By Ian Ferguson

Due to fast-paced medical advances, life expectancy is changing rapidly. People are living longer, and older persons are healthier and more vibrant than they have ever been. 

This week’s column focuses attention on a position that many companies have adopted - to hire or re-engage older employees beyond the mandatory retirement age. Today, we explore the benefits of doing this in an economy where the talent pool is small, and unemployment levels for youth just entering entering the workforce is relatively high.

1. Experience and Knowledge

Older employees possess a wealth of experience and knowledge gained over years of working in their field. This can be invaluable for problem-solving, decision-making and mentoring younger employees.

2. Reduced training costs

Having experienced employees already familiar with company procedures and culture can significantly reduce the need for extensive training for new hires.

3. Stability and mentorship

Older employees can provide a sense of stability and continuity within a team, acting as mentors and role models for younger workers.

4. Strong work ethic

Many older employees have a strong sense of commitment and dedication to their work, often exhibiting a strong work ethic and a desire to contribute.

5. Reduced turnover

Older workers are less likely to job hop compared to younger employees, which can lead to greater team cohesion and reduced recruitment costs.

6. Critical thinking skills

Years of experience often translate into well-developed critical thinking skills, allowing older employees to analyse situations and make informed decisions.

7. Maintaining company culture

Older employees who have been with the company for a long time play a vital role in preserving and transmitting its unique culture and values.

8. Cost effectiveness

While older employees may have higher salaries, their experience and productivity can often offset the cost, especially when considering the costs associated with training and turnover.

9. Flexibility and adaptability

Many older employees are willing to adapt to flexible work arrangements, such as part-time work or adjusted schedules, making them a valuable asset in a changing work environment.

10. Bridging the skills gap

Older employees can help bridge the skills gap by sharing their knowledge and expertise with younger generations, ensuring a smooth transition of skills and knowledge within the company.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.