Sorry, you are overqualified…or is it ______.

So, ageism.

It’s like once you hit a certain age, you’re seen as a dinosaur.

It's like saying, "Thanks for all you have done” without really appreciating that they were part of the building blocks of the companies’ achievements and worse, they are let go without transferring their knowledge to the newcomers.

This isn’t just unfair; it’s a missed opportunity.

Letting go of experienced people is bad for business; tuning in to their wisdom could be the secret sauce for success.

And the wild part?

Companies spend so much cash training employees, only to overlook the goldmine of the expertise they've nurtured over the years.

The Hidden Goldmine in Experience

Here’s the truth: We’ve seen it all—the good, the bad, and the ugly.

Our insights?

Priceless.

Bottom line: Experience can save companies time, money, and long-term headaches.

But only if they’re given the chance to pass the torch.

Passing the Torch: Why Knowledge Transfer Matters

Imagine if all that know-how could be downloaded directly into the brains of the next one in line.

That’s the beauty of knowledge transfer. It’s about the pros of showing the newbies the ropes, blending years of experience with fresh ideas.

It's not just about keeping the ship steady; it's about turbocharging it with a mix of wisdom and innovation.

Plus, it keeps the legacy of the company alive and kicking.

So why aren’t we doing this?

It’s a short-sighted attempt to cut costs, overlooking the deeper value experienced employees bring.

The irony is thick.

In trying to save on salaries, they lose out on the kind of wisdom and guidance that can steer a company clear of disasters and towards success.

The Early Retirement Delusion

These companies are, quite literally, pushing away the goldmine they’ve spent years polishing.

Some companies, in a baffling move, nudge their most experienced employees towards early retirement.

It’s like telling someone who’s just hit their prime, “Thanks, but we’d rather have someone half as knowledgeable for half the price.” Sounds like an oxymoron, right?

Wild, isn’t it?

Now let’s take a look at some stats that matter:

HR Onboarding Statistics

• It costs an average of $1,400 to onboard a new employee.
• The cost is more burdensome for small businesses with under 1,000 employees, as they have fewer resources for training. For large enterprises with over 10,000 employees, the cost is about half as much.
• Overall, it takes around six months for a company to break even on a new hire.
• 24% of companies have no strategy to onboard internal promotions.
• Hiring internally can save you big on onboarding, but without clear guidelines in place, both you and your employees can get frustrated over the process.
• Companies with a structured onboarding program keep 58% of employees for 3 years.
• 77% of new hires with official onboarding programs hit their first performance milestone.
• 88% of employees believe they aren’t given a good onboarding program.
• 58% of organizations have onboarding programs that are mainly just processes and paperwork.
• Comprehensive onboarding makes employees 33% more engaged at work.
• Positive onboarding experiences also make employees 18 times more committed to the company and 38% more effective at their job. And with engaged employees, your company could earn 147% more than competing companies.?
• Disengaged employees have a 15% lower profitability for a company. This equates to 34% of a disengaged employee’s salary. Considering the average salary of $47,000, this means your company could be losing nearly $16,000 per disengaged employee per year.

Employee Retention Statistics

• The average tenure of an employee is 4.1 years.
• Workers aged 55 to 64 had an average tenure of 9.9 years, while workers 25 to 34 had an average tenure of only 2.8 years. Men also had longer average tenure than women, at 4.3 years versus 3.9 years.
• Nearly 38% of employees quit within the first year of employment.
• Over 40% of employees who leave within the first year do so in the first 90 days.
• It costs 33% of an employee’s salary to replace them.
• Using a $45,000 salary as an example, you’d pay $15,000 to replace an employee. Turnover costs can include a drop in productivity and the costs associated with recruiting, hiring, and onboarding.?
• Employees are 3X as likely to explore their options if they don’t feel supported.
• If an employee feels stable in their career, they’re 20% more likely to still be working at their current company in a year.
• Employees who don’t receive recognition are two times as likely to look for a new job.
• Feeling valued is important, as employees who don’t feel valued are 34% more likely to leave their jobs within the next year.

The most notable challenges facing companies in 2024:

• Employee turnover –?By the start of 2024, 53% of surveyed employees say they're likely to leave their current company. As such, organizations need to prepare for this upcoming surge of employee turnover. Nov. 16, 2023.
• 45% of employees are burned out by organizational changes in 2023.
• Back in 2016, 74% of employees were willing to support organizational changes, but that number dropped to 38% in 2022. That’s likely why, for 53% of HR leaders, mitigating this change fatigue is a top priority.
• 47% of HR leaders report employee experience as a priority for 2023.
• 44% of companies do not provide compelling career paths.
• Only one in four employees feel confident about their current role, which has led 75% to browse new roles at other companies. Defining a compelling career path may involve setting goals, defining required skill sets, and creating clear and achievable job descriptions.
• 30% of new hires leave within 90 days.
• The reasons employees leave aren’t a shocker: 43% say the role doesn’t meet their expectations, 34% leave because of a specific incident, and 32% don’t think the company culture is a good fit.

Call to Action for Recruiting Managers

Let's flip the script.

Start seeing age as a number that comes with perks—experience, wisdom, and stability.

Next time you’re looking to fill a role, consider the seasoned pros.

They’re not just workers; they’re mentors, leaders, and the backbone of industry

knowledge.

Kicking Ageism to the Curb: How To Do It

So, how do we make the workplace an inclusive place for all ages?

Here’s a starter pack:

1. Embrace the Mix: Cultivate a culture that values everyone, from the interns to the industry vets. Diversity isn’t just about background or belief—it’s about age, too.

2. Mentorship Magic: Set up programs where the experienced can mentor the newcomers. It’s about passing down wisdom, one story at a time.

3. Never Stop Learning: Offer training for everyone, at every stage. Show that growth isn’t tied to age and watch as your team flourishes.

4. Shoutouts and Spotlights: Make sure everyone knows the value of experience. Celebrate it. Promote it. Let the stories of success be heard.

The Bottom Line

Ageism isn’t just a bad look—it’s bad for business.

It’s time to mix the old with the new, share the wisdom, and watch the magic happen.

Your experience is invaluable, and it's time to shout it from the rooftops.

Don't let anyone dim your light.

Mentor, teach, and inspire.

Your legacy is not just in what you’ve done, but in what you pass on.

Best Olga,

“Without Growth, You Are Still”.

Note: all data points in this article are from the Forbes Advisor - Key HR Statistics And Trends In 2024. Last updated on May 17, 2023.