Hire a Senior-Build Your Business

I your company built on the strength of a diverse workforce? Because of persistent myths, employers are hesitant to hire older workers and quick to jettison their most experienced people in favor of younger people. According to Age Discrimination Employment Act of 1967 it is against the law to discriminate against older workers, but the practice persists anyway.


The first myth is that older people are set their ways, unproductive, and useless. The truth is that with experience comes wisdom and they are able to do a great job that incorporates old solutions to new problems.

The second myth is that it’s too expensive to train older people; they are not going to stay with the company long enough to recoup your investment. In fact, many people have completed and retired from one career and are ready to start another. They have no intention of going home and sitting in a rocker. They can bring wisdom and insight to your teams that is not otherwise available. Because of their extensive work backgrounds they generally need less training than a younger person with no experience; most have better problem solving skills and more patience.

Myth number three: It can be more expensive to keep older workers on staff. Older employees cost too much and reduce profits. Actually, it can cost less. Anyone over the age of 65 can collect Medicare so that even if you offer a supplemental plan it will be less expensive than full coverage. Older workers take less time off because they have a stronger work ethic; they value their jobs, and understand the importance of their position to the whole. Younger workers are more likely to participate in activities and sports that are somewhat dangerous and thus need time off to recover.

The fourth myth centers on dependability and commitment. You can usually depend on seniors to be where they are supposed to be, and to be diligent in completing their assignments. Younger workers are more likely to be distracted by life; and take more time off the enjoy it. They also do not have the experience to appreciate that they are an important part of the whole and people are depending on them. Seniors understand that customers are not a bother and every aspect of a project is important; if they drop the ball the entire company is affected. The idea of not hiring older workers because of their capability is stupid. Older workers can be a valuable asset to the growth of your business.

Another reason to hire senior workers is that they can attract senior customers away from the competition. With the Baby Boomers becoming seniors, the make-up of your customers will be changing. Seniors may only make up 25% of the population, but they control three quarters of the wealth. Many seniors don’t like to work with younger people; they don’t feel understood. Your older workers can relate better to your changing clientele and bring you more business from unexpected places.

Ups and Downs

We are all very aware that our current economic condition is not as positive as we would like. It seems that no matter how hard we try or what we do our hands are tied. Unemployment is up, prices are up, and investments are down. Thinking about this situation led me to investigate the state of our economy in the last 100 years to see if I could predict how long this would last.

Most experts agree that our financial system is cyclical; there have always been ups and downs. When we are down, like today, we can’t seem to remember the good times. When we are up we tend to believe that there is no down.

Look at this partial list from A History of American Agriculture 1776-1990. It exemplifies just what the experts have concluded. From the > on the list you can see that we have actually spent more time up than down, and we will be there again soon.

> 1909-18 Prosperity and war boom
1920-21 Sharp postwar recession
> 1922-29 Speculative boom
1929-1939 Great Depression
> 1939-45 Wartime recovery
> 1946-49 Postwar boom
> 1950-56 Korean war and postwar readjustment
1957-58 Recession
> 1958-70 Extended business expansion
1970-80 Inflation rates increased, while economic growth rates declined
1981-82 Recession
> 1983-88 Business expansion
1989-1991 Recession
> 1992-2000 Greatest economic expansion ever

The real lesson that we should learn from these patterns is fully ascribed in the Boy Scout motto—“Be Prepared”. If we planned and saved during the good times; we would be a lot more comfortable in the down ones. Living from paycheck to paycheck in the good times makes no sense. Any financial advisor will tell you that you should have an emergency fund of several month’s expenses for times like these. Even in lean times some savings activity should continue. It may not be easy, and it may not be very much money, but it is a good lesson in discipline that will serve you well, whatever the state of the economy.

Do You Have Your Hat on Backwards?

In today’s tough economy you have done your due diligence, thoroughly analyzed your income and out go, and sorted your numbers every which-way. You have discovered that your Widget A only accounts for 12% of your business. Should you drop this product line?
WAIT! There are other areas to consider before you pull the plug. Have you done a full analysis of the total potential market? You are likely to find that although Widget A only represents 12% of your business, it actually represents 90% of the total market. Whether by design or happenstance you have discovered a niche and filled it. This has long been the mantra of product designers and sales teams-“find a niche and fill it.”
With this knowledge on hand would you still want to pull the plug on Widget A? What are the chances for add-on sales of your other products? Are your Widget A customers likely to recommend your to their friends and associates? How much of the infrastructure of Widget A overlaps other products in your line? It may only represent 12% of your income, but how much of your outgo does it represent, probably a lot less than 12%.
A major car manufacturer I worked for several years ago made just this mistake and has never been the same since. These are all questions they should have asked as part of their strategic planning analysis. Your Widget A may not be your most profitable product, but it may have a great value to you in the whole scheme of things, in capturing extra business, or in just filling a need that nobody else is able to do, thus making you a hero and a successful commercial enterprise.
A lot of the success of your business will depend on this balancing act. It is critical that you due your due diligence, but not make any decisions until you look at the picture from both sides, yours and the client’s.