Hiring employees above 60 is a win-win situation for all; here is why
Companies in education, insurance, financial services, consulting and non-profits largely seek out the baby boomers, say experts, in roles such as “teachers, content developers, trainers, centre managers, counsellors, mentors, accountants and advisors in HR, finance and legal.’’
It is three years since Anita Prasad retired from her job as a microbiology professor from a leading Mumbai college. She is back to work now, as a teacher at an international school, works thrice a week, four hours a day. It was not exactly boredom, but anxiety about not having sufficient cash flows that triggered her comeback into the job market. “My salary is less than what I earned working full-time. But it is nonetheless substantial enough to meet all my requirements,” she says.
Prasad’s case seems classic in today’s scenario where retired folks are treading back into jobs to earn an extra buck, given insecurities over finances and the pension-less nature of private jobs. Meanwhile, corporates are trying to gain a competitive edge by pooling in the value that seniors bring to an organisation and its stakeholders. This trend is noticeable worldwide.
According to Suchita Dutta, executive director, Indian Staffing Federation, senior people are famed for their work ethic and commitment to get the job done. “Their wisdom helps in creating a valuable opportunity to guide younger colleagues. They also bring knowledge from their earlier work experience and can manage the crisis better.”
Moreover, besides the organisational skills usually associated with baby boomers, there are both monetary and non-monetary benefits that are imbibed by these individuals, says K Manjula, EVP and chief of HR and management services, SBI Life Insurance.
When an individual re-enters the job market post-retirement, they benefit the company in terms of reduced labour costs (as they often work part-time and earn accordingly), while bringing in emotional maturity and the ability to mentor younger employees. SBI Life, says Manjula, engages with baby boomers through the empanelment of retired officials as consultants and through “Life Mitra, our Insurance Advisor programme.”
Companies in education, insurance, financial services, consulting and non-profits largely seek out the baby boomers, say experts, in roles such as “teachers, content developers, trainers, centre managers, counsellors, mentors, accountants and advisors in HR, finance and legal.’’
Gayathri Vasudevan, co-founder and CEO, LabourNet Services India, says one can broadly segregate two types of expertise that baby boomers bring to the table, namely subject matter expertise and general management expertise. “People who are 60-plus are deployed into roles that involve showing guidance and domain expertise. With the emergence of the gig economy and part-time work, people above 60 have an enormous opportunity to seek and get work.”
Manjula says SBI Life encourages retired officials as consultants as their background facilitates coordination and compliance with regulatory requirements across the organisation, potentially leading to substantial savings both in financial terms and man-hours. “Their strategic input is highly valued as they come up with objective analysis regarding administrative issues at critical branch locations through rigorous field studies.”
Around 7% of the total sales force under the Life Mitra programme at SBI Life consists of senior individuals. “As we expand, that number will go up. Additionally, we have a good number of consultants for specific roles based on the requirements of the concerned departments.” LabourNet has over 15 individuals over 60 years and will increase that number.
“We will hire more 60+ individuals as trainers, subject matter experts, content developers, counsellors and mentors,” says Vasudevan, adding that an exclusive training is organised to train older employees to enable them to cater to the changing technological advancements.
Watch this Zee Business video
Dutta says companies should train baby boomer employees as “this will break down existing communication barriers due to digital transformations, providing better efficiency, innovation and growth.”
Source: DNA Money
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
05:47 PM IST