The costs associated with developing a recruitment and retention strategy for age 50+ employees are smaller compared to the value these individuals add to your organization. Compared to younger employees, age 50+ employees are more engaged in their work, which translates into additional productivity and increases in the growth of your company’s revenue. The salary expectations among experienced employees are negotiable relative to their gaining of other benefits such as health insurance, retirement saving options or flexible scheduling.

Nearly 50 percent of employers report a talent gap in filling jobs, as potential candidates lack the skills necessary to excel in specialized roles. More than 35 percent of Americans age 50+ will be looking for work in the year ahead, and these experienced employees could become your solution to closing the talent gap. To attract and retain such experienced employees, your organization may offer continuing education and lifelong learning opportunities to maintain skills sets. Another option includes the development of an intergenerational employee culture where younger workers mentor older workers in new skills development and older workers mentor the professional development of younger worker. A survey of more than 700 employers found that 87 percent thought of older workers as a valuable resource for training and mentoring. Such cultures have been found to be attractive to employees of all ages and correspond with net benefits to the firm.

Experienced employees are significantly more likely to stay with their current employer than employees who are under age 50. Experienced employees are also more likely to inform their employers of any plans to leave a company, compared with employees under age 50. An unplanned departure costs a company twice as much as planned turnover because employees often give little notice, leaving organizations scrambling to advertise and hire for a position while figuring out who takes on the work in the interim. Recruiting and retaining experienced employees creates value also reduces hiring expenses, orientation costs, and departing employee inefficiencies.

It is well established that employers’ who invest in workplace wellness and preventive health have fewer work-related injuries and generally healthier employees. Such efforts also reduce total health insurance payouts. In recognizing that aging employees may have slightly higher risks, employers who invest in their wellness and health are likely to create a culture in which employees are more engaged, productive, and happier.