It has always been a trend to hire the young as they possess energy, relevant skills and knowledge and the capacity to learn fast. But companies are missing out on another group of people who can potentially make excellent workers.
Older workers can’t offer what the young can in certain aspects but they certainly have other work attributes and plus points that the young do not have as well.
Additionally, the Malaysian government is encouraging the hiring of those above the age of 60 who want to work, and they are proposing that their mandatory EPF contributions be reduced from 6% to 4%,
There are countless benefits from the hiring and integration of seniors in the workplace:
Most older workers don’t have problems with punctuality and integrity. They usually are honest and are devoted to the truth as they see no point in lying. .
They put in a decent effort each day without complaining and have no problems managing their time and being on time. University of Malaya's survey revealed that Malaysians opt to stay active in the workforce and seek employment beyond the retirement age of 60 years old.
Older workers look forward to their jobs and tasks at hand with a positive outlook and put in genuine effort. Their focus and concentration levels can be admired as they can spot flaws in the company and will sound it out.
Older workers make excellent mentors and role models to younger employees, thus this helps in the training of other employees. Besides being efficient, they make great listeners and are vocal in their thoughts and ideas.
They have the confidence to share their suggestions and recommendations which really can be seen as a bonus output for organisation improvement ideas. They are also known to possess excellent communication skills through years of experience.
Older workers also understand workplace politics and know how to diplomatically communicate their ideas to the boss. All these along with the maturity that comes from years of life and work experiences makes them an intangible value that business owners can appreciate.
Another asset older workers offer to small businesses is flexibility. They often don't need to keep 9 to 5 hours. They relish the freedom of unconventional job situations.
Moreover, these workers have no trouble producing high quality work, which can result in a significant cost savings. Stories abound of highly committed older workers finding others' potentially costly mistakes regarding everything from misspelling of client names to pricing errors and accounting mistakes.
Another factor that makes them valuable can be pride in a job well done as older employees are more willingly to stay later to get a job done because of their sense of pride in the final product.
Research also indicates older workers are more loyal, and less turnover means less cost.
Older workers are less concerned about their salary and more concerned with looking for something to pass time and a source of extra income. They would have saved up enough for retirement and are less picky about hiring at their age.
As a result, reduced labor costs are a huge benefit when hiring older workers. Most already have insurance plans from prior employers or have an additional source of income and are willing to take a little less to get the job they want.
Moreover, they understand that working for a company can be about much more than just collecting a paycheck.
Effects on company
Hiring older workers can result in huge cost savings and benefits to the company as a whole. Their knowledge and experience plus willingness to voice their opinions can be invaluable and could play a significant role in steering the company to greater heights.
Many are attracted to flexible arrangements, including part-time and seasonal work and phased retirement, which enables them to withdraw gradually from the workforce. It would be good to provide them with opportunities for training, new experiences, and competitive health care and retirement benefits.
Older workers' unique skills and values plus the potential savings to the company in time and money, makes hiring them a simple matter of rethinking the costs of high turnover in a more youthful workforce vs. the benefits of experience and mature standards older workers bring to the mix.
Employers simply do not have the time or resources to deal with high employee turnover. When making hiring decision, one should seriously consider older workers: Their contribution to the company can positively impact the organisation’s bottom line for years to come.
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This article is based on '5 reasons why hiring older Singaporean workers is a boon' by Julian Abraham Chua