As veteran workers wait longer to retire, here’s how you can also keep younger talent

No matter what industry you are in, you will find that older/senior-level workers are waiting longer to retire. These diehards have varying motivations for extending their careers. Their names may continue to offer brand value that attract customers, clients and potential partners; they may feel they still have much to offer; they may have little else that interests them; or they simply may have to keep earning because people are living longer and are rightfully concerned that they may outlive their savings or won’t have enough money for the life they’re accustomed to.

This presents challenges to middle-market businesses that want to keep younger talent who are sometimes impatient to be promoted. But losing younger staff can mean losing the future. So, here is what you can do to keep those mid-level managers on your team and not on the competition’s.

You must show them a path to the top, albeit a slower one. Talk to your ambitious mid-level employees about how they can advance, or at least how they can grow laterally. If they don’t know there’s a path, or can’t see one, the best are more likely to look elsewhere, and once they leave, they are tough to replace given today’s low unemployment and high demand for talent. So, be as specific as you can about growth opportunities.

You may also need to work with senior-level people to alter their positions to allow younger staff more opportunities. For example, a law partner might go from partner to senior status.

Second, be careful with your hiring practices. For example, contracting a search firm to replace top-tier employees while overlooking those just one rung down the ladder sends the message that there is no path upward, leading good employees out the door.

Third, nurture a corporate culture that is challenging but respectful. The #MeToo movement has shown that we are less tolerant of abusive company leadership than ever before. This means keeping a close eye on your employees at the top who often come from a different era and corporate culture. Make sure they are treating subordinates respectfully.

Fourth, create long-lasting incentives as opposed to merely giving one- off bonuses for accomplishments. You can get this done in a variety of ways like providing educational opportunities for employees and linking such professional development to your business goals. If you cannot offer in-house training opportunities, reach out to outside providers. There are many executive programs now available that help employees hone skills and brush up on weak areas.