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How Senior Employees Are A Crucial Force In Business

SungardAS

By Natalie Burg

Think millennials are the only large, important new group in the American workforce? Think again. The U.S. Department of Labor estimates that by 2022, workers 55 and older will make up 25.6 percent of the labor force, up from 11.8 percent in 1992.

That means employees from three different generations are now working together. To accommodate everyone, organizations must work to ensure each age group's cultural differences are considered, and that older workers are recognized for the value they bring to the business.

Creating an age-friendly workplace

Many companies are going out of their way to attract and retain millennials through the use of social media in the workplace or the implementation of BYOD programs, but they must be equally aware of the needs and wants of older workers.

The number of workers 55 and older is increasing significantly. Given the skills older workers bring, this is great news!

According to the AARP report, this means keeping older employees in mind in the establishment of both benefits and training. For example, boomer employees may be more interested in long-term care insurance and maximizing retirement savings than a millennial worker, and, while they are unlikely to need maternity or paternity leave, time off to care for elderly family members may be important to them.

And, while older workers bring a lot of experience and skills to the organization, that doesn't mean they don't need training. Offering a variety of training formats--from classroom style to online tutorials to staff meetings--is important to the education of all generations of employees. AARP also gives a nod to employers that offer lifelong learning opportunities suited to mature workers, including additional certification and specialty training programs. A 50-year-old may want to work for another 15 or 20 years, making ongoing training for older workers as good an investment as it is for, say, recent grads.

The benefits of older workers

The investment is also worth it because older workers bring much to the corporate table. Debi Ritter, human resources director for accounting firm UHY LLP, wrote about the value older workers can offer an organization in Corp! , including dedication, leadership and the fact that they are often less-risky hires.

She also noted that older workers often have communication skills that simply aren't taught anymore.

"Older workers remember a time where communication wasn’t dominated by e-mail, instant messaging, texting or social media," Ritter wrote. "As a result, they have advanced communication and people skills, and know the value of sending hand-written thank you notes to clients and referral sources."

These skills can result in stronger relationships and better engagement with coworkers and clients--especially clients from their own generation.

Likewise, boomers are experts in a particularly valuable set of consumers: themselves. According to a Nielsen/BoomAgers report, within five years, close to 50 percent of adult Americans will be 50 and older, and they will control 70 percent of the nation’s disposable income. Indeed, the report calls boomers "Marketing's Most Valuable Generation," which can make them a company's most valuable asset. Being a member of such a highly sought-after consumer group gives boomer employees unique insight into their peers' wants and needs.

And, of course, the value of decades of work experience can't be overstated. No matter how energetic and talented millennials might be, they simply don't have the experience to match boomers.

Building cross-generational relationships

Each member of a multigenerational staff can add value to a company, but those benefits can be maximized only if everyone is working together.

Cultural differences among baby boomers (born 1946-1964), gen Xers (1965-1981) and millennials (1982-2004) can make for awkward working relationships. To get everyone on the same page, the AARP recommends fostering an atmosphere of honesty.

"Facilitate regular conversations about generational differences," advises an AARP report on the multigenerational workforce. "This increases understanding and helps employees develop respect for other generations."

And it shouldn't end with talking. Getting members of each generation to work together on projects, team building exercises and mentorship opportunities helps everyone to recognize their coworkers' value.

A Deloitte report on effectively managing multigenerational employees cites mentorship between each generation as something that should be considered a performance expectation. Older workers have much to teach their coworkers based on their years of experience, and younger employees can share their understanding of technology and new perspectives.

From experience to dedication to knowing the value of a good, old-fashioned handshake, older employees can add a great deal of value to any workplace. Considering what a large proportion of the workforce they're set to become, that's good news for employers. By fostering positive relationships among workers of all generations and creating an age-friendly workplace, businesses can be well-positioned to get the most value possible from this expanding segment of the workforce.

A former downtown development professional, Natalie Burg is a freelancer who writes about growth, entrepreneurialism and innovation.

In honor of Grandparents Day, September 7, Sungard ASVoice is pleased to present a series of articles on senior citizens this week!