Older and Wiser in the Office
Older workers now represent more than quality of life and health and wellness issues in the workforce. They are now a significant part of the bottom-line and profitability of a company or business. In terms of the changing workplace programs and perceptions, dollars and cents drive change more effectively. Higher percentages of workplaces are now staffed with people above the age of 50. Nationally, roughly a third of all seniors ages 65 to 69 are still in the workforce. Employees ages 55 to 65 are the fastest-growing component of the workforce. They represent significant skills and experiences. Employers no longer want to lose this expertise and many are developing or expanding mentoring programs to help older employees transfer skills to younger colleagues. Beyond mentoring, however, prospective labor-force shortages mean many employers simply cannot afford to let older workers retire or walk out the door. There are no trained replacements for them, young or old. This is drastically different from the 1970’s. In 1977, only 38% of the workforce was over 40. Between 1980 and 2020, the median age of all employees in the country is projected to rise from 34.6 years to 42.8 years.
With this dynamic of a workforce that is growing dependent on the experience of older workers comes change. Employers are utilizing a flexible work environment mentality. Many companies use remote work options and telecommuting. Flexibility for older employees is broadly seen as a needed employee-retention and job-enrichment benefit. Programs that value older workers and seek to leverage their motivation with respect to their return to work and their staying at work can be effective in the retention of this much needed experience and work ethic. Youth and strength are needed but so are the brains. Older employers are strong when it comes to company loyalty. Loyalty among the younger generation of employees is weak. The young generation has an “instant gratification mentality”, so if their needs are not met quickly enough, they move on without hesitation. Companies are hopeful that by somehow keeping the older workforce in place that this sense of loyalty and pride will trickle down to the younger employees.
New research finds that contrary to what some hiring managers might think, older workers are not less productive than their younger counterparts. Improved education for those 60 and older, combined with delays in retirement among the better educated in America has led to higher paychecks. What’s more, the size of the boomer generation and increasing labor participation rates among those 60 to 74 mean their share of labor income is higher. In fact, older workers are in demand. It is not an act of charity either; they are being retained because they perform exceedingly well. They do not complain and are not expecting huge career growth paths.
We have all heard the phrase “older and wiser” at one point in our life. It is playing out in 2013 as a driving force in the workplace.
Source: “Employers Adapting to Older Workers.” MSNMoney. Web. 09 July 2013. “Older Workers: Productive and In Demand.” Fox Business. Web. 09 July 2013.