Delving into a delicate yet imperative conversation, we’re addressing a topic that demands our attention: our aging workforce.
What does it truly mean to not only employ older workers successfully, but also to harness their wealth of knowledge and talents while offering the support they need? Many continue to contribute substantially to our economy well into their golden years, and it’s crucial to ensure they are not only recognized but also empowered within the workplace.
Whether you’re an older worker yourself, have older family members facing workplace challenges, or collaborate closely with experienced colleagues, you’ve likely witnessed some struggles.
Take, for instance, a real-life scenario where an older employee faced an unexpected performance review because his difficulties in hearing instructions were resulting in incomplete tasks. There was no question of his capability or his desire to perform well. However, there was an age-related medical issue that needed to be addressed so that he could continue to perform at a high level. More concerning was the employee’s hesitancy to talk about his hearing difficulty for fear of highlighting the fact that he was among the oldest employees.
It’s a sad commentary on our workplace culture when individuals hesitate to seek assistance for fear of drawing attention to their age.
Older employers have a goldmine of knowledge and skills, and their contributions are invaluable. But perhaps our corporate culture unintentionally signals a lack of value for older workers, leaving some fearful of–and susceptible to–discrimination based on age-related issues.
While discussions around attracting emerging talent and adapting to their evolving work preferences are vital, the retention, deployment, and transfer of the vast experience and knowledge within our older workforce should not be overlooked.
According to a 2023 report by global management consulting firm Bain & Company*, workers aged 55 and older are projected to comprise 25% or more of the workforces in G7 countries by 2031.
Despite this projection, organizations seem slow to implement programs that fully integrate older workers into their talent systems.
Bain & Company suggests three steps for focus on retaining and integrating older workers.
#1) Understand the work motivations of older employees. They place a priority on interesting assignments, autonomy, flexibility, and competitive compensation.
#2) Help older employees upskill for the next decade’s capability needs. A significant portion of workers aged 55 to 64 express the need for more tech skills. However, training programs must align with their pursuit of engaging work to motivate participation.
#3) Respect the strengths of older employees. Their career and life experiences are invaluable. When the company culture values their input, they can be called upon to give a wise and nuanced perspective.
Reevaluating “Overqualified”
We often hear from our older clients that they have trouble getting interviews for positions they desire because they are “overqualified.” Before passing on an older candidate who’s “overqualified,” consider reevaluating that notion. An older employee may be “overqualified” for a mid-level role, but they may also be at the point in their career where they desire a mid-level role. They don’t need the stress, long hours, and compensation that comes with being in charge. They want to contribute and do the part of the job that brings them satisfaction. We do ourselves and the potential employee a disservice by writing them off.
The vitality of your organization will be well served if priority is placed on fostering a work environment that visibly values older workers as much as new talent, providing support for physical and mental well-being. When employees feel appreciated and supported, regardless of age, they can better fulfill their job responsibilities.
Do you need help evaluating your workplace environment for its impact on older employees? We can help!
* “Better with Age: The Rising Importance of Older Workers,” July 13, 2023
