The ratio of younger to older employees in the workplace matters. Having a healthy mix of experienced senior employees and youthful new starters widens the range of skills and abilities in a workforce, creating the opportunity for new learning experiences for both ends of the age spectrum.
Ageism in the tech industry
In the current social climate and age of the millennials, ageism has become more of a problem and in particular in the technology industry which has shown a strong preference towards younger employees. A recent study that was published in the Harvard Business Review showed that companies with more diversity across their work force in gender, cultural background and age had on average 19 percent points higher innovation revenues and 9 percent points higher EBIT margins.
How experienced workers could add value to tech companies
The more seasoned professionals amongst us come armed with a wealth of useful industry knowledge, not to mention a wide range of experience. In the tech world, understanding the development of technology over time and possessing a knowledge and understanding of older technology can greatly complement modern technology, having that contextual and historical knowledge could serve as a valuable platform for innovation.
Creating a dependable, steady workforce
Hiring older workers makes good business sense for a variety of different reasons. Employers worldwide spend a lot of money an advertising, recruitment and training. Many younger employees who are developing their career or still not sure of where they want to be in the long term are more likely to move on a lot sooner in order to continue climbing the corporate ladder.
Older employees however tend to be loyal to their company for longer periods, and due to previous experience, it is possible that less money would need to be spent on training too. Given that they are often more dedicated to their job, they are likely also to take more pride in it and generate better results for the company.
Reduced labour costs
This can be a huge benefit when hiring older employees, many may already have insurance plans in place or expertise in other areas that provides them with an additional source of income meaning that they may be willing to work for less.
Excellent role models
Older workers can set a good example for younger employees with respect to professionalism, communication skills and the maturity and experience to competently deal with problems without becoming wound up or stressed. Older workers make good mentors and could help with employee training.
Their many years of experience in the workplace would have helped to build the confidence needed to share new and valuable ideas during meetings. In the same vein they will likely have a greater understanding of how things can be done more efficiently, and sharing these ideas with others could help save the company money.
Superior organisational skills
Older workers have had many years to refine and develop their organisational skills and put various systems in place that are necessary to accomplish job related tasks and meet important deadlines. This can help reduce the margin for error which could in turn save the company money as they are less likely to make mistakes when using tried and tested methods.
The positive contribution that older employees bring to business in terms of their skills and prior experience cannot be underestimated, as such, hiring more seasoned professionals into the workforce is an essential component of ensuring the sustainability and progress of today’s economy.