Some of the most productive workers today are those 55 and older. Gen Xers and Baby Boomers provide deep subject matter expertise and tribal knowledge important to an organization’s culture, performance and cohesiveness. With talent scarcity a chronic challenge for the global economy, retaining those nearing retirement should be a priority for most businesses.
Companies have plentiful reasons to encourage experienced talent to remain in the workforce: older workers are less likely to job hop than Gen Z and Millennials. Those 55 and older are also important contributors to a diverse, multigenerational workforce, which a majority of companies say is a key to growth and long-term success. But, managers also have a role to play in reducing bias in the workforce against older colleagues. Recent research from Randstad in Belgium suggests that 1 in 3 people think older workers need more time to learn new things, yet older workers feel more motivated and less bored than their younger colleagues.
Organizations benefit from a diverse workforce
Randstad’s 2023 Workmonitor survey of more than 35,000 workers around the world found that rising prices are forcing some to reconsider retirement. This reaction was shared across all generations with those 55 and older feeling it the most with 26.4% not able to retire when they’d like. Even so, the majority of respondents believe they can still retire before 65, with a plurality figuring they will step away between the ages of 65 and 69. An overwhelming majority say their financial situation will dictate their decision.