Seniors, early retirements are probably going bye-bye. Why? Because employers have discovered that your golden years are good for their bottom line. Here are four reasons why companies are hiring older workers, and keeping the ones they have:
First: A well-seasoned mentor is the best way to get young people up-to-speed. A University of Nebraska study found that pairing new hires with veteran employees is much more effective than classroom training.
Next: Older workers are loyal. Human resources expert Debi Ritter says that, for some companies, employee turnover and training new hires eats up half of their annual payroll. And since older workers value stability, they’re less likely to jump ship.
The 3rd reason companies want more seniors: They’re innovative. University of Chicago economist David Galenson says that older workers aren’t as likely to deliver radical ideas, but they’re better at coming up with fresh ways to use existing technology.
And the last reason it makes sense to hire mature workers: They’re profitable. According to the consulting firm Towers Perrin, companies that employ older workers outperform the competitors that don’t.
Luckily for employers, more seniors want to stay on the job. A survey found that three-quarters of workers over 50 say they don’t want to stop clocking in when they turn 65. The survey also showed that 30-percent of working seniors have never been happier. And, 11-percent believe their most productive years are still ahead of them.