Work in the Era of No Retirement - Sun and Planets Spirituality AYINRIN

 Work in the Era of No Retirement - Sun and Planets Spirituality AYINRIN

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Author:His Magnificence the Crown, Kabiesi Ebo Afin! Oloja Elejio Oba Olofin Pele Joshua Obasa De Medici Osangangan Broadaylight.

Born in 1935, Masako Wakamiya is one of the world’s oldest iPhone app developers, a trailblazer in making smartphones accessible for the elderly.  (Photo: Kazuhiro NOGI/AFP via Getty Images)

Summary.   

As the world’s overall population skews older, the workforce is aging as well, with more older adults working well beyond what used to be considered the typical retirement age. Older adults are the fastest-growing segment of the American workforce, but ageist attitudes about this population persist in the workplace and the job market. Contrary to common assumptions, older workers do not cost more than younger workers and are not technology averse; their longevity actually brings numerous benefits to the workplace. By recognizing older workers’ value and changing models of upskilling and learning, companies can create a thriving five-generation workforce.

When you think of workers in their fifties and older, you might imagine people nearing retirement and out of place in the modern office, with little interest in learning new tools and technologies.

You’d be wrong. Older workers aren’t lame ducks or relics. The older segment of the workforce isn’t actually one segment; the demographic includes many types of workers — with diverse backgrounds, experiences, and desires — that you can expect to see around the office, at the store, and even in manufacturing fields for a long time to come.

Nearly everywhere in the world, the population is skewing much older than ever before. People over 65 composed 5% of the world’s population in 1950, but this percentage is expected to increase to 16% by 2050, according to data from World Population Prospects: the 2019 Revision. In the United States alone, 10,000 people turn 65 every day, and the number of Americans ages 65 and older, which was about 13 million in 1950, is about 58 million today; by 2060, nearly 95 million Americans will be 65 and older. Life spans have increased sharply since the early 20th century, except for the tragic loss of life since early 2020 due to the Covid-19 pandemic. Today, a 65-year-old in good health can expect to live to nearly 90. Experts in longevity believe that kids born this century should prepare to live to 100.

Perhaps more important, health spans — a term used to describe the years one can live without requiring care — are getting longer, too. And because people stay healthier into their sixties, seventies, and even eighties, they are working for many more years than ever before. In fact, just two years from now, nearly 25% of the workforce will be 55 and older. Some of these workers choose to work until later ages, while others keep working because they can’t earn enough between the ages of 20 and 65 to support themselves if they live to be 90. The financial demands on someone who lives to be 90 are far greater than those experienced by someone who only lives to be 70.

People ages 55 and older are the fastest-growing segment of the American workforce, yet they are wildly misunderstood. Persistent myths and stereotypes, along with straight-up ageism, pervade how we talk about older workers.

We need to change the discourse.

Workers’ longevity is not a problem but an opportunity. To benefit from these individuals’ experience and energy, however, your organization must be “age ready” — which means building infrastructure and systems to support and engage them.

Ageism’s Persistence

Studies confirm that ageism is widespread in the workplace and the job market. During the Great Recession, for instance, older workers in particular were negatively affected: A larger percentage of those ages 55 and older experienced long-term unemployment compared to younger workers, they were displaced longer, and they were more likely to reenter the workforce at a lower salary than in their previous job.

There’s more:

• More than nine in 10 older workers see discrimination against people in their age group as somewhat or very common.
• Three out of five older workers report that they have seen or experienced age discrimination in the workplace.
• One-third of those concerned about losing their job in the next year list age discrimination as either a major or minor reason they expect this to occur.
• Among job seekers, 44% of older job applicants say they have been asked for age-related information during the application or interview process.
• Only 3% of workers report that they have made a formal complaint of ageism to a supervisor, a human resources representative, another organization, or a government agency.
• Nearly six in 10 older workers strongly support strengthening laws to prevent age discrimination.

In a research paper on the topic, coauthors Ashley Martin, a faculty member at the Stanford Graduate School of Business, and Michael S. North of New York University describe ageism as the last acceptable ism. Researchers in the field have identified two common myths that contribute to ageism.

Myth #1: Older workers are more costly and don’t add value.

Part of this myth stems from a commonly held belief that salaries and benefits for older employees exceed those for younger employees. Another common perception is that experienced workers are less productive and add less value to the workplace.

In reality, older workers reduce costs for employers and add value in ways other workers do not. During the Covid-19 pandemic, for instance, tens of thousands of retired health care professionals returned to work in hospitals, with words like experienced, wise, essential, and trusted used to describe them. Their value can also be seen in employment consulting firm Mercer’s research, which has found that older workers bring an extra level of emotional intelligence to the workplace; additionally, older workers reduce costs because they are less likely to leave voluntarily and have lower turnover rates on teams they supervise. Older workers are crucial to creating environments with knowledge sharing and mentoring, and studies suggest that their presence strengthens group cohesion, collaboration, and resiliency.

These workers also contribute to innovation. The longevity sector is the fastest-growing sector in the world, estimated at $22 trillion globally and nearly $8 trillion in the United States. In virtually every industry, companies need a strategy for catering to older customers, and older employees can play a role in conceptualizing and developing products and services and bringing them to the market. A change in strategy is already happening at companies such as Warby Parker, which started as a direct-to-consumer eyewear brand that appealed to young adults but generated massive growth when it entered the market for progressive lenses for older people. Warby Parker’s pivot required the company to generate a strategy for the market, including hiring and consulting people in the target market. The company learned what longevity customers (that is, older adults) wanted — fashionable frames at affordable prices — which differed from common assumptions about what these customers wanted. In the longevity market, there’s even a term to describe the poor product designs that are based on the misguided assumption that older adults don’t care about fashion or visual appeal: big, beige, and boring.

Myth #2: Older workers struggle with technology and new skills.

This belief is reinforced by some marketing campaigns for tech products, but the image of a doddering old person unable to work their phone is an ageist trope. Many older workers are fluent in technology, and the pandemic provoked a spike in digital skills acquisition among older adults, who, like all of us, were forced into a Zoom world. Working remotely may have inadvertently become a great equalizer as well, as all workers became more fluent in the technology needed to thrive in the emerging workplace.

Where skills gaps do still exist, they can be filled. The reality is not that experienced workers can’t learn new skills; rather, they are less likely to have been taught or independently experimented with these skills and technologies already, according to Mercer’s research. While younger adults are more likely than older adults to be earlier adopters of technology, there has been an increase in the adoption of key technologies by those in the oldest age groups over the past decade. Most important, older adults want to learn new technologies, just like other generations.

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Organizations should stop focusing on what older workers don’t know and instead consider what upskilling and training they can offer to maximize workers’ desire to learn and contribute. Companies such as BMW, Best Buy, Salesforce, and Google provide opportunities for employees of all ages to maintain digital literacy, and they have seen great uptake and results from older workers. AARP and Google are collaborating to help low-income workers over 50 — particularly women and people of color — improve their digital skills. The program is set to launch in eight states, with plans to scale it to a national level.

The Longevity Future

Longevity experts like to say that these myth-busting efforts are “turning ageism into sageism.” These experts believe organizations should recognize, reward, and reap the value that older employees can contribute thanks to their life experiences and knowledge. Companies should embrace this point of view in their boardrooms, workforce, and advertising and marketing campaigns. Given the unprecedented number of older adults who will be both employees and consumers in the coming years, it would be foolish not to.

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