While today’s trending topics focus on issues such as the entry of the millennial workforce, let’s also look at the opposite end of the age spectrum to look at issues relating to the retirement of the older generation.
While competing to hire fresh talents full of hunger and potential, consider how you can maximise the service and expertise of your seasoned workers. Here are 3 ways to adapt to an aging workforce.
Encourage (some) Aging Members to Stay
Entice notable employees to stay with added benefits such as reduced work schedules or less stressful roles, instead of retiring. Heavy responsibilities may prompt many of the aging workforce to retire. So accommodate to their needs by reducing or sharing their workload. Encouraging some of them to stay may also deflect some impact of “flash retiring”, where a large number of aging employees leave the company during the same period.
Build a Mentoring Culture
Knowledge transfer is one of the most crucial roles your company should consider before your employee retires or exits. Mentoring and coaching others are effective ways to transfer their expertise to others, especially fresh hires. Having your near-retirees take on the role of teaching and mentoring others can reduce turnover, increase job satisfaction, develop employee capabilities and demonstrate to the rest of your employees that the organisation is invested in them.
As the older generation retires, many of whom to replace them will be the new-age millennials. Bridging this huge generation gap requires you as a business leader to understand their values and expectations – many of whom prioritise values such as work-life balance and a sense of purpose at work – in order to attract and cultivate these young talents in your company. Consider how you may need to adjust your company’s culture and outlook to adjust to the changing demographic realities.