ith the aging of the American workforce, it is important to understand how age-diversity impacts innovation and performance in the workplace.
Age diversity can be defined as the inclusion of older workers in an organization. It is a growing trend that is expected to continue as baby boomers are now entering their retirement years. As this population ages, age-diversity will become more prevalent throughout all industries.
More older workers are staying on the job.
A growing number of older workers are staying in the workforce. The percentage of older workers who are still in the workforce has increased over the past decade, according to a report from AARP’s Public Policy Institute. And a 2018 Gallup poll found that 60% of those 55 and over say they want to continue working after retirement age, up from 47% in 1998.
But why do so many people choose not to retire?
One reason is financial: Older adults need their income more than ever, especially if they have grown children or grandchildren they support financially (and/or if they don’t have enough savings).
Another reason is that many people simply enjoy working—especially those with career-related interests.
And then there’s this third factor: Older employees are good for business! They tend to be more engaged than younger generations and have higher levels of job satisfaction overall.
The power of experience.
Older workers tend to be more experienced, which means they have a better understanding of how things work—and why.
This can make them better at problem-solving and decision-making than their younger counterparts. They also bring with them an abundance of knowledge about the industry, product or service being offered, and customers/clients.
Older workers have high levels of engagement.
Older workers tend to be more engaged than younger generations. They have higher levels of job satisfaction overall, which means they’re more likely to stay with their employers for an extended period of time. And this engagement can lead to longer-term success, as engaged employees are more productive and motivated.
Employers see value in age diversity.
Research has shown that companies with a diversified workforce are more productive, creative, and innovative than their homogeneous counterparts. A diverse team tends to have better retention rates as well, which can save you money on recruiting costs.
With all the benefits of an age-diverse workplace, it’s important for employers to consider how they can attract younger talent while still retaining older workers. There are several strategies that can help employers balance these two groups of employees without incurring costs or disrupting productivity:
Employers benefit from a multigenerational workforce, and they are taking steps to be more inclusive in hiring and retaining older workers.
Older workers bring institutional knowledge, loyalty, and wisdom that younger employees don’t possess. They also have the capacity to serve as mentors and help develop the skills of younger colleagues. Research shows that multigenerational teams increase productivity, and engagement and lower absenteeism rates.
In fact, many employers see value in age diversity because it enables them to bring new perspectives into the workplace that can result in better decision-making processes for their organizations.
In conclusion, we can see that the benefits of an age-diverse workforce are being recognized by both employers and employees.
Organizations that embrace multigenerationality in their workforces will be able to draw on the strengths of older workers while also capitalizing on the energy and creativity of younger workers. And by hiring older employees who are already familiar with the organization’s culture and processes, employers can reduce turnover rates overall—which means less training time required for new hires!
So if you’re looking for a job or thinking about changing careers sometime soon, consider joining an organization whose mission aligns with yours but also recognizes the importance of having a diverse workforce with different backgrounds, skill sets, and experiences under one roof.