According to the Chartered Institute of Personnel and Development (CIPD), the gap between new job openings and the number of graduates available to fill them is expected to reach an all-time high f 6.5 million by 2024 globally. For managers -in Pakistan and overseas – this means that you will have to retain and rely on your experienced employees (the ‘silver talent’ in Pakistan ranges between 35 and 55 years of age) to prevent future staffing shortfalls.
Here are three reasons why you should focus on retaining and maximising the potential of a slightly over workforce:
1. More experience. Employees who have spent more than five years at your organisation have acquired a considerable amount of knowledge about the company’s work processes, hierarchy, power structure and work ethic. For projects with short deadlines, this experience is invaluable as these employees ‘have seen and dealt with it all before’. A football coach – whose team is about to get into a penalty shootout – will always bet on his most seasoned players, simply because they have a proven track record and the ability to handle pressure and deliver results.a. The same compulsions apply here as well.
2. Greater commitment. When people have invested time, energy and effort in a company, they are reluctant – compared to newer employees – to switch, even when enticed by higher remuneration. If you keep them engaged and energiesd, this fosters a sense of loyalty and they assume responsibility for completing projects on time and accomplishing departmental and company goals as they have a ‘reputation’ to uphold at the company.
3. Better judgment. Surviving and succeeding in a dynamic and highly competitive corporate environment often requires making spontaneous and risky decisions based on incomplete facts. Experienced workers usually have intuitive decisions making capabilities enabling them to make the ‘right call at the right time’ even when they do not have all the required information.
By Monica Peter. The writer is an HR Professional at a multinational company.