Mind the age gap to create a dynamic and engaging employee experience
Over the last 10 years, workers aged over 50 accounted for the majority of employment growth in the world’s richest nations.
Workforce demographics are evolving, with retirement ages set to rise as global populations continue to age. Our working lives are becoming longer.
With a greater proportion of older workers in employment, businesses need to find innovative ways to keep them engaged or else suffer a mass workforce exodus. That’s a huge loss of knowledge due to a lack of fulfilment.
Make use of strategic advantages
To create a dynamic and engaging employee experience for an ageing workforce, businesses must prioritise upskilling and reskilling initiatives, while also recognising the valuable expertise that older employees bring to the table.
Fostering a culture of inclusivity and appreciating diverse perspectives will ensure older workers feel respected and valued within the workplace.
There are strategic advantages too. Leveraging their wealth of experience and knowledge can help companies remain competitive in competitive markets.
Diverse teams lead to increased innovation, new approaches to problem-solving, increased productivity and knowledge transfer - and older workers play an important role in that.
Here are four ways to enhance the employee experience for an ageing workforce.
1. Foster a culture of continuous learning
Continuous - or lifelong - learning is essential to ensure long-term employability for all employees, regardless of age.
In a workforce with transgenerational employees being the norm, both old and young employees have a lot to learn from one another.
There are reverse mentoring programmes where younger employees can mentor their older counterparts on emerging technologies, digital media or other emerging trends, filling knowledge gaps for senior leaders, while also bridging generational divides.
In the same vein, the experience and skill sets of older employees can be transferred to younger members, ensuring wisdom is kept within an organisation, while also engaging employees.
Not only does this facilitate knowledge exchange, it also fosters mutual respect and intergenerational collaboration across the organisation.
Organisations that instil a growth mindset, and a commitment to professional development create a dynamic and resilient workforce capable of navigating future challenges and opportunities.
2. Value experience and innovation equally
Recognise the value and contribution of both seasoned employees with years of experience and younger employees with innovative ideas and fresh perspectives.
By creating an environment where all contributions are respected and appreciated, businesses can maximise the potential of both an ageing and multigenerational workforce.
3. Remove age bias
Ageism - whether a conscious or unconscious bias - has the potential to block talented older workers from the workforce.
And although a protected characteristic under the Equality Act 2010, unlike the other protected characteristics, it is possible to justify direct as well as indirect age discrimination.
To attract and retain older workers, workplace culture needs to be age-inclusive. Employers should specifically refer to age in policies and procedures, while also taking action to improve the recruitment, retention and development of workers over 50.
4. Prioritise health and care policies
The older we get, the more likely we are to suffer from long-term health conditions, with 75% of workers over 50 today living with a chronic illness.
In the UK, the average annual healthcare costs per person are £1,000 for someone with no long-term conditions, £3,000 for someone with two conditions, £6,000 for three conditions and £7,700 for more than three conditions.
This is why it is important that health and wellbeing policies can accommodate these potential health problems, tailoring support towards the specific needs of older workers, and keeping these employees in the workforce.
Organisations can also assess business accessibility for employees affected by age-associated illnesses.
Private medical insurance and specialised healthcare plans are becoming more sought after, with many employees seeking employers that can extend benefits to loved ones as well.
In the UK, 1 in 5 employees are now working carers, and with an ageing population, the likelihood of individuals becoming a caregiver for a loved one will grow.
By providing comprehensive health coverage, organisations can support the wellbeing of older employees, contributing to overall job satisfaction and productivity.
The ageing workforce is here to stay, which is why employers must engage older employees to ensure they retain this key workforce demographic.
In partnership with KareHero
The UK’s No1 adult caregiving support service' for employees. Helping families understand, find and fund elderly care.
