I’ve written a few times previously about the potential for organizations to tap into the older portion of the workforce, but just as companies need a different approach when looking to get the best out of young employees, so too do they need to do so for older ones. A recent study from Massey Business School highlights some of the ways they can do just that.
“According to the OECD, nearly 79 percent of New Zealanders aged 55 to 64 are employed—and supporting older workers to remain at work will only become more important in the future,” the researchers explain. “When older employees believe their organisation values their wellbeing, they reciprocate with greater effort and commitment in return. Of course the opposite is also true—if they perceive their employer doesn’t particularly support its older workers, they are much more likely to quit.”
The research involved a survey of nearly 1,250 New Zealand workers over 55 years of age, and four key factors emerged in helping organizations to retain and engage older workers:
- Provide more flexible working arrangements
- Train managers and recruiters to both identify and overcome potential age-related biases
- Champion a more positive attitude towards older workers, especially among senior management
- Provide mentoring programs between older and younger workers.
Not only do these policies appear to be effective, they’re also very cost effective to introduce, with none appearing to be prohibitively expensive.
“Workplace flexibility and appropriate recognition and respect for older workers doesn’t cost a thing,” the authors explain. “They’re just good practice for organisations wanting to engage and retain workers of any age.”
The importance of older workers
As the baby boomer generation drifts into retirement, it’s likely to herald a significant decrease in labor supply. This, combined with the associated costs of a larger retired population, is likely to mean that keeping people working for longer is desirable for society.
The study found that older people were largely not becoming disengaged from work, but rather the opposite, with those over 60 showing greater engagement than many of their younger peers. Despite this apparent open goal, few organizations have distinct policies in place to support older workers.
“Managers play an important role in creating positive workplace environments through their daily interactions with older workers. Organisations also need to put effort into training staff to manage age discrimination and unconscious bias towards older workers,” the researchers conclude.
