Employing a young workforce can be a compelling notion for many businesses. There is a common preconception that young employees are much more tech savvy and creative than their older counterparts. Young generations are said to bring with them a fresh and energetic business approach. While the fact about young generations is widely known, investing an age friendly and diverse workforce can undoubtedly give businesses a competitive edge. Older workers can, for example, help mentor and pass on their knowledge to the new workers, saving business significant time and money in training and recruitment.
A wealth of experience
Older counterparts find themselves in a double-bind all throughout the business world. They are the master of experiences both in business and life. For instance, Malcolm Gladwell popularised the idea that people need 10,000 hours of practice in order to master a skill and that it often takes 10 years of silence before someone hits their career peak and their performance is recognised.
People in their 80s and 90s have been through a lot in their career which make them wealthy in terms of experiences. Research has also shown that these age groups of experts are happier when they have some kind of purpose, like a job or volunteer work, to pursue. Not only are retirees motivated to put their skills to good use, businesses might lose money each year by not tapping into older worker’s wealth of knowledge and experience.
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More experience = better guidance
Businesses, especially startups, need guidance the most as they scale. One analysis of 101 failed startups revealed that shortcomings like a lack of knowledge of the market or an inappropriate business model were primarily at fault. And older adults with deep business experience can help make sometimes pivotal business decisions for new and growing companies.
Even if retirees are not former entrepreneurs, many have jam-packed resumes. They might not excel at social media or computer programming but their stills remain in high demand. Business Insiders published that older employees tend to be more loyal, possess strong leadership qualities and bring more established professional networks. Most importantly, they have accumulated years of experience that allow them to learn what works and what does not.
Better guidance with more flexibility
As Quantum Advisory Stuart Price puts it, older workers are typically flexible in their hours of work as they have less family responsibilities. They are more likely to be the ones available for working unsociable and irregular hours which should not be disregarded.
Read also: 3 Questions to Answer Before Hiring People at Your Startup