Retaining Senior Workers with Millennials

Does your small business rely on employees age 55 or even 65 and up? A growing number of workplaces do, as more and more Americans are working longer. According to Gallup, just 26 percent of Americans expect to retire before age 65. Attracting and retaining older workers offers many benefits for your workplace. According to HR Magazine, companies that have won the AARP 2013 Best Employers for Workers Over 50 award say older workers are more loyal than other age groups; are more likely to be satisfied with their jobs; have a strong work ethic; have lower absenteeism rates than younger workers; and bring years of experience and critical thinking ability to their jobs. How can you attract senior workers—and keep those you already have happy on the job? Offer benefits In a 2012 AARP and SHRM survey, almost 80 percent of workers age 50 and up say their main reason for seeking employment is money or health insurance. After the recession decimated their retirement savings, many seniors are working out of financial need. While it’s often believed that seniors cost companies more in terms of health insurance, the results of the AARP award show that the most expensive employees are actually those in their child-rearing years, who have spouses and children on their insurance plans. How does your benefits package compare? Find out on Glassdoor. Get the generations working together   Integrating different generations into a work force can be challenging. If your workplace includes multiple generations, make sure that all—including seniors—are treated with respect. Provide opportunities such as mentoring and cross-training. For example, you could have younger employees mentor older ones in using new technologies, while older employees mentor younger ones in industry expertise. For more on this, check out How To Manage Multi Generational Workforces. Accommodate seniors’ special needs While seniors may have more skills than 20-somethings, they may also have less physical energy. Offering arrangements such as work-at-home options, flextime, job-sharing or part-time work can not only accommodate seniors’ needs, but also keep younger employees and working parents happy—creating a win-win-win situation for your business. Any other tips? Leave in the comments below.