According to the U.S. Bureau of Labor Statistics, the labor force participation rate is expected to increase fastest for the oldest segments of the population—most notably, people ages 65 to 74 and 75 and older—through 2024. With this changing composition of the workforce, should your company capitalize on the trend? Here are five reasons you may want to go gray.
- Experience Counts: Older workers have the benefit of experience. That means they can step into a role and immediately make an impact. With their maturity, you also won’t have to worry about them getting flustered when issues arise or need to micromanage their work.
- Flexibility: You may have specific needs that are hard to fill with younger workers but are just what a senior wants, like part-time roles that don’t come with benefits or night and weekend shifts.
- Renewed Commitment: Many seniors are looking for a career change later in life or a continued purpose after they retire. And that can be inspiring, opening up opportunities that keep these workers learning, engaged and productive.
- Leading by Example: This demographic has a long history in the workforce, giving them experience and confidence that only comes with time. As a result, older individuals make great mentors or informal leaders for younger workers – especially because they’ve honed their communication skills and diplomacy over the years.
- Stability Matters: For many older workers, dedication is paramount. They understand the importance of being loyal and committed and so you can expect them to have a strong work ethic and a laser focus. And, since they’re not as likely to be looking for the next best thing, a company can count on them to stick around.
In today’s tight labor market, don’t overlook this growing segment of the workforce. Download our guide for ways to attract workers aged 65 to 74.