When asked to think about age diversity, many people’s minds go straight to issues related to training and welcoming young workers into the workforce. However, as the modern workplace evolves, it is increasingly becoming clear that inclusivity of those on the other end of the age spectrum needs to be addressed.
Compared to the past, when a majority of jobs were blue-collar, manual labor positions, many modern jobs are considered to be increasingly “age friendly.” The development and incorporation of assistive technologies combined with the ability to work from home on flexible work schedules have allowed workers to remain in the job market much longer than ever before. As the average population lives longer, we can expect older workers will make up an even more significant portion of the workforce moving forward.
The Oncoming “Grey Wave”
Over the last forty years, the rate of employment for those aged 65 or older in the United States has increased steadily. Today, 19% of American adults older than 65 and 9% older than 75 are gainfully employed, up from 11% and 4% respectively in 1987. The World Economic Forum estimates that, for G7 countries as a whole, workers aged 55 and older will make up more than 25% of the workforce by 2031, but Japan is facing an even more stark increase. By 2031, 40% of Japan’s workforce is expected to be workers older than 55.
Changing Demographics Necessitates a Change in Thinking
With this global trend towards an aging workforce, ageism (discrimination based on age) is expected to become a major hurdle. Older workers are stereotyped as experienced and knowledgeable but also as outdated, lacking the ambition, skills, and mental and physical stamina needed to compete with younger (and implied to be more capable) workers. This perception makes it much more difficult for older workers to get rehired after they lose or otherwise leave a long-term position. When older workers are unable to find jobs, this will lead to a population of older and elderly people who are increasingly vulnerable to homelessness, social isolation, and chronic health conditions.
To prevent such an issue, organizations are investing in reskilling and workforce development efforts. The Workforce Innovation and Opportunity Act, passed by the US in 2014, is the largest funding effort made thus far to promote the development of American workers, making training more accessible to companies and employees than ever before. However, as of now, only 41% of workers take part in job-related training. Unfortunately, older, low-skilled, and part-time workers, the demographics with the most to gain from such training, are the least likely to participate. The opportunities are out there, but information regarding them is often inaccessible to individual employees.
Recognizing the Value of Older Workers
If companies wish to hold on to their most experienced talent, they must invest in them. Encouraging older workers to participate is a win-win. The worker will be able to develop new skills and become a more well-rounded, valuable employee, and the company will have built a stronger, more innovative, and equitable workforce.
Age diversity can be just as valuable to businesses as diversity in gender, sexuality, race, or religion. Companies that wish to reap the benefits of a multigenerational workforce will therefore need to address both the social biases and structural issues that are preventing them from hiring and retaining older workers. Addressing discriminatory thinking that undervalues older workers and providing the institutional supports to uplift them will ensure work is available, accessible, and fulfilling for the older workers of today and the future.
After all, nobody can be young forever.
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