Hiring high-quality employees is a vital part of any successful business. Retaining those employees is just as important as hiring them in the first place, maybe even more so.
High rates of employee turnover can erode a company's bottom line in a dramatic way. Some estimates say that when an employee leaves, it can cost the company more than three times his or her annual salary. This takes into account the costs of recruiting, hiring and training the new employee, in addition to the productivity lost between the time the former employee leaves and the replacement gets fully up to speed.

It's vital to keep your good employees. That's why companies and consultants are constantly trying to come up with new and innovative ways to do just that. However, one resource many haven't thought to focus recruiting efforts on are what I like to call "silver collar workers: in other words, seniors.

Some popular misconceptions about senior workers: they're hard to train, they resent their younger managers and they're set in their ways. Certainly, there are some senior workers who exhibit these characteristics. But with a few simple pre-employment tests, like those for character and personality, you can ensure that those bad apples aren't slipping into your workplace pie.

The benefit to hiring seniors? A reliable, dedicated workforce that will stick around a while. And that kind of retention will do wonders for your company's bottom line.

Why do senior workers tend to have a low turnover rate? Here are some answers:

Dedication: Whether they're greeting shoppers at Wal-Mart or filling orders at McDonald's, senior workers are dedicated to the concept of doing a good job. It's an old-fashioned value that isn't often found in younger workers, and it's the opposite of job-hopping.

Motivation: Here's something revolutionary  seniors actually want to be on the job. While some seniors seek jobs to simply supplement their retirement income, many others get jobs to get out of the house, interact with people, and to spend their time doing something useful. Those types of workers aren't interested in going elsewhere.

More on motivation: Seniors are not in the game to advance up the corporate ladder. They're not gaining experience with you only to take it to another employer. They want to remain in the job they initially sought. This leads to greater rates of retention in those hourly positions that you'd find with younger workers who are looking to move up.

Experience. One of the main reasons people leave jobs is because of issues with bosses or co-workers. Remember, seniors have typically spent a lifetime working. They've seen it all from annoying co-workers to difficult bosses. They won't be thrown by anything that happens in your workplace. Instead of deciding to leave because of an annoying co-worker or a demanding manager, they typically take the situation in stride.

Work ethic. Studies by AARP show that senior workers come to work on time, they don't complain and they do their jobs with enthusiasm. You can count on your senior workers to be there every day, for years to come.

Bottom line: Senior employees can be a boon to your workplace. If you're concerned about retention, check out those silver collar workers the next time you're hiring.