Employers are being urged to rethink outdated assumptions about age and adapt to the growing reality of multigenerational workforces, according to a new report from 55/Redefined and the Global Coalition on Aging (GCOA).
The report, Age Intelligence in Action: Global Best Practices from Leading Employers, states that one in five people worldwide will be aged 60 or over by 2050. Falling birth rates are also expected to reduce the number of younger workers entering the labour market.
The findings were presented at the Silver Economy Forum in Manchester and are part of 55/Redefined’s preparations for International Age Pioneers Week, which takes place from 17 to 21 November.
The report says older employees are living longer, healthier lives and are increasingly choosing to stay in work. It identifies age bias and stereotypes as continuing challenges and outlines actions for employers to address these issues through inclusion, recruitment, training, wellbeing and intergenerational collaboration.
Companies contributing to the report include Aegon, AXA UK, Deloitte, Diageo, Canada Life UK, Just Group, Pfizer, Philips and Veolia.
55/Redefined founder and CEO Lyndsey Simpson says: “The global population is living and working for longer, yet only one in eight (12%) employers currently have a longevity strategy in place (source: Canada Life UK). This report provides a clear and practical framework for organizations who are waking up to the urgent need for change. Quite simply, if you don’t have any age strategy, you don’t have a growth strategy.
“It also celebrates the companies who are a shining beacon in this space, setting the standards for others to follow in their footsteps. So, here’s to the true age pioneers; driving change and delivering measurable business impact, day in, day out.”
Global Coalition on Aging CEO Michael Hodin says: “Population aging has long been framed as a burden, but it’s an enormous economic opportunity: the Silver Economy is already worth US$22 trillion and continues to grow. For companies that recognize the opportunity it presents, it will be an engine of growth. We aren’t just living longer, we’re living healthier. Today’s older adults are able and want to work longer than ever before, and are capable, highly experienced talent. Savvy employers will capitalize on these valuable employees and win the war for talent with tailored benefits, opportunities for growth, and an overarching aging strategy.
Just Group chief people officer Ellie Evans says: “At Just Group, we believe that recognising the value of experienced workers is not only inclusive, it makes good business sense. We’re proud to see age as an asset not a barrier. As people live and work longer employers will need to adapt to attract and retain older workers, making the most of the wealth of skills and experience they offer. At Just, we know this and we’re working hard to ensure our workplace continues to be a place where everyone can thrive and belong at every stage of life.”
