Last fall the US had 9.5 million unfilled jobs but only 6.5 million unemployed workers. Let’s consider our older workforce – the one demographic that frequently gets overlooked. In a world where youth and innovation are frequently emphasized, the value and contributions of older workers can sometimes be underestimated. It’s time for organizations to stop overlooking this labor pool. While many boomers are approaching retirement age, many are also continuing to work after ‘retiring’ from their existing jobs.
Many ‘working retirees’, strive to find consulting or part time work, but many are often overlooked. Staying active and productive has been linked to lower mortality and greater well-being, enabling people to stay mentally, physically, and socially purposeful. Two thirds of older Americans now view retirement not as a time of pure rest and relaxation, but as a new chapter in life, with plenty of room for new ambitions and renewed purpose.
One significant advantage of hiring older workers is tapping into their wealth of expertise. After dedicating decades to their respective fields, older workers have amassed a breadth of knowledge that cannot be replicated by younger counterparts. This translates into a deep understanding of industry trends, methodologies, best practices, and potential challenges, making older workers invaluable resources for problem-solving and decision-making.
In addition, experienced workers bring a sense of wisdom and maturity to the workplace that can positively influence company culture. Their expertise can foster mentorship opportunities and promote professional development across generations. In this way, older workers not only contribute to the success of their organizations but also play a vital role in inspiring, shaping and leading the next generation of leaders.
Oftentimes, seasoned employees are put into premature retirement through pay incentives and layoffs.
According to AARP, less than half of global companies emphasize age in their diversity, equity, and inclusion policies today. The most beneficial way a business can make its commitment to age diversity actionable is to create multigenerational work teams so that people of various ages and life stages can work together regularly. Eureka!
Let’s look at the late Iris Apfel’s trajectory. Her career blossomed as she aged. At 90, she was teaching at the University of Texas, and at age 94, she was the subject of a documentary by Albert Maysles. Then, at age 97, she became a fashion model, represented by IMG, where she modeled for Vogue, Kate Spade, and M.A.C., and at her passing, was the oldest person to have had a Barbie doll made by Mattel in her image. “You’ve got to try it. You’ve only got one trip. You have to remember that”, one of Iris’s many great quotes.
Contrary to stereotypes, older workers bring a remarkable ability to adapt to new technologies, systems, and work environments. While younger workers may be more familiar with emerging trends and digital tools, older workers bring a wealth of transferrable skills and a willingness to learn. Facilitating new modes of work that engage those who still want to work, presents a golden opportunity to embed age inclusivity into your team culture and metrics. Go ahead, give it a try.