The Mature Workforce: What it means for your business

Attracting and retaining mature workers will become increasingly important as Baby Boomers decide whether they will stay in the workforce full time, cut back to part-time, or re-enter the job market after a hiatus. It is useful, therefore, to understand the characteristics of the "grey workforce" because they may want something very different from their employment experience. For example:

• Life long learning is more important than promotional opportunities to the grey workforce. Contrary to the myth that "you can't teach an old dog new tricks," mature employees want to learn new skills, new ways to apply their existing skills and are often open to learning a totally new profession. While they may require additional time to learn something new, evidence indicates older workers have greater retention and are more likely to successfully complete educational courses than their younger counterparts.
• People that are 55 years and older tend to stay in their jobs longer than their younger colleagues. Training to update and sharpen their skills becomes a key component of keeping them engaged and productive.
• Innovation, flexibility and independence are valued more among experienced workers than "face time" and hours at work.

Research by the Bureau of Labor Statistics shows no significant difference between the hours worked by younger and older employees. In fact, the length of the average work week has hovered around 40 to 45 hours for decades.

There is also evidence that older workers exhibit greater motivation and engagement than younger workers. According to a 2005 Towers Perrin/AARP report, “Older workers are more motivated to exceed expectations than their younger counterparts.” This observed behavior is seen in age 50+ workers no matter what their length of service and lends weight to the capability of older workers to function in demanding environments.

The widespread belief that older workers “are a little slow to catch on” is likely rooted in the decline in cognition speed as we grow older.