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| 1 minute read

Why prioritising older workers is essential for today's workforce?

Over the past few years, there has been an increased focus on multi-generational working, especially with up to five different generations now present in the workplace. A particular emphasis has been placed on older workers. But why is this focus on older workers becoming ever more prominent?

Older workers often exhibit high levels of emotional intelligence and wisdom gained through years of navigating workforce dynamics.  They have honed their interpersonal skills and excel at conflict resolution and fostering a positive work environment.  At the same time, advances in medicine and a greater emphasis on health and wellbeing are leading to longer lifespans. Many older workers wish to continue working beyond the typical retirement age of 60-65. However, organisations need to rethink how they attract and retain older workers. Here are some compelling statistics that highlight the scale of the challenge and the opportunities for retaining older workers:

  • By retaining older workers in the workforce it can significantly reduce recruitment and training costs associated with high turnover.  Globally, older workers are more loyal to their employers.  Just 50% of those aged 18-34 claimed to be loyal, compared to 61% of 55-61 year olds
  • In the Group of Seven countries (Canada, Germany, UK, Japan, US, France and Italy) older workers will exceed a quarter of the workforce by 2031
  • Japan in particular is an extreme case, by 2031, Japanese workers who are 55 and older will approach 40% of the workforce
  • This issue isn't exclusively in developed markets, China's elderly population (65 and older) will double by 2050.
  • In the US, approximately 10,000 workers turn 65 every day and as the typical age for retirement is between 60 and 65, this creates a significant risk for businesses in terms of the talent gap that is emerging.

AMS is proud to partner with 55 Redefined to address this critical business challenge. 55 Redefined is an inaugural member of our AMS D&I Alliance, a group of partners assembled to support our clients with their DEIB challenges. Recently, I met with Lyndsey Simpson, their CEO, and we discussed the importance of age inclusion. We have created a short video segment from our recent call; please take a moment to watch it.

 

I would love to hear your thoughts on age inclusion and how you are addressing this in your own organisations.

Tags

diversity equity inclusion