Wednesday, January 19, 2011

Older Workers: What Good Are They?

The issue of older workers in the workplace was recently (December 2010) tackled by the Knowledge@Wharton program. What would be your answer to each of the following statements about older people? Myth 1: Older workers cost more than younger ones and are less productive on the job. _____ True _____ False Myth 2: People at or near retirement age tend to lose interest in their jobs. _____ True _____ False Myth 3: Older workers in the workforce keep younger ones from getting jobs. _____ True _____ False ________________ Reality 1: Both concerns are untrue. While older workers may take longer to recover from injuries, studies show they use fewer sick days on the whole than their younger counterparts. Health care costs are actually less for older workers because most no longer have small children as dependents on their health care plans. Further, workers also become eligible for Medicare at age 65, which can further reduce an employer’s health care bills. When it comes to job performance, older workers frequently outdo their younger colleagues. Older workers have less absenteeism, less turnover, and superior interpersonal skills, and they deal better with customers. Reality 2: Studies have found that those who worked beyond retirement age became more, rather than less, engaged and satisfied with their work. And contrary to the belief that older workers resist learning new things, older workers ranked “job challenge and learning” as a top source of satisfaction with their work. Reality 3: While it may be a widespread belief that you have to get older people to retire to open up the career ladder and jobs for young people, the opposite is true. Policies in countries that encourage workers to retire early actually have damaging impact on youth employment. This research is reported in full at Knowledge@Wharton’s website in an article titled, “The ‘Silver Tsunami’: Why Older Workers Offer Better Value Than Younger Ones.” Share your experiences with older workers with others by commenting.