Retaining older employees is a smart business move

Abstract

Purpose

This paper aims to warn that the short-term cost-cutting measure of laying off older employees can result in long-term problems. It stresses the value that older employees can add to organizations and offers insights on what employers should consider when trying to retain and attract older employees.

Design/methodology/approach

The paper combines the personal experience of a consultant whose employees are all over the age of 50 bolstered by surveys noting what older employees want and expect in the workplace.

Findings

The paper concludes that older employees help companies save money by sharing their wealth of experience and helping younger employees avoid mistakes they have made or witnessed in their own careers. The paper argues that to retain and attract the best older employees, companies need to be flexible, provide good compensation and offer work that is interesting and meaningful. Just like younger employees, many older employees want companies that provide time-off for family commitments and offer opportunities for advancement.

Originality/value

This paper goes beyond detailing the value of older employees, in terms of knowledge, loyalty and connections and offers tips on how to attract and retain older employees from someone who successfully does so in his own business.

Citation

Perrin, R. (2016), "Retaining older employees is a smart business move", Strategic HR Review, Vol. 15 No. 6, pp. 246-249. https://doi.org/10.1108/SHR-12-2015-0097