Companies Discover Business Benefits of Retaining Older Employees
By
andsoitis
Hot, fresh, and worth queueing round the block for.
Summary
The article discusses how companies are increasingly recognizing the value of older employees, despite persistent age bias in the workplace. It highlights a case study from a UK B&Q store in 1989 that staffed primarily with older workers, resulting in an 18% profit increase, significantly reduced staff turnover, and lower absenteeism. The content explores the business benefits of retaining experienced older workers, including their reliability, customer service skills, and institutional knowledge, while acknowledging that age discrimination remains a widespread issue in corporate culture.
Key quotes
· 4 pulledOn the outskirts of Macclesfield, in northwest England, a branch of the UK home-improvement retailer B&Q quietly overturned one of corporate life's most persistent assumptions.
Faced with high staff turnover and uneven customer satisfaction, the company tried a simple experiment: In 1989, it staffed the store largely with older workers.
The results were striking, according to one study. Profits rose 18 percent. Staff turnover fell to a fraction of the company average.
Although age bias is still the norm, the value-add of longtime, experienced workers is beginning to take shape.
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