Quiet hiring is trending up as companies brace for downturn
Quiet quitting has been replaced by quiet hiring as companies fill talent needs by shifting internal employees and leveraging contractors.
Businesses and their hiring managers are always eager to add young talent to their ranks, understandable so. But as they focus on hiring young workers, they shouldn’t overlook the value of experienced employees.
Having team members with years of experience provides companies with invaluable skills, knowledge, and perspective that can help them succeed in today’s hypercompetitive markets.
By hiring older workers, businesses can tap a talent pool that others might overlook, as HR professional Kim Henderson wrote for SHRM.
“Today’s older worker is an irreplaceable asset of industry knowledge, skills, and qualifications. They have a command of workplace mechanics and have achieved numerous accomplishments through decades of shaping organizations,” she wrote. “They already have a wealth of business acumen, so why not consider them to add value and improve results for the company?”
Experienced employees, by the numbers
With people living longer, they’re also working longer. The average retirement age has increased from 62 to 65 over the past 30 years, according to the American Enterprise Institute. And plenty of people are working well past 65.
Those over 50 are an economic powerhouse, estimated to account for half of all consumer spending growth in the US, a whopping 13.5 trillion.
At the same time, experienced workers face ageism. An AARP study found that nearly two out of three workers ages 45 and older have seen or experienced age discrimination.
Unfortunately, stereotypes about older workers being stuck in their ways and resistant to change persist.
For women in the workforce, getting older can be a double whammy. An AARP study found that nearly two out of three women age 50 and older said they experienced discrimination; 48% reported bias based on their age. Older women of color reported the most discrimination, with African-American women ages 50+ reporting the highest level of bias (70%).
An Italian study of workers over 50 concluded: “All in all, if ageism is undoubtedly problematic for older workers’ identity processes, ageism and gender-stereotypes represent a double risk for women over fifty in the workplace.
Ageism and gender in the workplace: The myth of the late bloomer
September 2021 reveals that nearly 70 percent of women over 40 who are still looking for new jobs have been out of work for at least six months.
Better business: 5 reasons to hire older workers
The reality is that the future of work is multi-generational. For businesses to succeed, they need a diverse workforce to drive the collaboration and innovation that enables them to reach their goals.
Collaborative research from the World Economic Forum, AARP, and an international policy organization estimates that age-diverse workforces will raise GDP per capita by nearly 19% over the next three decades by improving efficiency and productivity.
The benefits of hiring experienced employees are wide ranging:- Valuable insight and unique perspective
- Mentorship and talent development
- Workplace savvy
- Hit the ground running
- Improved retention
The value of experience
An experienced employee brings insight and perspective acquired over the years, which can help business of all kinds formulate strategy, drive efficiency, and forge growth. It’s this kind of deep knowledge, shared across teams, that enables a company to build a solid foundation and win competitive edge. Ultimately, a diversity of perspectives across leads to better solutions.
A survey of 1,000 American workers by LiveCareer found that 89% view generational diversity as a positive at work. And 87% believe workers of different ages can learn from each other.
Mentors for younger workers
Experienced employees can act as mentors for younger workers, sharing the skills and knowledge they need to succeed. Older manager can help employees develop leadership skills and advance their careers within an organization. By boosting confidence in their teams, they help increase retention, driving down hiring costs.
Workplace savvy
After years of working, experienced employees understand workplace mechanics. They know the nuances of getting things done within an organization and how to navigate office dynamics. This helps boost productivity and efficiency. As managers, they can transfer this knowledge to inexperienced employees.
Hit the ground running
An older worker can ramp up quickly and usually doesn’t need extensive training, which lowers employee development costs and speeds onboarding. They have a reputation for a strong work ethic, bringing a desire to add immediate value to an organization. Also, consider the industry relationships they bring to the table, which can help a company grow business.
Better retention
Older workers are more likely to stick around for the long haul, which boosts employee retention. Contrast that with the tendency of younger employees, especially Gen Z, to change jobs.
According to the Deloitte Global 2022 Gen Z and Millennial Survey, 40% of Gen Zers would like to leave their jobs in two years. Thirty-five percent would leave their current position even if they didn’t have another job lined up.
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A workforce for the ages
The importance of having teams that represent a broad range of generations is even more critical in a tight economy. With market conditions continually changing, businesses are under pressure to increase operational efficiency as they work to drive growth.
Generational diversity ensures that an organization provides an optimal employee experience, so that they can attract and retain the best people for long-term success.