Best Practices For Managing The Aging Workforce

People are living longer; therefore, people are working longer. In the near future, employees will likely be able to work productively well past their 60s—the traditional age of retirement—often into their 80s. Instead of losing or alienating some of your most experienced, reliable and loyal workers, follow these strategies to turn the contributions of your older workers into a key competitive advantage.

1. Analyze the generations present in your workforce. You probably employ Baby Boomers, Generation X and Generation Y, and possibly Traditional workers, from the pre-Baby Boom years. Make sure you know and understand the similarities and dissimilarities among the generations to figure out what motivates each.
2. Get your managers and supervisors on the same page. Educate yourself, then train your management, about intergenerational differences and issues. Make sure they're aware of the emotional, cognitive and physical changes older workers may experience and the possible influence on the worker’s performance.
3. Meet your older workforce's needs. Review your HR policies every two years to ensure that they align with both the employer's needs and the employees' needs. Older workers may need customized training or retraining. They may prefer different types of communication—more face-to-face, less texting or email—and may be thinking about the transition to retirement.
4. Reconsider your compensation plans. While everyone likes cash bonuses, your older workers will have different opinions on how they want to receive compensation as their needs and time horizons change. They'll be thinking more about tax effectiveness and long-term strategies than about paying for braces or preschool.
5. Offer lateral movement. Older workers often reach the point where they can't climb the career ladder any higher, but they still want to achieve and accomplish new things. Give them opportunities to move laterally or diagonally into a different position or function.
6. Value their contributions. Offer your older workers the opportunity to mentor the younger generations. Give them the chance to pass on the know-how they've gained through experience. And when management solicits opinions and recommendations, make sure to include older workers are included on any committees or task groups.
7. Be flexible. Recognize that older workers may appreciate job sharing, part time work, sabbaticals for community service and leaves of absence for continuing education to accommodate changes in their lifestyles both in and out of the workplace.

The majority of Boomers want to remain actively engaged in meaningful work, and so will Generation X as they age. Instead of dismissing them as expendable and planning to replace them at lower cost, establish a work environment that values their contributions. It will benefit your company!