Becoming a Senior-friendly Company

How does a company retain or attract older workers? There are a number of steps you can take to make better use of this valuable pool of human capital.

In response to the general "graying of the workforce," for example, some companies are offering inter-generational seminars to help coworkers work together as a team rather than just coexist. Because of the "generation gap" that can exist in the office as much as in the home, coworkers can sometimes have a hard time communicating, or even be dismissive of each other.

"These seminars can really help with communication skills, and for positioning a company for success in the future," said Peter G. Burki, CEO and co-founder of LifeCare® Inc., a Westport, Connecticut-based national employee benefits organization.

"An older employee might not be as technologically savvy as a younger person but she might have solid, long-term relationships with a number of key vendors," Burki added. "At the same time, a younger person might have tattoos or piercings but that doesn't mean he isn't talented or serious about his work. Employers who provide their people with the tools to better understand and appreciate their differences are doing themselves a big favor."

Here are a few other options a company could pursue:

• First, consider these questions.
• What percentage of employees at your company is older than 50?
• What percent is eligible to retire within the next five years?
• Has your organization done any strategic planning around this issue?
• Phased retirement can offer retirees the chance to work part time.
• Some companies offer a Reserves at the Ready program in which retirees are placed on-call and asked to work when needed.
• Other companies offer a bridge arrangement to their seniors making it possible for people who retire and return within five years to retain their seniority and salary level.
• Many companies also rehire retirees as consultants in order to facilitate knowledge transfer and preserve talent.
• Some companies make back-up child care available to older employees who are taking care of grandchildren.
• Consider other benefits such as pre-retirement planning, flexible work arrangements and long-term care insurance.