Image credit – Lumen Ismail/peopleimages.com
In today’s evolving corporate landscape, businesses must prioritise the happiness and satisfaction of their entire workforce, including those seasoned employees who have dedicated years to their roles. However, the recent trend of a ‘silver exodus’ suggests that older employees are no longer finding the same fulfilment at work, leading to a concerning rise in unemployment among those aged 50 to 64 over the past year.
As the retirement age extends to 71, it is crucial for businesses to develop strategies to retain their ageing staff members effectively. Gary Clark, academy director at SIA Austria, emphasises the importance of work-life balance for retaining experienced staff. ‘Businesses that aren’t recognising this run a difficulty of losing experienced staff members who might do better breaking out on their own,’ Clark states. ‘That is why finding ways to offer them some excitement and a break in the mundane corporate working is necessary, not just for younger staff, but for your ageing workforce too.’
Sabbaticals: a fresh perspective
One effective strategy is to offer sabbaticals, providing employees with an opportunity to recharge away from the daily grind. While it may seem counterintuitive, time away from work can significantly boost motivation and productivity upon return. Older employees, in particular, have earned the right to take extended breaks.
Clark noted that experiencing something new could help employees detach from work-related stress and return more energised. He suggested that instead of losing valuable staff who quit to travel, businesses should offer them sabbaticals as part of a long-term worker package. This approach, he explained, would allow employees to enjoy personal adventures while still contributing their expertise to the company.
Flexible freelance work
For those seeking greater flexibility, freelance arrangements can be a win-win solution. Allowing older employees to transition into freelance or remote roles helps retain their invaluable insights and knowledge while accommodating their desire for professional and personal growth.
Work fatigue often stems from a lack of freedom, Clark explains. Whether it’s the desire to live in a new place or simply a change of scenery, the traditional workday can become overwhelming after decades in the same role. By offering the flexibility to explore personal choices and work remotely, you can maintain your experienced staff without restricting them.
Empowering development
Autonomy and development opportunities should not be reserved solely for younger employees. Older professionals also need avenues for growth and self-improvement. Allowing them to design and pursue their development plans fosters a healthy working culture.
‘Autonomy and development don’t need to always fall in line with traditional workplace training sessions. In fact, your workforce might benefit more from stepping out of their comfort zone now and again and developing transferable skills,’ Clark advises. ‘By giving your employees of all ages the autonomy to learn and develop in their ways, you can retain a happier workforce.’
The growing trend of older employees leaving the workforce is alarming for businesses that rely on their accumulated experience and knowledge. However, by offering increased autonomy, development opportunities, and flexible work structures, companies can ensure that their workforce remains engaged and motivated, regardless of age. Embracing these strategies will not only retain valuable team members but also create a more dynamic and resilient business environment.
