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The main challenges when it comes to the aging workforce include bias, absenteeism, trying to get (some of) them to postpone their retirement, and succession.
Many companies are resistant to hiring older people. Discriminating against older workers is unethical and illegal. There are compelling reasons why discrimination against older workers exists. Ending ageism in the workplace represents a major challenge.
Older workers identified stress, lack of support, physical demands and overemphasis on qualifications as barriers to their participation. Maintaining a healthy lifestyle, having a passion for work, and education were factors that participants identified as supporting continued work.
Employers will need to first get a Federal Employer Identification Number (FEIN) Form SS-4 from the Internal Revenue Service (IRS) in addition to the Withholding Account Number from the Colorado Department of Revenue and Unemployment Account Number from the Colorado Department of Labor and Employment.
Research shows that it's often harder for older workers to secure new jobs. One 2020 study published by the National Bureau of Economic Research found that workers over age 40 are only about half as likely to get a job offer as younger workers if employers know their age.
Creative Ways to Attract and Retain Older WorkersRecognize the Benefits of Older Workers.Look to Recruit Older Workers.Offer Appealing Benefits.Offer Reasonable Accommodations.Provide Scheduling Options.Make Older Workers Feel Valued.Offer Older Workers Additional Training.Propose Phased Retirement.
Creative Ways to Attract and Retain Older WorkersRecognize the Benefits of Older Workers.Look to Recruit Older Workers.Offer Appealing Benefits.Offer Reasonable Accommodations.Provide Scheduling Options.Make Older Workers Feel Valued.Offer Older Workers Additional Training.Propose Phased Retirement.
Here we provide a list of suggestions:Give older people titles and roles that let them contribute their expertise.Offer accommodations for flexible work.Look at pay equity by job and level, not tenure.Bring age diversity into your DEI programs.Give older workers managerial roles, supervisor roles, and mentor roles.More items...?
Research shows that older employees are more likely to show up to work on time, and less likely to call in sick. Older workers also do not switch jobs as often as their younger colleagues. Older employees shine when it comes to maturity and professionalism resulting in a strong work ethic.
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.