Link to full program: https://www.bfmtv.com/economie/seniors-quelle-richesse-pour-l-entreprise_VL-202309260490.html
Longer life expectancy and longer careers
“Longer life expectancy has a direct impact on workers’ careers. Whereas, in the past, careers often ended around the age of 60, this is no longer the case today. Longer life expectancy logically leads to longer careers. Companies must therefore rethink their strategies to support these workers and capitalize on their skills”- says Dominique PODESTA, Partner at LOUIS DUPONT.
The real challenge is to ensure the longevity of careers after the age of 50. This is a pressing issue for many companies today, faced with the need to retain experienced employees while managing the transition to retirement. Keeping older employees on the job also enables them to pass on their know-how to younger employees, an essential process in intergenerational teams.
A change of perspective in favor of seniors
Seniors, often defined as workers over the age of 55, are gradually gaining greater recognition within companies. Their contribution is now better recognized, and society is beginning to value the unique qualities they bring to organizations. Their experience, emotional strength and ability to manage crises make them valuable assets. And yet, despite this growing awareness, older employees still encounter many difficulties in remaining in, or entering, the professional world.
HR policies: Focus on quality of life, hardship and training
Human resources (HR) policies are evolving to better integrate the specific needs of seniors. More and more companies are implementing measures to improve their quality of life at work. This involves reducing the arduousness of jobs, adapting working conditions and, above all, providing access to ongoing training to keep their skills up to date.
The issue of difficulty is particularly important. Even if they remain highly skilled and agile, older workers may encounter physical difficulties in certain sectors. Workstation adjustments and more flexible working hours are solutions that some companies are adopting to preserve the health and motivation of their older employees.
Training is also a major issue for older employees. While some may have years of experience, that doesn’t mean they don’t need ongoing training. With the rapid evolution of technologies and working methods, offering them the opportunity to acquire new skills is essential to ensure their continued employment and competitiveness on the job market.
A real problem in hiring and retaining older employees
Despite the efforts made, there is still a real problem when it comes to hiring and retaining older employees in companies. After the age of 50, many are stereotyped as less productive or flexible. Paradoxically, at a time when the retirement age is being pushed back further and further, some companies are still reluctant to hire seniors or retain them in positions of responsibility.
The figures are striking: over 80% of job losses after the age of 50 are initiated by employers, not employees. This poses a real problem in terms of career management, since older employees don’t leave of their own accord, but are often pushed out the door. And yet, senior citizens are not necessarily looking to leave their jobs; many wish to continue working for both financial and personal reasons, notably out of a desire to remain active and continue to feel useful.
Evaporating expertise and high departure costs
Another critical issue concerns the mass departure of senior staff and the expertise that leaves companies with them. More and more senior experts are retiring without having sufficiently passed on their knowledge. This phenomenon is particularly worrying in companies where technical and strategic skills are required, as these talents are difficult to replace.
What’s more, senior executives are often very expensive to let go. Severance payments are high, and it can be more costly for a company to part with a senior executive than to find a solution to prolong and optimize his or her career within the organization.
Improving but insufficient figures
The employment rate of senior managers is improving, but there’s still a long way to go. In 2021, 56.2% of senior citizens were still in work, compared with just 32% in 2000, according to the French Ministry of Labor, Employment and Integration. This is a significant increase, but it masks inequalities. Many seniors still have difficulty finding a job or maintaining their position in the company beyond a certain age.
Interim management: an opportunity for seniors
Interim management is a sector in which senior citizens find a place of choice. Working with seniors in this field enables companies to benefit from their agility, despite preconceptions. Seniors are more available and mobile, and often have a greater capacity to support teams in difficulty or to manage crisis situations. Their experience gives them a solidity and serenity that younger managers may still find difficult to acquire.
In these temporary or transitional positions, senior managers often demonstrate a remarkable ability to adapt. They quickly integrate into a new company, bring a fresh perspective to problems and help structure teams for the future. This working model makes the most of seniors’ expertise, while meeting companies’ immediate needs.
Little-known schemes to support seniors
There are a number of schemes in place today to support older employees in the workplace, but they are still too often overlooked or under-utilized. For example, some companies offer end-of-career arrangements such as reduced working hours, telecommuting or know-how transfer schemes. These measures enable older employees to remain active while preparing for a smooth transition to retirement.
The implementation of such schemes is beneficial not only for senior workers, but also for the company itself, which can capitalize on their expertise while optimizing human resources management costs.
Conclusion: seniors, an under-exploited asset
In conclusion, senior employees are a real asset for companies, both in terms of their experience and their ability to manage complex situations. However, there are still many challenges to be met to improve their integration and retention in the world of work. Companies need to rethink their approach to career management, and place greater value on this experienced workforce.
Senior employees are not a burden on the company – quite the contrary. With the right policies, they can continue to make an essential contribution, while playing a key role in passing on knowledge to future generations. Their presence within companies is not only beneficial for them, but for society as a whole.
About LOUIS DUPONT LOUIS DUPONT
LOUIS DUPONT is a key player in the field of interim management, recognized for its expertise and ability to accompany companies through critical phases of transformationstrategic and operational management. Backed by a team of seasoned professionals, it provides tailor-made top-management solutions, responding precisely to the specific needs of each customer.
Rated “Excellent” by Décideurs Leaders League in the”Restructuring & Companies in Difficulty” categoryRestructuring & Companies in Difficulty – Transition Management (2024)“The firm excels in leading transformation, driving efficiency and managing complex teams, as well as in communication and cross-functional management. By integrating cross-functional training and assertive leadership, it guarantees optimal organizational management, while positioning itself as a benchmark in sustainable transformation and change management.
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