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Retaining older employees is a smart business move

Retaining older employees is a smart business move PurposeThis paper aims to warn that the short-term cost-cutting measure of laying off older employees can result in long-term problems. It stresses the value that older employees can add to organizations and offers insights on what employers should consider when trying to retain and attract older employees.Design/methodology/approachThe paper combines the personal experience of a consultant whose employees are all over the age of 50 bolstered by surveys noting what older employees want and expect in the workplace.FindingsThe paper concludes that older employees help companies save money by sharing their wealth of experience and helping younger employees avoid mistakes they have made or witnessed in their own careers. The paper argues that to retain and attract the best older employees, companies need to be flexible, provide good compensation and offer work that is interesting and meaningful. Just like younger employees, many older employees want companies that provide time-off for family commitments and offer opportunities for advancement.Originality/valueThis paper goes beyond detailing the value of older employees, in terms of knowledge, loyalty and connections and offers tips on how to attract and retain older employees from someone who successfully does so in his own business. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Strategic HR Review Emerald Publishing

Retaining older employees is a smart business move

Strategic HR Review , Volume 15 (6): 4 – Nov 14, 2016

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References (1)

Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1475-4398
DOI
10.1108/SHR-12-2015-0097
Publisher site
See Article on Publisher Site

Abstract

PurposeThis paper aims to warn that the short-term cost-cutting measure of laying off older employees can result in long-term problems. It stresses the value that older employees can add to organizations and offers insights on what employers should consider when trying to retain and attract older employees.Design/methodology/approachThe paper combines the personal experience of a consultant whose employees are all over the age of 50 bolstered by surveys noting what older employees want and expect in the workplace.FindingsThe paper concludes that older employees help companies save money by sharing their wealth of experience and helping younger employees avoid mistakes they have made or witnessed in their own careers. The paper argues that to retain and attract the best older employees, companies need to be flexible, provide good compensation and offer work that is interesting and meaningful. Just like younger employees, many older employees want companies that provide time-off for family commitments and offer opportunities for advancement.Originality/valueThis paper goes beyond detailing the value of older employees, in terms of knowledge, loyalty and connections and offers tips on how to attract and retain older employees from someone who successfully does so in his own business.

Journal

Strategic HR ReviewEmerald Publishing

Published: Nov 14, 2016

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