Given today’s uncertain business climate, if you’re looking to fill a position, you naturally want to keep expenses down in case of an economic reversal.
A growing part of the available talent pool is made up of a seasoned population of age 55 and older, experienced in business processes and problem solving.
That experience commands a certain price tag.
And — given the aging of the overall U.S. population and the baby boomers (born between 1946-1964), according to the Bureau of Labor Statistics — the share of older workers in the labor force is only expected to increase (view PDF of full report: “Employment outlook: 2008–18”.
So, if you’re hiring, two questions:
- Do you pay more for knowledge with the expectation of gaining quicker contributions?
- Or do you pay less up front, betting that a less-experienced person can still meet your expectations?