Is Your Talent »Silver Panther«? Retain Him!

Demographic changes in the direction of population aging lead to a general shortage of labor and consequently to an inevitable competition for talent, whereby retaining talented older employees seems to be one of the smartest and most beneficial business moves that an employer can make. In this regard, it is necessary to be aware that measures that are effective for younger employees may not work for older employees, so it is necessary to develop talent management, which is also included in the so-called age management. In this chapter, we first explain that values, needs, motivational drivers, etc. are very specific in certain generation (cohort), which must be taken into account when developing and implementing HR policies to retain the most important older employees. Based on theoretical findings and our own research (using a multi-methodological approach), we find that silver talents need meaningful, fulfilling work in which they feel competent and autonomous, and they are involved in fruitful relationships with co-workers. It is important that older talents enjoy a reputation among colleagues, that their work is valued and their contribution to the organization's results is recognized. In this chapter, we present (practical) guidelines for creating a generation-specific silver talent management strategy.