Retaining older workers is far more trouble than it’s worth
As the population is aging, the debate raised from the statement above is increasingly important. Simply put, the issues that lie ahead are labour and skills shortage. According to the Canadian Conference Board, only 24% of Canadian employers have implemented retention strategies. Why is there so little interest in retaining older workers? I believe that proponents of the above statement either base their arguments on myths and stereotypes about older workers (55 – 64 age group) or do not fully understand the value that they bring to organizations. I believe that retaining older workers is worth the so-called trouble.
While it seems reasonable to infer that older workers enjoy higher salaries due to their levels of seniority, studies have shown little evidence. According to a labour force Survey by Statistics Canada, there is a very small difference in salaries between age groups of 25-54 and 55-64. Most likely the difference is explained by the added value they bring to organizations rather than simply by seniority. Many people argue that older workers are less productive than the younger employees. However, older workers often outperform their younger counterparts as they possess more life and work experience and have spent a lifetime developing their skills. A good example are sale persons at a home hardware store. These older workers may have spent years renovating their second of even third house while the younger 18-25 year olds have limited advice to offer. Furthermore, they are great on the job training resources that pass on the know-how to young co-workers in order to sustain growth for a company. They are usually more willing to share experiences with their younger co-workers and usually have fewer external responsibilities and distractions as their children have all grown up. In addition,