Optimal approach towards recruiting and retaining older workforce

Mumbai, Apr 25 (UNI) Overlooking the 'catch me young' concept, hopefully, pentagenerians may be on the preference list of the employers due to their smart work skills, a survey revealed.

According to a survey report on the best practices to engage the older workforce, released today by Manpower Inc, demographic shifts and skills shortage has forced some organizations to decide a smart move towards recruitment and retaintion of workers over 50.

The employers are adopting recruiting and retention strategies for workers over the age of 50. It has been observed, 14 per cent of employers in India have such strategies and 16 percent have managed to implement retention strategies to keep them participating in the workforce.

Of the 4,742 employers surveyed across seven industry sectors in India, 20 per cent of Public Administration and Education sector employers indicated they have an older worker recruitment strategy and 88 per cent in the Wholesale and Retail Trade sector indicated they do not have a strategy to address this.

Commenting on the report, Soumen Basu, Executive Chairman, Manpower India, said ''Many employers are yet to consider the percentage of their workforce that is set to retire in the next five to ten years and the potential loss of productivity and intellectual capital that will occur when those people leave their company.'' Opening the doors to older workers is a major benefit for organizations that are facing a 'talent crunch' as a large portion of adult workforce that can efficiently handle jobs after retirement remains untapped. Moreover, it will help organizations retain knowledge and experience, widen the recruitment base, and could lead to more customers and greater profits, he said.

Another global survey of 28,000 employers across 25 countries and territories, found that employers in Japan and Singapore are far ahead of their international counterparts with 83 and 53 percent of employers surveyed, respectively, working pro-actively to retain their older employees. According to the Organization for Economic Co-operation and Development (OECD), between 2025-2030, 12 million people a year will be exiting the global workforce, which certainly reflects the retirement exodus could have a crippling effect on many national economies, as a disproportionate number of workers are left to support those in retirement, the report argues.

UNI