The Gift of Middle-aged Workers

For the last twenty years, I have been attracted to the huge untapped potential in hiring workers from the over-fifty crowd, when I can find them. I have found they bring greater loyalty, have a shorter learning curve, and produce more for the buck than their younger peers. There's research to support all this:

Lower Turnover and Replacement Costs

• According to the U.S. Bureau of Labor Statistics (BLS) workers aged 55-64 have significantly lower voluntary turnover rates compared to younger employees.

• Bain Research found that retaining and utilizing older workers is not just the right thing to do, it’s also a business imperative.

Reduced Training Costs

Older employees require less training compared with younger employees because they already possess relevant skills, industry knowledge, and soft skills.

• Research from the OECD (Organization for Economic Cooperation and Development) found that companies spend less on training older employees than younger employees because they require fewer foundational skills.

• McKinsey research on workforce development shows that younger workers are more likely to leave before companies recoup training investments, while older workers are more likely to stay long enough to justify the cost.

Higher Productivity in Certain Roles

These studies show that cognitive abilities such as problem-solving, judgment, and strategic thinking improve with age and compensate for minor declines in speed.

• Research published in the Journal of Occupational Health found that older employees excel at work engagement, which is is mediated by increased emotional regulation

• In team-based environments, older employees often boost overall team efficiency and mentorship effectiveness, according to research from Harvard Business Review.

Healthcare Costs and Benefits Considerations

A common concern is higher healthcare costs, but there is more to this picture.

• Research cited by NTAR Leadership Center and the State of Ohio found that older workers actually use fewer sick days than younger workers, partially offsetting increased insurance costs.

• Some companies mitigate costs by offering phased retirement plans, consulting roles, or part-time positions, which allow them to retain expertise without full benefits expenses.

Conclusion

Everyone has value, regardless of age, but age by itself should never be a disqualifying factor. Citing culture, budgets, or expediency to filter by age are all just excuses to get away with doing the wrong thing. Do the right thing and treat the middle aged worker just like you would anyone else, as a whole package.

-Tom/*