Employers nowadays may feel bombarded with advice on how to retain millennial employees. Those younger workers have the reputation of moving from job to job, so employers wanting to get the most from the investment they make in their youngest employees put a lot of energy into encouraging them to stay. But what about older employees—those who are weighing the pros and cons of retirement, maybe wondering if they’re still appreciated? Are those workers also worth special retention efforts? And, if so, what should employers do?
“There is no substitute for experience,” Susan G. Fentin, an attorney with the Skoler, Abbott & Presser, P.C. law firm in Springfield, Massachusetts, says “Employees with a long record of experience with a company will undoubtedly have contacts in the industry that are invaluable. Any type of knowledge that is built up over time is generally hard to replace, so keeping employees on staff after what might otherwise be retirement age would work to the company’s advantage.”