Did you know that L&D investment in older workers is less than 50% of that for younger workers? The business case, however, is compelling that investing in older workers can in fact save businesses money and provide a higher ROI.
Lower absence – Older workers typically take half the sick days of younger workers. Furthermore, providing careers and well being support can reduce absence rates even further and increase engagement.
Avoid recruitment and initial training costs – Preventing the early exit of older workers (who might struggle to balance work with health or personal responsibilities) avoids costs estimated at £30,000 per new recruit.
Better ROI for new skills – Older workers are less likely to leave meaning a higher return on investment for new skills investment. In the US, the risk of unplanned turnover for over 50s is 29% (compared with 49%).
Fewer mistakes – Studies have also shown that older workers make fewer mistakes and perform better in terms of accuracy and output consistency