Retaining the older workforce: social policy considerations for the universally designed workplace

Area of Science:

• Human Resources
• Organizational Behavior
• Gerontology

Background:

• Economic downturns and massive layoffs highlight the critical issue of an aging workforce.
• The retirement of older employees leads to significant loss of institutional knowledge and expertise.
• Both employers and older workers are reconsidering traditional retirement approaches and seeking new retention strategies.

Purpose of the Study:

• To investigate formal and informal strategies for retaining older workers.
• To understand the cultural context influencing the development of these retention initiatives.
• To explore the universal applicability and benefits of older worker retention programs for diverse employee groups.

Main Methods:

• Case study research involving interviews with key employees across 18 companies in 13 states.
• In-person site visits conducted at five of the participating companies.
• Interviews conducted with diverse informants, including company leadership, supervisors, and older workers.

Main Results:

• Identification of specific cultural contexts that foster older worker retention strategies.
• Detailed description of various formal and informal retention strategies implemented by companies.
• Evidence of the development and application of these strategies within the studied organizations.

Conclusions:

• Retention initiatives for older workers possess a universal nature.
• Consideration of universality in retention strategies benefits not only older workers but also a broader range of diverse employee groups.
• Implementing inclusive retention strategies can mitigate knowledge loss and enhance organizational resilience.