired workers with the fresh perspectives of the younger generation is a winning combination. And that’s proven: statistics show that companies that employ an age-diverse workforce have higher productivity, a wealth of new ideas, and a wide knowledge base.
Finding the veteran workers is easier than one might think. The BLS says that the number of workers aged 65 and older who are still on the job grew 117% between 1994-2014. As people live longer, they want to remain engaged and on the job. And even more of them are willing to do so in a remote work arrangement.
Here are some of the advantages of employing retiring workers to complement a workforce that includes millennial workers:
Better work habits. Older workers are reliable – Max Planck Institute for Social Law and Social Policy data show that older workers are more focused, less distracted, and can concentrate better on the job they’re performing. Also, a Shift: The Commission on Work, Workers, and Technology report found that older workers value doing what they enjoy. Companies hiring older workers get a high level of commitment because older workers are choosing jobs they want.
Lower turnover. Older workers stay on the job. They’ve amassed the skills and have built areas of expertise within their positions. When workers are employed in a work-at-home position, they stay on the job longer, miss fewer days, and deliver a higher level of productivity than in-house staff.
Mentoring potential. Veteran workers have plenty to share with their colleagues. Companies that hire veteran workers, even in remote working arrangements, are benefitting from the knowledge that is passed from older worker to younger staff. In the same way, younger employees can teach their older colleagues plenty. They can share their deeper knowledge of technology, programs, and methods, and can bring new perspective to brainstorming and team efforts.
Hiring retiring (we call them “pretirees”) or retired workers is now even easier. WAHVE is an innovative contract talent platform that matches these veteran workers with a company’s needs. Companies get the right skills and experience, and workers get a work-from-home extension of their careers. And with access to a national pool of talent, the benefits get even better.
Is today the day you take that step to boost your team’s performance and knowledge? Contact WAHVE (LINK) today.
Retiring or retired and looking for your next opportunity? WAHVE is looking for experienced workers in the accounting, insurance, and human resources industries. Let’s talk.