Training older employees - Strategies for companies to profit from untapped potential

Due to a low birth rate and rising longevity, Europe’s inhabitants are steadily getting older on average. In addition, the rising development of digitized workplaces and the resulting demands on employees’ competencies are urging businesses to reconsider the provision of equal training opportunities for all of their human capital, regardless of the employees’ biological age. It is often negative age-related stereotypes and overly generic training design in companies that hamper the learning success and thus the work performance of older professionals. Through a combination of third-party case studies and semi-structured qualitative interviews conducted by the author, this paper aims to provide a more holistic, cross-industry, and multinational guide for firms to fully tap the potential of older professionals through the most effective training strategies. In short, regular professional development reviews and mentoring opportunities can prove to be one of the most cost-effective and efficient training strategies for organizations. To achieve such an optimized learning outcome, managers should also cultivate a work environment conducive to learning and adjust the training design to their older workers' learning needs and preferences. Only then can managers be reassured that the invaluable tacit knowledge of the latter cohort is more apt to remain within the company and contribute to further innovation