Having individuals between the ages of 35 and 65 often leads to greater loyalty within the workforce. These professionals have typically established their careers and are less likely to seek frequent job changes. With a strong sense of commitment and stability, they are more inclined to stay with a company longer, resulting in reduced turnover and increased retention rates. This loyalty stems from their desire for stability, financial security, and a sense of belonging within the organization.
The median number of years that wage and salary workers had been with their current employer was 4.1 years in January 2022, unchanged from the median in January 2020; the U.S. Bureau of Labor Statistics reported Median employee tenure was generally higher among older workers than younger ones. For example, the median tenure of workers ages 55 to 64 (9.8 years) was more than three times that of workers ages 25 to 34 years (2.8 years). Workers in leisure and hospitality had the lowest median tenure (2.0 years). These differences in tenure reflect many factors, one of which is varying age distributions across the industries; workers in manufacturing tend to be older than those in leisure and hospitality. Workers in service occupations, generally younger than persons employed in management, professional, and related occupations, had the lowest median tenure (2.8 years). Food service workers had the lowest median tenure, 1.6 years, among employees working in service occupations.
The statistics show that employees ages 35-65 are more likely to stay with your company. Here are a few reasons why, based on age range.
Those 55-64 are often more established in their careers and may have built higher financial stability. They may have savings, investments, or retirement plans that give them a sense of security, making them less likely to take risks or seek new job opportunities. Many employees in this age group may be nearing retirement or have plans to retire soon. They may choose to stay with their current employer until they reach their retirement goals, such as reaching a certain level of savings, qualifying for pension benefits, or becoming eligible for healthcare coverage in retirement. They have achieved expertise and job satisfaction, making them content with their current position and less inclined to pursue new opportunities. In this age range, many have already achieved their career goals or are less interested in climbing the corporate ladder, prioritizing stability, and work-life balance instead.
Employees in the 45-54 age range typically have a wealth of professional experience and industry knowledge. They have likely developed specialized skills and a deep understanding of their field, making them valuable assets in tackling complex challenges and driving innovation. They often exhibit stability and commitment to their work. They may have already established their personal lives, including stable living arrangements and financial security, which can translate into greater dedication and reliability in their job performance. Having spent a significant portion of their careers in the workforce, individuals in this age group tend to have a well-developed work ethic. They understand the value of hard work, have honed their time management skills, and are often highly motivated to excel in their roles.
Employees in the 35-44 age range also have substantial professional experience under their belts. They have developed a high level of expertise in their respective fields, which can contribute to their ability to handle complex tasks, make informed decisions, and mentor others. They are likely to clearly understand their professional goals and a focus on long-term career development. They often prioritize stability and commitment. They have a greater understanding of the importance of work-life balance. They are most likely settled into their personal lives, established community roots, and developed a stronger loyalty to their employers. They have personal responsibilities, such as raising a family or caring for aging parents and can bring a sense of perspective and prioritization to their work. This can contribute to a healthier work environment and increased employee satisfaction leading to lower turnover rates and a more reliable workforce.
Having a diverse workforce encompassing different age groups is crucial for fostering an inclusive culture. Appreciating employees in the 35-65 age range adds generational diversity to the organization, bringing unique perspectives, experiences, and ideas to the table and can be the anchor to your company.
At Inproma, we recognize the complex challenge of high turnover costs. We’re dedicated to helping companies address this issue by tailoring programs that retain great talent, show appreciation, and strengthen company loyalty.