How to Retain Older Workers: 5 Key Steps
Learn strategies to retain older workers by fostering ongoing learning, flexibility, and valuing their experience in the workplace.
Want to retain older workers and tap into their expertise? Here’s how to make it happen:
- Support Ongoing Learning: Offer tailored training programs, mentorship opportunities, and industry updates to keep skills sharp.
- Create Flexible Work Options: Provide remote, hybrid, or part-time roles and gradual retirement plans for work-life balance.
- Value Their Experience: Assign leadership roles, involve them in decisions, and set up mentorship systems.
- Address Age Bias: Implement age diversity training, review policies for fairness, and promote inclusion.
- Offer Strong Benefits: Strengthen health insurance, caregiving support, and retirement savings plans.
These strategies help retain older employees, reduce turnover, and ensure knowledge transfer - critical as the workforce ages.
Appealing to 'Unretired' Older Workers
Step 1: Support Ongoing Learning
Keeping older workers engaged in a rapidly evolving workplace means prioritizing continuous learning. With 74% of U.S. adults planning to work beyond retirement age [2], companies need to invest in professional development programs tailored to their needs. Customized training and mentorship not only help older employees stay motivated but also lower turnover rates.
Design Training Programs That Align With Their Experience
Build on the skills and expertise older workers already bring by focusing on:
- Industry updates: Regular workshops to keep up with trends.
- Technology skills: Hands-on sessions to learn new tools.
- Flexible options: Self-paced online courses or in-person workshops.
| Training Focus | Objective | How to Implement |
|---|---|---|
| Technical Skills | Bridge gaps in digital tools | Offer small group, hands-on training |
| Industry Knowledge | Keep up with market trends | Schedule monthly update sessions |
| Leadership Skills | Strengthen soft skills | Run interactive, practical workshops |
Promote Mentorship and Knowledge Sharing
Take a page from Grant Thornton, which involves retired partners as mentors. This approach not only values older employees but also ensures their expertise is shared effectively [3].
"Older employees want to feel valued and contribute as mentors, coaches, and stewards", says Monahan from Grant Thornton [3].
To make mentorship programs impactful:
- Pair seasoned workers with younger employees for mutual learning, such as exchanging digital skills for industry insights.
- Host knowledge-sharing sessions where experienced employees can present their expertise and insights to teams.
Step 2: Create Flexible Work Options
Offering flexible work setups helps older employees manage their personal responsibilities while continuing to share their expertise and experience. These arrangements allow them to stay engaged and contribute meaningfully, which strengthens the organization as a whole.
Provide Remote and Hybrid Work Choices
Remote and hybrid work options give older employees the ability to handle personal matters and avoid the strain of commuting. Tools like regular check-ins and tech support can help ensure their productivity stays on track. Hybrid models, in particular, strike a balance by setting aside in-office days for activities like mentoring and team collaboration.
| Work Model | Benefits | Implementation Tips |
|---|---|---|
| Full Remote | Reduces commuting stress, supports health | Offer necessary tech tools and regular check-ins |
| Hybrid | Combines teamwork with flexibility | Plan in-office days for meetings and mentoring |
| Flexible Hours | Supports medical and personal needs | Use scheduling tools to manage workloads |
Introduce Gradual Retirement Plans
Gradual retirement options let experienced employees ease into retirement while passing on their knowledge to younger team members. Many older workers prefer part-time roles, which give them the freedom to enjoy leisure while staying involved. As the Urban Institute highlights:
"Many older people prefer part-time work so they can enjoy more relaxed lifestyles and pursue leisure activities." - Urban Institute [4]
ManpowerGroup has seen success by offering remote and part-time roles tailored to older employees' needs [3]. Adding flexible schedules and remote training programs can further support this transition.
To evaluate how well these flexible work setups are working, companies should track:
- Employee satisfaction
- Retention rates for older workers
- Productivity levels
- Effectiveness of knowledge transfer
Regular feedback sessions with older employees can help fine-tune these programs. Partnering with organizations like AARP's Employer Pledge Program can also provide useful resources and strategies for supporting experienced workers [2].
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Step 3: Value Their Experience
Giving older workers meaningful roles and involving them in important company activities shows respect for their expertise and taps into their deep industry knowledge. When companies truly value the contributions of experienced employees, those employees are more likely to stay engaged and loyal.
Offer Leadership or Advisory Roles
Older employees bring insights that can enhance team performance and project success. Assigning them to roles like project leads or advisors allows companies to benefit from their expertise. According to AARP, 90% of workers aged 40 and older want meaningful work where they can apply their skills and knowledge [1].
| Role Type | Benefits | How to Implement |
|---|---|---|
| Project Leadership | Leverages their expertise | Assign experienced workers to lead major projects |
| Advisory Positions | Provides strategic insights | Form advisory boards with seasoned employees |
| Mentorship Programs | Shares knowledge | Set up formal mentoring systems |
Involve Them in Major Decisions
Engaging older workers in strategic decisions ensures their valuable perspectives are heard. Their input helps preserve institutional knowledge and supports long-term planning.
Ways to include experienced employees:
- Create cross-generational advisory teams for important projects.
- Invite them to participate in strategic planning sessions.
For example, Lincoln Financial Group uses flexible arrangements to involve experienced employees in key discussions, ensuring their knowledge contributes to the company’s strategy [1].
To understand the impact of these efforts, track metrics like employee engagement, project outcomes, and mentoring success. This data helps highlight the contributions of experienced workers and pinpoints areas for improvement.
Recognizing their experience is just one step. The next challenge is tackling biases that may limit older workers' ability to contribute fully to the workplace.
Step 4: Address Age Bias and Promote Fairness
To keep older employees engaged and motivated, companies need to tackle age bias head-on and ensure fair treatment across the board. This means creating a workplace where employees of all ages feel respected and included. While awareness of age bias has grown, it remains a challenge that demands intentional solutions.
Offer Training on Age Diversity
Did you know that only 8% of CEOs include age in their diversity programs? This oversight leaves a major gap in workplace inclusion efforts. To address this, companies can implement targeted training programs such as:
| Training Approach | How It Works |
|---|---|
| Workshops | Break down stereotypes, encourage collaboration across generations, and highlight success stories. |
| Mixed-Age Teams | Form project groups with employees of different ages to promote knowledge sharing. |
| Tracking Impact | Use surveys to measure participation and shifts in attitudes over time. |
One standout example is Grant Thornton, which actively involves retired partners as mentors and provides them with executive coaching training [3].
Review Policies for Fair Treatment
Fair policies are the backbone of an inclusive workplace. Companies should focus on these areas to ensure fairness for workers of all ages:
- Recruitment: Remove age-related bias from hiring practices.
- Professional Development: Make training and growth opportunities accessible to everyone.
- Performance Reviews: Base evaluations on skills and outcomes, not age.
For guidance, the AARP Employer Pledge Program offers a solid framework for creating age-inclusive policies. And with the U.S. Bureau of Labor Statistics projecting that 29% of workers will be 65 or older by 2060, adapting policies now is more important than ever [2].
To track progress, companies can:
- Use employee surveys to gather feedback.
- Monitor retention rates among older staff.
- Analyze promotion patterns across different age groups.
- Assess the success of inclusion initiatives.
While addressing age bias is essential, supporting older workers with strong health and retirement benefits is just as important. We'll dive into that next.
Step 5: Offer Strong Health and Retirement Benefits
Providing solid health and retirement benefits can play a key role in keeping older employees engaged and loyal. Companies that prioritize these benefits show they care about supporting workers in the later stages of their careers.
Improve Health Insurance and Caregiving Support
Older employees often need more extensive health coverage compared to younger team members. A well-thought-out health benefits package should address a range of needs.
| Benefit Type | Key Components |
|---|---|
| Health Coverage | Vision, dental, auditory care; chronic condition management |
| Caregiving Support | Paid caregiving leave; flexible scheduling |
| Additional Services | Telemedicine access; specialist networks |
These benefits should include essentials like vision and dental care, chronic condition management, and even Medicare supplements. Flexible scheduling and paid caregiving leave can also make a big difference for employees balancing work with personal responsibilities.
Enhance Retirement Savings Plans
Retirement benefits are a key factor in retaining experienced employees. With nearly three-quarters of U.S. adults planning to work beyond retirement age [2], offering attractive retirement options is more important than ever.
A strong retirement plan might include competitive matching contributions, catch-up savings options for those over 50, financial planning tools, and phased retirement programs. These features help employees feel secure about their financial future.
Companies like Microsoft and Humana have shown how effective these strategies can be by committing to the AARP’s Employer Pledge Program [2]. Their approach highlights how investing in employee benefits fosters a supportive and inclusive workplace.
When paired with flexible work arrangements and leadership opportunities, robust health and retirement benefits create a well-rounded strategy for retaining older talent. This investment not only supports employees but also strengthens long-term engagement and loyalty.
Conclusion: Steps to Keep Older Workers Engaged
Building a workplace that supports employees of all ages requires thoughtful planning and action. Studies from AARP show that older workers are often highly dependable, taking fewer sick days compared to younger colleagues [2]. To make the most of these strengths, companies need to adopt strategies that address the specific needs of this group.
Providing opportunities for continued learning and offering robust health and retirement benefits are key ways to create an environment where older employees can succeed. For example, Grant Thornton's mentorship programs highlight how older workers can share their knowledge in structured, meaningful ways.
"What we've found is that older employees want to feel valued and they want to continue to contribute - to mentor, coach and be proper stewards", said Monahan from Grant Thornton [3].
Flexible work arrangements paired with leadership opportunities can help older workers feel appreciated and motivated. To retain this valuable talent, businesses must recognize their expertise while also adapting to the evolving needs of the workforce.
With projections showing 150 million jobs worldwide will be filled by workers over 55 by 2030 [3], companies that invest in retention strategies now will gain an edge. By embracing age-inclusive practices and creating well-rounded retention programs, organizations can thrive in a workplace that spans multiple generations.
