1. Experience. The obvious point is that performant experience is something that can’t be duplicated. Many individuals have been working for 40+ years and can bring new solutions to old problems within your group. They may not know how to do it your “company way” but often, they can help effect positive change and perhaps improve a process within your group.
2. Underemployed. Many are open to being underemployed. This does not mean they are looking to be paid less for a position than they are worth, or that they are not looking to add value for the employer. It simply means that many who have run branches, divisions, etc. are open to being at a lower level as they close out their career, working part-time. As a company, it’s an opportunity to work with someone that can easily complete any tasks put before them and not have to worry about their “future career goals”.
3. Wisdom. Numerous individuals at the back end of their careers want nothing more than to impart knowledge to the next generation. An in-house mentor can help your “less tenured” employees work better, faster, and smarter than they would on their own, or under the guidance of someone with less experience. Knowledge can only be volunteered it cannot be conscripted.
4. Loyal. In many cases, they are looking for a home until they decide to ride off into the sunset. If a company treats them well and pays them fairly, they won’t go to a competitor for a few extra dollars or slightly increased responsibility to advance their career.
5. Emotional Intelligence. Having worked during decades of change, upheaval and technical evolution, unproductive negative emotions are attenuated. Many aren’t likely to exhibit drama, frustration, stress, anxiety, worry, anger, or feeling overwhelmed. For many, they’ve “been there and done that“, through industry or organizational ups and downs. Studies have shown that as we get older our emotional intelligence improves, and seniors focus more on positive outcomes.
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