Good News about Grey Hairs

Data from the U.S. Bureau of Labor Statistics tells us that older workers plan to stay in the workforce, perhaps because they lost retirement dollars in the recession. Specifically, workers ages 65+ will grow by 78% during the period of 2008-2018 while the number of workers in age groups 35-44 and 45-54 will shrink. In fact, the number of workers ages 65+ will grow about 10 times faster than the total labor force…10 times faster.

Why is this good news? On balance, older workers are more likely to show up, do their best, and stay in their jobs. They bring old-school values, know what they like to do, have bills to pay, and a lifetime of experience regarding how to treat customers and solve problems. Smart companies tailor recruiting and benefits programs to hire and retain older workers with hopes they will delay retirement rather than be forced to replace them.

Here’s just one study that demonstrates the value of older workers. A BusinessWeek analysis found that by increasing productivity and labor-force participation of older Americans, the U.S. could add 9% to its gross domestic product by 2045, which would add more than $3 trillion a year to overall economic output.
Use data like this to make your company a haven for older workers, especially if you work in a service industry that typically hires young workers in their first or second jobs.. Good things will happen as a result.