Finding the time, money, and resources to train new employees can be a significant challenge. You want to find someone who can hit the ground running and do the work of two or three people.

Many small-business owners hire recent graduates because their salary requirements are relatively low. However, the best value is often an older person with the experience and business contacts to tackle a job with little or no training or supervision. The employee over 50 may have enough expertise and business savvy to do the work of two less-experienced employees, thus saving payroll and benefits for another employee.

John Challenger CEO Challenger, Gray & Christmas Chicago

Before it's here, it's on the Bloomberg Terminal. LEARN MORE