Are you aware of the benefits of retaining senior employees?
Employees today are very tech-savvy. Therefore, it is easy for one to assume that new employees have an edge over their seniors. In reality, that isn’t that case. In today’s times, even though some companies are looking for ways to get rid of their senior employees, other companies are valuing their senior resources. Hiring new resources isn’t always the easiest thing to do, as it requires a considerable amount of time and money. In the following paragraphs, we will discuss the benefits of retaining senior employees.
So, let’s begin.
It Is Cost-Effective
Bringing in new people on nominal salaries seems better than paying high salaries to older employees. However, that is not the case. First of all, the cost of the new hire is always higher than the salaries you are giving. Furthermore, senior employees are experienced and they require less training as compared to employees without experience. Moreover, they have a better understanding of the latest technology, as well as the best industry practices. Lastly, employees nearing their retirement also don’t need expensive health insurance plans.
It Ensures Flexibility
Another benefit of retaining older employees is that it ensures flexibility. Flexibility is something that is hard to come by when you hire new resources. A new employee doesn’t relate to the company as well as an older one and is always torn between work and family. On the other hand, an old employee will be more comfortable with changing their work patterns, thus ensuring maximum flexibility. Because of their experience and command over their job, senior employees can be more productive than a new employee.
They Are Responsible and Experienced
With a senior resource on your team, you tend to feel more relaxed whenever a challenge is thrown your way. New employees cannot provide you with such security. There is no match between an employee who has given his life to the industry and a person who has recently graduated from college and entered the workforce with only a few internships under his belt. Experienced professionals witness challenging situations countless times, throughout their career, and can adapt perfectly to high pressure situations.
Better Commitment to the Task
Lastly, senior employees are more committed to their task. With years of experience, they can completely understand how to adhere to the guidelines of their business. They also understand how crucial it is for them to be punctual. Furthermore, they are more engaged in their work, which has a positive impact on the revenue that your business earns.
These were just some of the many benefits of retaining old employees as opposed to firing them and hiring new ones.