Why older / more experienced employees offer great value to start-ups (and how this represents an opportunity for you)

Ageism is rife in the workplace, but ironically the disruption economy offers older and more experienced individuals opportunities to rival those of younger people… That is, if you’re willing to learn new skills and apply your experience in new environments.

Let’s talk about opportunities for older people with start-ups (traditionally considered the stomping ground of the young employee).

First, you need to realise that most start-ups fail.

If you look up the start-up fail rates you’ll see they vary depending on who is reporting, but all of them indicate that the majority of start-ups fail, and fail quickly.

It’s natural if you think about it. Anything new is at greater risk. A male and female fish will spawn thousands of offspring with the biological imperative of replacing themselves – to accomplish this, only two of the thousands spawned will survive.

This is a law of nature – anything new is at greater risk – and it applies in the economy too.

Broadly, the reasons start-ups fail are:

Cash (lack of it, or miscalculating the amount required for start-up and growth)
Market need miscalculation
Competition
Poor business models
Regulatory changes
Pricing / costing issues
Team issues
Timing
Inferior product

I’ve highlighted this list to indicate that the issues which lead to the downfall of most start-ups are largely controllable, but nonetheless, start-ups fail. This begs the question; why?

We’ll get back to answering that question, but now let’s look at some of the benefits of employing older / more experienced workers in business.

Experience

Older workers can tap into both professional and personal experiences that help them excel in the workplace. It’s an obvious but often overlooked asset. Some employers might worry about a learning curve when it comes to technology. Research, however, proves that older adults can and are willing to learn tech skills. On the other hand, you cannot teach a younger worker what the older employee has learned after 20 years on the job. Wisdom comes with time. And wisdom often means the difference between a smart decision that helps your business and a mistake that sets you back.

Reliability

Older workers tend to be reliable employees. Research shows that older employees are more likely to show up to work on time, and less likely to call in sick. Older workers also do not switch jobs as often as their younger colleagues. More experienced employees shine when it comes to maturity and professionalism; resulting in a strong work ethic. With an older worker, you often find yourself with someone who works hard to get the job done right.

Cost-effective

One stigma about older workers is that they cost an employer more than a younger employee. Some costs, such as health insurance, might go up, but long-term effects often outweigh expenses. Usually, older workers show up to work and do not job jump. This saves a company from the high cost of frequent turnovers. Recruitment is one of the highest staffing expenses, but an older workforce reduces your need to constantly recruit. Older workers also play an important role in providing skills to younger team members. By passing on their knowledge and experience, you gain more long-term employees through younger workers that stay with your company. Organisations that tend to have long-term employees save money.

Confidence

In many cases, confidence is a result of experience. As we age, we become more comfortable with who we are and what we know. The combination of confidence and expertise goes a long way in the workplace. Confidence exuded by older workers can have a positive effect on younger employees. Older employees can guide their younger counterparts through gaining self-esteem at work. When your team is confident in what they do, your business runs more effectively.

Old-fashioned values still have value

Even if they aren’t former entrepreneurs, many older employees have jam-packed resumes, and though they might not excel at social media or computer programming, many of their other skills remain in high demand. According to Business Insider, older employees tend to be more loyal, possess strong leadership qualities, and bring more established professional networks to the table. Most importantly, older workers have accumulated years of experience that have allowed them to learn what works and what doesn’t. Older workers also bring with them “old-fashioned” values that can still bolster company culture, especially in volatile startup environments. Qualities traditionally associated with the “Greatest Generation”, which an Economist report identified as “patience, distinctiveness, thrift, and trust,” are cultivated over a lifetime. In the modern workplace, they can help growing companies withstand market fluctuations and retain valuable employees.

Employee diversity (including age diversity) is smart business

Having an age-diverse workforce makes sense for most workplaces. Older employees represent the largest part of the buying market. They might find it easier to connect with the people you are targeting as customers. This connection can also provide valuable insight into your business.

Now let’s answer the question from above; why do most start-ups fail when the factors that lead to failure are largely controllable?

The answer is that most start-ups are led by young people and employ mostly young people. It’s fairly clear that if you overlap the above two sets of bullet points, you see that the problems faced by start-ups; that is, the problems that often lead to start-up failure, can be addressed (at least in part) by the values and skills that older / more experienced employees bring to the table.

There is a new trend; CEOs of start-ups are beginning to realise the value that older / more experienced employees can bring to vulnerable start-ups. They’re looking for older employees who are willing to learn new skills and apply their years of experience in new environments.

If these opportunities sound interesting to you, you should be considering the types of new skills you can learn to enable you to be part of this trend, and exploit these new burgeoning opportunities.