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It’s imperative that companies begin now to figure out how they’ll retain top employees. "With unemployment below four percent, there will be an all out war for talent," warns Jim Reese, CEO of Randstad North America. "To remain competitive, companies are placing higher value on older workers." Over three-fourths (77 percent) of employers consider older workers to be the most loyal, according to the 2002 Employee Review research project conducted by Randstad North America and RoperASW. And it appears they’re right. Only one-fourth of older workers said they’re always looking for a better job, compared to over one-third (39 percent) workers age 37 and under. Both bosses and workers (63 percent and 58 percent respectively) also think younger employees aren’t as dedicated as their older colleagues.
"It’s less expensive to keep trained, loyal employees on the job than to recruit new ones," said Reese. "Employers are increasingly coming to recognize the value of older workers and trying to put in place programs to keep them on board."
How to retain your maturing workers.
Randstad’s research indicates that older workers consider personal fulfillment on the job very important — even more so than a fat paycheck. Being trusted to get a job done and doing work that’s important to the company and its customers were ranked as key elements of feeling good about the job. The research also found that 8 out of 10 older workers are interested in learning new things on the job, and 44 percent say they want additional training.
"Older workers also want flexibility in the workplace," Reese said. "Boomers want recognition that family concerns are important to them and occasionally want time to attend to personal matters. Matures want a higher quality of life and some control over when and where they work."
HR Management 10/07/02
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