I got to thinking about the generational make-up of today's workforce when I realized all the folks I interviewed in the current issue are well-experienced, older workers with decades of expertise and know-how, who are still creating and innovating with alacrity. (Yours truly included.)
There was a time when you entered the labor force, worked until a certain age, and retired. Now, more and more people are working into their golden years, a trend that's expected to continue fueled by aging baby boomers, many of whom are expected to work even after they qualify for Social Security benefits, thanks to a variety of reasons: they're healthier and have a longer life expectancy than previous generations; they're better educated, which increases their likelihood of staying in the labor force; they can't afford to retire; a talent shortage; and changes to Social Security and employee retirement plans, which create incentives to keep working.
While there are disadvantages to an aging workforce (they can cost a company more; they can block the advancement of younger workers; age-related physical and mental decline; tension between older workers and younger workers; a reluctance to accept change), the benefits can way outweigh those drawbacks. Older workers are skilled, experienced, and confident. They stay in jobs longer and take fewer days off, saving a company from the high cost of frequent turnovers. They have a strong work ethic. Multigenerational teams have proven successful, with older workers passing on their knowledge and experience. They can be cost-effective. (The stigma that their health care costs are more than younger employees are offset in the long run.) Older workers are proactive, positive, and practical.
................................ The number of people 65 and older working or seeking work has increased by 144% in the past 20 years. Older people will exceed a quarter of the workforce by 2030 when a whopping 150 million jobs will shift to workers over 55.
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Unfortunately, ageism is so ingrained in our culture that we often don't even notice it. It seems to be one of the last socially acceptable prejudices. Some 60% of older employees have seen or experienced workplace age discrimination. Between 90% and 95% say it's common, with unwanted jokes, harassment or bullying, losing raises, and being passed up for promotions. By 2050, the U.S. could miss out on nearly $4 trillion of economic contributions from the 50-plus population due to age discrimination. Ageism is obviously most harmful to older workers, but the negative effects extend beyond those who experience it first-hand because, like any form of discrimination, it creates an atmosphere of tension and hostility and chips away at morale.
Any cursory online scroll reveals people of advancing age doing amazing work. Colonel Sanders started KFC at 65. John Glenn went to space at 77. Peter Roget invented the thesaurus at 73. Grandma Moses started painting at 76. Christopher Plummer won his Oscar at 82. Benjamin Franklin signed the Declaration of Independence at 70.