As the workforce ages, more and more businesses are facing the challenge of taking care of their senior employees. After all, these workers have the most experience, and they are often the most expensive to replace. Additionally, many older workers are still healthy and active. It’s estimated that over 30% of the U.S. workforce is 50 years old and above. These people want to stay working for as long as possible to get the best out of their retirement.
With all of this in mind, investing in your senior employees makes good business sense. Here’s why:
Experience
Your senior employees have been with your company for a long time. They know your business inside and out and understand your company culture. They also have a wealth of experience that can be invaluable to your business.
Additionally, senior employees are usually some of the lowest maintenance people on your team. They know the business’s ins and outs and don’t need much hand-holding. This saves you time and energy that you can put towards other things, like attracting new customers or developing new products and services.
Discretionary Spenders
Older workers tend to have more disposable income than younger workers. This means they are more likely to spend their money on products and services they believe in. So when you show your senior employees that you value them, they are more likely to spend their money with your company.
And, since they have more disposable income, they are more likely to make significant purchases, such as a new car or a new home. So, if you can keep your senior employees happy, they will continue to do business with you for years to come.
Brand Ambassadors
Your senior employees can be some of your best brand ambassadors. They are passionate about your company and want to see it succeed. When you take care of your senior employees, they will be more likely to tell their friends and family about your company and sing its praises to anyone who will listen. In today’s world, word-of-mouth is still one of the most powerful marketing tools available, and it is something you should not take for granted.
Loyalty
Loyalty is hard to come by, but your senior employees have it in spades. They’ve stuck with you through good times and bad, so it’s only natural that you want to return the favor. Catering to their needs shows them that you appreciate their loyalty and are willing to do what it takes to keep them happy. This, in turn, will make them even more loyal!
Potential Mentors
New employees need someone to help them learn the ropes and acclimate to company culture. Who better to do that than someone who has been with the company for a while? Your senior employees can help mentor new hires and ensure they’re set up for success from day one.
Investing in your senior employees is good for business. These workers have the most experience, and when you take care of your seniors, they will take care of you. It’s a win-win situation for everyone involved. If you don’t know how to do this, consider following the tips below:
Flexible Work Options
Your senior employees have probably been working the traditional 9-5 for most, if not all, of their careers. They may look for ways to transition into a less demanding work schedule as they approach retirement age. Allowing them to work from home a couple of days a week or cutting back their hours can be a great way to show that you value their contributions and want them to stay with the company for as long as possible.
Benefits
Healthcare costs can be crippling for seniors, so ensure that your company offers a competitive benefits package. If your budget allows, you may consider offering additional benefits. One of the most crucial is a retirement plan. A robust 401(k) plan can ensure senior employees get the money they need during retirement. Feel free to contact your local 401(k) provider. Get a quote and choose one that fits your budget. This will ensure that your senior employees get the retirement plan they reserve.
Encourage Them!
It’s common for seniors to feel like they are no longer needed or relevant once they retire. This couldn’t be further from the truth! Your senior employees have a lot of experience and knowledge that can be invaluable to your business. Encourage them to stay active and involved by inviting them to participate in company-wide projects or task forces. This will help them feel like they are still making a valuable contribution to the company.
Seniors are an essential part of any team. By investing in their happiness and well-being, you can ensure they continue to be valuable assets to your company for years to come. Remember that a happy employee is good for business today and can help drive future success. So take care of your senior employees and watch your business flourish!
