The Mature Workforce: What it means for your business

Because of the economic environment over the past two years, employers have been operating in a "talent glut" where there are more talented individuals looking for jobs than there are opportunities. As we move out of recession into economic recovery and growth, demographic trends point to the possibility that there will be more jobs than young people to fill them.

The U.S. Bureau of Labor Statistics expects that between now and 2016, the number of workers between 55 and 64 years old will increase more than 36% and workers 65 and older will soar by more than 80%. Many employers see this as a good thing.

There are advantages to hiring older workers compared to younger workers. The Society for Human Resource Management reports that over 70% of the HR professionals responding to the organization's survey (SHRM Weekly Online Survey August 29, 2006) feel that older workers have had invaluable experiences in their careers that benefit their companies. Other advantages cited in the survey include older workers often serve as mentors for workers with less experience, are more reliable and have a stronger work ethic than their younger counterparts.

Author and business consultant Stephen Bastien is also convinced that there are significant advantages to hiring older workers. He lists dedication, punctuality, eagerness to learn, and confidence as reasons why hiring mature employees can help organizations build and maintain a great team.

Some employers may be startled by the number of mature workers that will be actively seeking positions in the decade ahead. Savvy business leaders welcome these older job candidates with open arms. They will prepare for this eventuality and build in recruiting, training and development mechanisms to attract and retain the older worker.