BusinessWeek’s Marshall Goldsmith has a good Q&A with management consultant Bill Byham on his new book, 70: The New 50. The interview does rehash alot of the well-trodden issues on retention of older workers–are we facing a major brain drain (not necessarily), will Boomers want to keep working past traditional retirement age (yes). Etc.
But Goldsmith quizzes Byham on two questions that interest me very much–why aren’t companies working more aggressively to retain and rehire older workers, and what are the best practices? Here’s the verbatim:
What’s holding organizations back from actively retaining or rehiring older workers?
There are two reasons: 1) inadvertent discrimination and misunderstanding about the skills, motivations, and attitudes of older workers, and 2) fear that they won’t be able to get rid of poorly performing older workers. This is the big unspoken issue. Up until now, organizations have let many poor performers “coast to retirement.” Given the chance to continue to work, organizations fear that many will want to stay longer and that organizations will have to face up to poor performance.
How are progressive organizations dealing with older workers?
They’re getting select older workers to stay on longer. They are rehiring select people after they’ve retired (sometimes necessary because of how their benefit plan is structured). They are hiring select older workers who have retired from other organizations.
I am emphasizing “select” people—the people who have the critical skills, knowledge, contacts, or wisdom; the people who are successful in their current jobs and wish to continue to work. I am not suggesting that organizations should try to get everyone to work longer. For organizations, retaining successful people is a good bet because it is highly likely that their past success will continue on in extended employment.
All this suggests that companies will do well to develop HR professionals who specialize in recruitment and retention of older workers. This probably will develop into a specialized area of HR practice, not too different from diversity management.