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www.IndependentRetailer.com MANAGEMENT Value Of Older Workers
AGE DISCRIMINATION may sound like smart economics, as older workers 55 and up tend to cost employers more than younger workers in the following ways:
1) Receive benefi ts from seniority or accumulated merit raises.
2) Receive healthcare at higher costs.
However, the Age Discrimi-
nation in Employment Act (ADEA) prohibits employers from discriminating against employees in terms, privileges and conditions of employment on the basis of age. And while legality is a good enough rea- son to reconsider the value of your older workforce, there are other reasons that make your older employees valuable, and well worth the extra cost. Finding and keeping employ-
ment was a struggle for much of the U.S. during the recent recession, and for older workers it was even harder, as, “the un- employment rate for those age 55 and older rose to 5.9 percent in January 2009,” according to U.S. News and World Report. But while older workers are be- ing kept on the unemployment line or forced into early retire- ment, businesses are running out of potential candidates. As
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projected by the 2010 Census, the future age structure of the U.S. population will be older than it is now. The U.S. Pop- ulation Profi le details, “This increasing median age is driven by the aging of the population born during the Baby Boom af- ter World War II (1946 to 1964). As this population ages, the median age will rise.” Do you want to run the risk of running out of eligible candidates be- cause you are looking within a certain age bracket, especially with the median age rising? In- uit’s Small Business Blog lists fi ve valid reasons you should reconsider the average age of your staff.
1) Loyalty. Brought up dur-
ing a time when the dedicated company man was a way of life, older workers are looking to build a long-term relationship with their employer.
2) Experience. Experience
and time are closely related, and older employees have used their
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extended time in the workforce to build a wealth of knowl- edge that could help in times of need.
3) Network of connections.
Much like experience, extended time in the workforce doesn’t only help in gaining knowledge, but also with building connec- tions. Business today is all about networking.
4) Few family obligations.
The kids have fl own the coop and your older employees are sure to be at work and on time, with less school cancellations and fevers keeping them home and preoccupied.
5) Willing to compro-
mise. With job opportunities limited for older workers, they may be more willing to take on the unpleasant tasks. Also, a lifetime of experience and knowledge has taught them to pick their battles. ■
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