Businesses are offering hiring incentives, increased compensation, and flexible schedules to attract workers during the labor shortage. They may want to consider whether they are taking full advantage of an often-marginalized, but willing and able, segment of the U.S. labor force.
Older workers make up a significant portion of the labor force. Over 23% of the labor force is older than 54, according to the U.S. Bureau of Labor Statistics.
The U.S. gained 428,000 jobs in April and wages increased.
The labor force participation of older workers decreased at the start of the Pandemic but has rebounded to pre-pandemic levels. According to the BLS, the labor force participation of people over the age of 54 grew from 32% in 2000 to 39% in 2020.
Sales, management, service, transportation, construction, maintenance, and more are some of the occupations that older workers do. They can make a difference in the success of a business. Some of the benefits of employing older workers are listed here.
Older workers have a level of experience and knowledge that can only be gained through time and exposure. It can take a long time to master a craft. Older workers' experience and communication skills are valuable in other places where building a relationship with customers is important. In decision-making and problem-solving processes, experience can be an asset.
Edward Bolognini is the executive director of Re-Serve, a New York City-based organization that specializes in work opportunities for older adults. He says, "You have worked with people for a long time and have settled into how you interact with colleagues, supervisors, customers and clients."
In addition to being inclusive of race, gender, religion, sexual orientation and other personal characteristics, hiring older workers can also help advance the diversity of your business.
Employees of different generations bring a range of views, skills and approaches that can be helpful in solving problems and brainstorming, and may even increase productivity.
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The director of the Second Careers Employment Program at Peninsula Family Service said that older workers are often willing to share their expertise. While assisting older adults in their efforts to reenter the workforce, she says that they become mentors to some of the younger population.
When a younger colleague mentors an older one, it can help both of them. Older workers can connect with younger colleagues. It can help younger employees build confidence and leadership skills. Retention rates for younger employees may be increased by reverse mentoring programs.
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According to the BLS, older workers stay with their employer longer than younger workers. Around 34% of workers from 45 to 54 left their jobs before the two-year mark, compared to 57% of workers from 25 to 34.
Employees who remain at a company for a number of years can gain institutional knowledge and become more effective, all things that benefit their employer. It is important for small businesses that have limited resources for recruiting, hiring and orienting new employees to retain them.
Like their younger counterparts, older workers can be influenced by compensation, benefits, hybrid workplace and job security.
She suggests that employers look at flexibility as far as hours, and that older adults look for good fringe benefits packages.
When you hire older individuals or people who are of a diverse population, you have a better chance of recruiting other people in that category.
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