Create a plan for senior workers that allows for them to “modify” their jobs rather than face layoffs.

Don’t layoff senior workers – what a mistake – develop a system that moves them to a position that allows them to transfer knowledge, train new employees and add value. This should include honest discussions of salary. If a senior worker is “expensive” but incredibly capable, it is crazy to fire that person to save money. Businesses need to think about ways to renegotiate their employment agreements and use older workers to help their companies succeed.