After months of a slow but steady decline in job growth, employers unleashed an unexpected burst of hiring in January, adding 517,000 jobs while the unemployment rate fell to 3.4%, the lowest in five decades. In December, there were more than 11 million job openings in all segments of the economy, including restaurants, hotels, retail, and health care.

While small businesses struggle to fill their open positions, some employers overlook valuable applicants in the job pool. American companies can gain and maintain a competitive labor market advantage by employing and retaining 50+ workers. 

Why hire 50+ workers?

Research shows that older employees are likelier to show up to work on time and less likely to call in sick. Older workers also don't switch jobs as often as their younger colleagues. More senior employees shine regarding maturity and professionalism – resulting in a strong work ethic.

Workers 65 and older are becoming a larger share of the nation's workforce. You might be surprised at the number of people 65 and older still employed. The U.S. Bureau of Labor Statistics (BLS) projects that by 2024, 13 million people aged 65 and older will still be working. For people 75 and older, the total will grow 86 percent, according to BLS projections.

Why do so many seniors continue to work after the traditional retirement age? They stay on the job because they like the work and do it well. Some also remain employed to build savings for retirement or to delay claiming Social Security benefits, which can lead to a more significant monthly benefit once they do.

The benefits of hiring 50+ workers.

Employees are a significate driving force when it comes to the success of an organization. Older workers possess qualities that most employers strive to find – knowledgeable, dedicated, willing to learn, and team players.

Here are five critical reasons to hire 50+ workers, according to AARP:

1. 50+ workers have the soft skills employers say they need. American businesses face a skills crisis, with 40% of companies reporting difficulty filling jobs due to a lack of available talent. Overwhelmingly, business leaders point to soft skills — professionalism, written communications, analytical, and interpersonal skills — as the critical piece often missing from their talent pools. 50+ workers have spent decades honing soft skills, which can continue to improve until very late in life.

2. 50+ workers are more motivated than younger workers, and research shows older workers are more motivated to exceed expectations on the job than their younger counterparts. Motivation is strongly tied to employee engagement, and better engagement means better bottom-line financial performance.  

3.  50+ workers are more loyal and likelier to stay with their company than younger workers. Not only can replacement costs run between 25% to 150% of an individual's annual compensation, but turnover can also contribute to customer-service disruption, declines in morale, and loss of "corporate memory." 50+ workers aren't just more loyal — they're also more reliable, have lower absentee rates, and have strong work ethics.

4. 50+ workers are the new normal. The older the baby boom generation gets, the more 50+ workers participate in the labor force. Employers can't afford to overlook 20% of their available talent pool.

5. 50+ workers have a "strong capacity and willingness to learn new tasks, processes, and technologies." U.S. Department of Labor Aging Worker Initiative studies have demonstrated 50+ workers' capacity to learn new processes and technologies.

Older workers also play an essential role in providing skills to younger team members. By passing on their knowledge and experience, you gain more long-term employees. Organizations that have long-term employees save money.

 Since 2005, Quikstone Capital Solutions has helped thousands of businesses with working capital for all their business needs, including hiring staff, purchasing new equipment, increasing inventory, expanding, or remodeling. If you accept credit cards, you could qualify for up to $250,000. It's a quick and easy process. There is a simple application, no collateral is needed, and funds are available in 2-5 business days. Contact us today to learn more.