{"id":8012,"date":"2019-12-29T12:00:29","date_gmt":"2019-12-29T16:00:29","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=8012"},"modified":"2019-12-29T12:00:33","modified_gmt":"2019-12-29T16:00:33","slug":"heres-why-the-workplace-of-the-future-must-include-older-workers","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=8012","title":{"rendered":"Here’s Why The Workplace Of The Future Must Include Older Workers"},"content":{"rendered":"
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\"\"<\/a>This is not a good time to be over 50 and looking for a job.<\/div>\n
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It\u2019s chilling. Many employers give lip service to not being ageist, but don\u2019t provide ramps to keep experienced workers on board. Nor do they hire them with open arms. Negative views persist about the cost of older workers, their stamina, their technological ability and their eagerness for learning new ways of doing things.<\/p>\n

Despite these obstacles, two age groups, 65 to 74 years old and 75 and older, are expected to have faster annual rates of labor force growth than that of any others, according to the Bureau of Labor Statistics. This is partly due to fears of outliving their money and driven by loving what they do. Over the decade from 2014 to 2024, the labor force growth rate for 65- to 74-year-olds is projected to be about 4.5% annually, and about 6.4% annually for those 75 and older.<\/p>\n

Read on MarketWatch<\/strong><\/a><\/p>\n

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Paul Irving, Photo from Milken Institute website<\/figcaption><\/figure>\n

Here\u2019s the backdrop: Worldwide population aging is just beginning. \u201cThe world will look much older in the decades to come, and employers must adapt to this demographic shift,\u201d Paul Irving, chairman of the Milken Institute Center for the Future of Aging<\/a> told me in an interview for MarketWatch.<\/p>\n

\u201cEmployers should confront negative age stereotypes and biases. But that\u2019s just the beginning. We\u2019re talking about designing the workforce of the future. There\u2019s increasing understanding that mixed-age teams may outperform both exclusively-young and exclusively-old groups. In the years ahead, enlightened companies will emphasize intergenerational strategies that capitalize on the energy and speed of youth and the wisdom and experience of age.\u201d<\/p>\n

Then Irving encouraged me to check out a recently published research report by Mercer<\/a>, a global consulting leader in advancing health, wealth and career, that shines a spot light on the pressing need for businesses to get age-ready.<\/p>\n

Organizations that actively leverage their older, experienced workforce, will be best positioned for the future of work, according to Mercer\u2019s recently published report, \u201cNext Stage: Are You Age-Ready?<\/a>\u201d (The researchers define experienced workers as those age 50 years and older.)<\/p>\n

This is a topic near and dear to my heart. Over the years, I have stood on my soapbox and at the speaker dais to highlight awards that honor age-friendly companies<\/a> and discussed them in columns<\/a>. I\u2019ve shouted-out the 10 reasons employers should hire and retain older workers<\/a> \u2014 increased productivity with intergenerational teams, loyalty and cost-savings from less-jumping jumping, critical decision-making skills and more.<\/p>\n

I testified before the Senate Special Committee on Aging and its Chairman, Sen. Susan M. Collins (R-Maine), at its hearing, \u201cWork in Retirement: Career Reinventions and the New Retirement Workscape.\u201d<\/p>\n

The specific request: \u201cWe would like you to discuss the challenges that Americans who work in retirement or plan to work in retirement may face and the value that older workers can add to the workplace.\u201d<\/p>\n

Right up my alley. I told the Aging Committee that many older Americans work because they need the money, but also because they enjoy what they\u2019re doing, want to remain active and want to contribute. They simply can\u2019t find affordable training, less-demanding jobs, new career options, good part-time jobs, flexible schedules, or phased-retirement options.<\/p>\n

A powerhouse like Mercer trumpeting the call for older workers is ground-shifting. \u201cThe experienced workforce is a source of talent and competitive advantage that employers need to embrace now,\u201d said Pat Milligan, senior partner and global leader of Mercer\u2019s multinational client group.<\/p><\/blockquote>\n

The report details how longer life expectancies have led to longer, less predictable careers for workers \u2014 but employers often find themselves unable or unwilling to reap the benefits on this \u201cdemographic mega-trend.\u201d<\/p>\n

The researchers theorize that organizations are stuck in the notion that people want to retire in their early 60s and have the bucks to do so; and perhaps they mistakenly think there will be droves of younger workers pounding on their door. This is probably not the case in most developed countries since birthrates have fallen.<\/p>\n

Most businesses simply aren\u2019t stepping up to offer \u201cthe alternative work arrangements, flexibility, technical training and career development opportunities that experienced workers (indeed all workers) will need to be successful in the digital age,\u201d the researchers conclude.<\/p>\n

Agreed.<\/p>\n

In part, the \u2018let\u2019s ignore it\u2019 mentality is felt by both employers and employees. It\u2019s fear-based. Employers grapple with discussing late stage career paths and retirement with their employees in fear of potential age discrimination litigation. Older workers are anxious to take the risk (and expense) of adding new skills or calling attention to themselves by asking for new projects when there\u2019s little hope that will materialize.<\/p>\n

Mercer has created a list of 10 broad ways employers can get \u201cage-ready.\u201d These include: \u201cinitiate conversations with experienced employees about how they might work differently. Examine and tackle how ageism might manifest in your organization \u2014 analyzing pay, bonuses, performance, promotion and recruitment statistics through a lens focused on aging. Develop a lifelong learning attitude that positions people to embrace jobs of the future. Implement an effective flexible-working strategy.\u201d<\/p>\n

It\u2019s a start.<\/p>\n

Other voices are sounding the global alarm as well.<\/p>\n

\u201cGiven the differences between generations, and the coming seismic demographic changes we are witnessing, HR directors should be putting the topic of an aging workforce at the top of their agenda,\u201d wrote Yvonne Smyth, group head of diversity and inclusion at Hays, a global recruitment firm, in a recent post. \u201cThe benefits of embracing a multigenerational workforce have been demonstrated, and employers who actively embrace age diversity will be able to open their doors to a huge incremental talent pool of older workers that may have previously been ignored.\u201d<\/p><\/blockquote>\n

In addition to the initiatives that I\u2019ve written about in the U.S. at firms such a shipbuilder Huntington Ingalls Industries, furniture maker Steelcase, and Lee Spring, a small firm based in Brooklyn, in her post, Smyth quotes an example from Brian Beach<\/a>, senior research fellow at the International Longevity Centre: Deutsche Bahn, the train operator in Germany, has shifted their older employees from more physically demanding positions to customer-facing roles, which is, according to Beach, \u201cpartly inspired by the recognition that people feel more comfortable approaching older staff to request assistance or advice.\u201d<\/p>\n

For now, though, there\u2019s a vast disconnect between employers and employees when it comes to older workers.<\/p>\n

According to 19th Annual Transamerica Retirement Survey<\/a>, published in October:<\/p>\n

\u2022 Employers know that workers expect to work beyond age 65. Sixty-nine percent of employers agree with the statement, \u201cMany employees at my company expect to work past age 65 or do not plan to retire,\u201d and they are correct. Indeed, many workers expect to retire after age 65 or do not plan to retire (53%).<\/p>\n

\u2022 Eighty-five percent of employers agree with the statement, \u201cMy company is supportive of its employees working past 65,\u201d including 46% that \u201cstrongly agree\u201d and 39% that \u201csomewhat agree.\u201d However, only 77% of workers agree that their employer is supportive.<\/p>\n

\u2022 Forty-three percent of workers are envisioning a phased transition by reducing work hours (27%) or working in a different capacity that is less demanding and\/or brings greater personal satisfaction (16%). Twenty-two percent envision they will continue working as long as possible until they cannot work anymore. Only one in five workers (22%) plan to immediately stop working and fully retire.<\/p>\n

\u2022 Yet, only 38% of employers offer flexible work schedules. Even fewer enable employees to shift from full-time to part-time (30%) or take on jobs that are less stressful or demanding (21%).<\/p>\n

While the transformation must percolate up from within organizations, it\u2019s admittedly a two-way street. Those older worker stereotypes, which are mostly hogwash, do hold true for some workers. I advise workers of all ages that it\u2019s imperative that you stay engaged, add skills, keep abreast of changes in your field, raise your hand for new duties and assignments, even it\u2019s a little scary. And stay physically fit. Fitness is a subtle way to fight ageism, and it works. You\u2019re vibrant and exude a confident can-do spirit. Employers want you on their team.<\/p>\n

Finally, some food for thought. Early retirement can accelerate cognitive decline<\/a>, according to research conducted by faculty at Binghamton University, State University of New York.<\/p>\n

By<\/p>\n

KERRY HANNON<\/b><\/a><\/h3>\n
COLUMNIST<\/div>\n
\"\"<\/a>Kerry Hannon is the author of \u201cNever Too Old to Get Rich: The Entrepreneur\u2019s Guide to Starting a Business Mid-Life.\u201d<\/a> She has covered personal finance, retirement and careers for the New York Times, Forbes, Money, U.S. News & World Report and USA Today, among other publication<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n
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