Older Workers’ Retention in the Workplace

ABSTRACT: Due to decreasing birth rates, increasing life expectancy by healthier lifestyles, progress in medical science, and the subsequent improvements in longevity, the Iranian population and workforce are aging. And this dramatic shift will continue for the next decades. Although the importance of this topic is clear, currently research about it is limited; there is no published research about Iranians’ older workers retention in the workplace. Thus the aim of the research is to explore the factors affecting older Iranian workers’ retention in to the workforce. First the study explores the relationship between successful aging and retention of older workers in the workplace influenced by non-obligatory factors, and then investigates the relation of obligatory factors which force the employees to stay in the organization. The study develops a model; and finds the correlation between variables. The data were collected from 132 older employees, aged 40 years or above who are working full-time in one of the public banks in Iran. The significant findings of the research will help the management and organizations to implement human resource strategies such as training and development practices and flexible work options, for retaining the older workers in to the workforce. Due to the shortage of younger workers and insufficient knowledge and experience in the workforce, implementing these strategies is very critical for success. In the society retaining the older workers in the workplace will increase the economic growth, promote the pool of skilled and professional workers, and finally help to reduce public expenditures. Keywords: Older workers, obligatory factors, non-obligatory factors. …………………………………………………………………………………………………………………………