What savings can be realized from hiring and retaining older workers?
Several areas of potential savings are highlighted in studies by the US Department of Labor and AARP: • Accident and attendance records are better for older workers. With a strong work ethic and a tendency to be more careful on the job, they are more dependable and responsible, missing less work, having fewer accidents, and changing jobs less frequently. • In most occupations, productivity levels remain the same or increase with age because of improved work habits, motivation, and concentration. Older worker’s production rates are steadier when compared to other age groups. • Mature workers remain interested in learning new processes and taking on challenging assignments. With their solid experience base, coupled with better study attitudes, training costs are less. • The retention of older, experienced workers preserves institutional knowledge and saves employee replacement costs which now run upwards of 50% of annual salary. • While individual older worker’s health, disability, and l
