Older employees stay longer, reduce your turnover and cost you less.
We all know that turnover is costly, both in terms of money and time.
Statistics show that employees over 50 tend to stay in their jobs much longer than younger workers. And in a world where younger employees are often out the door within a couple of years, this is a game-changer.
According to the U.S. Bureau of Labor Statistics, workers aged 55 to 65 have a median job tenure of 8.4 years.
Compare that to the average tenure of Millennials and Gen Z, which can be as short as 1-2 years. That’s a significant difference that directly translates into reduced turnover costs, fewer headaches, and more stability for your team.
Think about it: hiring an older, more experienced candidate not only brings a wealth of knowledge and reliability to your company, but it also saves you from the revolving door of turnover.
Less turnover means less time spent on recruitment, training, and onboarding, and more time focusing on growth and innovation.
Chew on this before skipping over older candidates:
They stay in the job longer, they bring far less drama, they add value to your team's overall emotional intelligence through their people skills and life experiences. Oh and hey, they're not bothering you for a promotion or a raise every 6 months. 😃
Most employees over 50 are simply looking for a good environment with a stable job and health insurance. Give them that and they'll stay for a long time.
Final note. Let me guess, you're thinking the younger person knows more about a specific skill or technology. Well, I'm here to tell you those days are over. Every person on the planet no matter how old they are, will have an AI agent and access to large language models like ChatGPT. Therefore, both workers have the same amount of knowledge for the most part. Keep that in mind.
As a recruiter, I see employers shying away from older job candidates and this disappoints me.