Firms Focus on Hiring Young Recruits over Retaining Older Workers

As reported by HRI, among many companies, recruiting younger workers takes precedence over developing strategies for retaining older workers, according to The 2006 Merrill Lynch New Retirement Study, which polled 1,000 U.S companies, 250 of which were Merrill Lynch clients, with another 751 selected at random. Regardless of fears over losing "skilled professionals," more companies (61%) are engaged in developing recruitment strategies for young hires than are crafting ways to retain older workers (38%), and less than half (45%) are evaluating "priorities of older workers who may want to continue working." The following are additional recruitment and retention best practices targeting older workers:

• flexible work schedules and technology that enables remote work assignments;
• more assignment choices, including reduced pay and hours, mentoring and coaching options and full health benefits for part-time and seasonal positions;
• phased-in retirement plans and a realignment of pay structures to benefits.
  (The 2006 Merrill Lynch New Retirement Study [Merrill Lynch, Pierce, Fenner & Smith, Inc.], 2006, pp. 14, 16)