We have been a youth-centric society for decades. We search for younger staff, hire younger team members, and force retirement for those who are “getting up there.” I get it; older sometimes means more expensive, and, in some cases, they can be out of touch with technology and cultural changes. But they bring a wealth of other benefits. Remember the movie The Intern where Robert De Niro plays 70-year-old widower Ben Whittaker? At first, everyone wrote him off. But his life and business experience soon made him indispensable to everyone including the young E-commerce founder and CEO played by Anne Hathaway. Organizations that ignore the older generation in the next twenty years will be making a very BIG mistake. This does not mean ignoring hiring younger. Rather, it means you will need to hire both younger and older. Here are eight reasons why you should start paying more attention to recruiting and retaining older staff.
1. The U.S. population is collapsing.
10,000 people in the U.S. are turning 65 every day. One in five will be 65 years or older by 2030. In other words, our country is “getting up there.” According to author Derek Thompson (The Atlantic), “Since 2011, annual birthrates have declined by 400,000.” People are having fewer children, people are living longer, and immigration is changing. Simple summary – if you are a leader, you will have far less younger people to hire in the next 20 years but more older folks.
2. Older Americans have extraordinary skills that take decades to acquire.
Many have over 40 years of experience and education. Several of our consultants here at The Center Consulting Group are in the second chapter of their lives. They retired from one position but are launching a new chapter, and they are AWESOME! They are in high demand by our clients because of their age and the experience they have acquired, rather than in spite of it. Underestimate them at your peril!
3. The old arguments for why not to hire them are fading fast.
I often hear, “Well, how long is a 65-year-old going to stay around before they bail on me?” But you can ask the same thing about a 30-year-old. According to the Bureau of Labor Statistics, the average tenure of a Boomer is about 10 years while the average for a millennial is less than three years. A few other concerns I hear are, “Will they be open to not being in charge?”, “Can they be flexible?”, “Won’t they expect too much money?”, or “Are they just coasting and costing us too much?” These are fair questions for EVERY person you hire, both younger and older. And more than age, it all comes down to good screening and accurate performance assessment and feedback.
4. Many older Americans are looking for meaning more than just money.
While some people settle into retirement just fine, plenty do not have any desire to stop. They have decades still ahead of them. They want some free time but not boredom. And they want to be of value – to have a purpose. This results in a very motivated demographic. I know a 75-year-old who is leading a large nonprofit. She is planning her NEXT CHAPTER! And it isn’t on a golf course. I know a woman in her late 70s, and she is still going to work every morning for a few hours. I know a former business owner who is as energized now in his new role of consulting as he was when he was 30 and helping to start a business.
5. Their life may be a bit more settled.
Look, no demographic is permanently settled. People change jobs and move around for a lot of different reasons. For example, having children and raising a family, relocating due to a spouse’s career, or even taking a promotion or position at a different organization. But some of these causes are lessened as people get older. While they may want flexibility for health reasons, caring for an aging parent, or wanting to see their grandkids, such flexibility is different than a complete job transition. This means they may be less likely to leave your organization.
6. More of our aging population will need some supplemental income.
Research from Edward Jones notes the average retirement savings for those ages 65-74 is $426,070, but the average American believes they will need $1,250,000. This gap along with inflation, rapid growth in medical costs, and market fluctuations can produce anxiety in aging Americans, causing some to re-enter the workforce. One of the top three fears of many people in their 60s and 70s is finances. And this can result in a very motivated worker.
7. Diversity is better.
We have laws against age discrimination, and there is little to gain and a lot to lose from not having such diversity. Having a diversity of ages gives your organization a better equilibrium of new talent, maturity, innovation, stability, and each group helping to sharpen one another. Such a diverse workforce can help each group to learn from one another not only about the job but also about life in general. Here at The Center Consulting Group, the sharpening that takes place by having a healthy mix of ages makes us far better than if we were a homogeneous group.
8. They may not need as many benefits as well as full-time work.
For some, once they reach their 60s, they may not want or need the highest salary, the comprehensive benefits package, or even full-time hours. As an employer, you can create a win-win with them where you provide some flexibility in exchange for them not expecting all of the perks they once had in their previous careers. And remember, health insurance and other benefits can add up to a third of a full-time salary! Disclaimer: check with your Human Resource advisor to ensure you are following appropriate employment laws.
Consider Warren Buffet. He is 92, eats a lot of burgers, drinks five cans of Coke every day, and is quirky. Yet he still runs Berkshire Hathaway and is worth $100 billion!
Contact us to learn how our experienced consultants can help you to create a culture that welcomes diversity.
Additionally, if you are between the ages of 50 and 70 and are beginning to determine what will energize you in the next stage of your life, join us on Thursday, March 23 from 6-9pm for The Next Step workshop which will start you on the path to a successful life transition process. Learn more here.
Jay Desko is the President & CEO of The Center Consulting Group and brings experience in the areas of organizational assessment, leadership coaching, decision-making, and strategic questioning. Jay’s degrees include an M.Ed. in Instructional Systems Design from Pennsylvania State University and a Ph.D. in Organizational Behavior and Leadership from The Union Institute.
