The world’s population is aging due to a lower birth rate and increased longevity. This has important implications on the economy, healthcare, as well as the workforce. In the United States, the number of workers 50+ has, in fact, increased 80% in the last 20 years with those 65+ tripling in this same time period. More than 40% of the 65+ employees intend to work for five or more years. This has resulted in a workforce of five generations that presents new challenges for their employers. While some of these organizations are adapting to the evolving needs of this multi-generational workforce, most are unprepared, and many are completely unresponsive.
In the recent study conducted by Empress Insights for The Coven, a co-working space centered on the experiences of historically under-served communities, such as the LGBTQ+ community, women and more, ageism is cited as a primary barrier to creating meaningful diverse work cultures.
The Coven co-founder, Bethany Iverson, believes, “Employers are desperate to create thriving, dynamic workplaces but lack the knowledge required to successfully bridge gaps in both perception and understanding related to age, aging, and ageism.” In fact, according to their data, 95 percent of employers have not developed specific tactics to ensure their workplace is age inclusive though nearly all (83%) believe it is. The challenge is that only 67 percent of workers agree.
The study suggests that “actual differences between generations are not as great as common stereotypes suggest, leaving organizations confused about the best path forward.”
The Coven’s goal with the information gathered from 1,550 individuals nationwide between 18 and 75+ who are employed full or part time, recently retired or unemployed and looking for work, is to provide clarity for employers who are eager to create thriving cross-generational workplaces by answering the following questions:
· How do employees want to be treated as they age?
· What are common desires among employees across generational groups?
· What does employee well-being and satisfaction look like as workers age?
· How can employers engage and retain older employees?
Some of the key findings are:
Older workers are least likely to feel safe. They are less likely to feel respected, valued and understood by their colleagues and managers than younger employees. This is most likely the result of ageist assumptions and stereotypes that interfere with communication and connection between different age groups.
Older workers are most likely to be motivated by meaning and a sense of purpose in their work.
Flexible work options encourage older workers to remain in the workforce.
Thriving intergenerational workforces demand the power of both fluid intelligence (ability to solve abstract problems) and crystallized intelligence (knowledge gained during a lifetime of learning). Employers who provide on-ramps to roles that increase crystallized intelligence will be rewarded.
Building a sense of purpose, flexibility, and a sense of belonging are also highlighted as critical for creating a happier, therefore more productive workforce, in a recent Harvard Business Review article. “A culture of autonomy, belonging, and purpose comes from a shared vision, and right now, it’s fair to say that many companies and their employees are simply not seeing eye-to-eye.” Flexibility, especially for women and remote workers after the pandemic, has become much more important.
Here are the suggested action items from The Coven report:
Mobilize
Employers need to analyze and modify their recruitment and retention strategies to be more inclusive of all age groups.
In order to disrupt the stereotypes in ageism employers must encourage cross-generational conversations and incorporate crystallized intelligence skills like teaching, coaching, and advising into roles for older workers.
Maintain
Companies need to maintain job quality and flexible work options. Older workers enjoy the opportunity to connect with their colleagues in offices such as co-working spaces that provide the ability to do so.
Maximize
Organizations must encourage training and career development for all ages. Designing roles that evolve over time presents an untapped opportunity for employers in the United States.
Employers must recognize that older workers want to be stretched in their work and want the same opportunities to access continuing education as their younger colleagues. Tweaking roles and responsibilities to incorporate tasks that draw from both fluid and crystallized intelligence is a great way to engage and retain workers as they age.
Iverson states further, “designing roles that evolve over time presents a massive untapped opportunity for most employers in the United States. They can make small yet meaningful changes as they imagine new ways to retain highly knowledgeable and skilled older workers in an increasingly competitive employment environment.”
I asked Iverson what The Coven hoped to accomplish with this study.
“Our hope is to spark new conversations and build momentum towards a more humane, inclusive future of work. With the right policies, healthy work culture and support, people can age well at work. Longer lives are an opportunity for extended growth, both as individuals and employees. Aging is a privilege and long overdue for social repositioning. Employers who win the future of work will quickly learn to reframe the aging American workforce as something to not just accept but to anticipate and eagerly adapt to.”
Bonnie Marcus, M.ED, is the author of Not Done Yet! How Women Over 50 Regain Their Confidence and Claim Workplace Power and The Politics of Promotion: How High Achieving Women Get Ahead and Stay Ahead. An executive coach and speaker, Bonnie is also host of the podcast, Badass Women At Any Age.
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