Kids spend a good part of their childhood wanting to be older. They are proud of reaching certain milestones like age 10 and then age 16, etc. Parents try to encourage them not to rush their lives as they know life goes much quicker and seemingly so the older you get.
And there is an obstacle for people who are under 25. It’s harder to get a loan without someone cosigning, and insurance on automobiles is quite expensive for this age group. Rental car companies usually don’t even rent to them until they reach 25 years of age.
But, eventually, they reach the age where they don’t have restrictions anymore. That is until they start approaching their 50’s. It seems companies don’t want to hang onto these aging employees. This is because they can find someone younger for much cheaper. While companies are not supposed to discriminate based on age, it’s quite easy to find other reasons not to hire these people.
This is narrow-minded on the part of companies. Many of these aging employees hold years of experience and knowledge. While generally, their younger counterparts are cheaper, it will take them years to gain the experience and knowledge of the older employees. Managers who only look at the bottom line and don’t take these other factors into account are short sighted.
Another problem is people are living longer and many are not willing to retire at age 65, or whatever limit is set by governments. They have a lot to offer and they like the challenge of working. It is supposedly healthier for their minds to keep active as well.
Some companies will offer early retirement packages to people of a certain age. While these packages are not as lucrative as they used to be, it is still generally a wise idea to take them when offered. If you don’t it is likely you will be cut eventually anyway, with no package to rely on. In many instances, this early retirement policy causes gaps in the business and they end up hiring the same employees back as consultants. This may seem like a waste but it’s important to remember that consultants don’t add to the headcount and can be let go at a moment’s notice.
One solution is to keep on a group of aging employees as trainers. They have much to offer in the way of knowledge transfer and they can be a great benefit to the company when new hires are added to the payroll.