In most companies, four generations of employees are working together and in a few, the latest generation – Gen Z, has joined them to make five generations working under one roof. While research has examined what Generation X, Millennials, and Generation Z want from their work experience, what about older employees? What do they value most? Money, support, recognition or the opportunity to develop new skills? Is it beneficial to retain older employees?
Older vs. Younger Employees
Stress and work-related pressure tend to diminish job satisfaction and happiness at work. Time pressure, too, is important and can create perceptions of dissatisfaction with work. In some studies, time pressure appears to be more influential to younger, not older workers. Older workers may be more skilled at moderating work-related demands than younger employees by focusing on recognition, skill development, and support from management in difficult situations. Older workers appear to exhibit better coping and are more resilient to stressors and the various pains that are related to the job.
What Do Older Workers Want?
Many elements of the job are associated with job satisfaction and happiness for older adults. They expect their employer to offer autonomy, independence and decision-making authority. They expect to receive ongoing feedback from their employer, especially when it is positive regarding their performance and worth to the organization.
Older workers also want a job that is meaningful and interesting. Beyond these, they want what most employees do including good pay and a schedule that fits their needs. Research has shown that older workers also express higher satisfaction with job characteristics such as job security and promotion opportunities.
Does Closeness to Retirement Matter?
One important factor that sets older employees apart from those of other ages, is their proximity to retirement. This does matter, because high job satisfaction keeps older employees in the workplace longer, while dissatisfaction makes retirement more attractive. Older workers also greatly appreciate organizations that allow for an early buyout or an early retirement plan because they give them more control over when they might retire.
Take Away
Millions of older adults are working in various industries around the country. They are also working side-by-side with Baby Boomers, Generation X, Y and in some cases Z. each generation has its own characteristics and personalities. Older adults are in the unique position to still add greatly to the workplace, keep an eye on retirement, and reap the rewards of happiness while they are still meaningfully employed.