Breaking the stigma: Why older workers are a great investment

Employers need to think outside the box to stay ahead in the post-COVID-19 era of work. Taking advantage of older workers is one technique that can help organisations to thrive.

So why aren’t companies realising this? Julianne Parkinson, chief executive of the Global Centre for Modern Ageing, said it has to do with ingrained stigmas.

“If you go back to the 1950s, people retired at 65 and died at 67. So, we never really had people living 10, 20, 30 years passed retirement, and certainly not with the education and the health that they have today,” said Ms Parkinson.

“We very rarely touch on the one ism, ageism, that affects us all if we’re lucky to live long enough. So, it’s the one we should be the most united on.”

This has resulted in many workplaces missing out on a great way to plug skills shortages, said Ms Parkinson.

“We’ve got a workforce shortage that we already have here in Australia. We’ve got this great capital market, great asset of older adults who are well educated, very experienced in life, and I think up until now, we haven’t really been thinking about how can older adults remain in the workforce or be invited back into the workforce and make enormous contributions,” she said.

“The older adults bring decades of professional experience and knowledge to the workforce that brings a positive impact to decision making and problem solving.”

Mentorship is another key area where older workers can thrive. With age comes experience, which can be utilised to coach others.

“It’s the mentorship opportunities of hiring older adults; they can create valuable mentors for younger employees, foster knowledge sharing and culture,” Ms Parkinson explained.

“There’s workplace stability. It’s proven that older adults exhibit lower turnover rates and reduces the recruitment and training costs for business. We know that it can improve customer relations; older employees may better understand the needs and preferences of older customers that you have as part of your business model.”

Diversity, equity, and inclusion are also boosted when older workers are considered.

“It’s just bringing another group of diversity to the table, and we know that diversity adds to ingenuity and innovation,” said Ms Parkinson.

“There’s the enhanced productivity that we know from studies that older adults often display a higher level of productivity due to their experience, and their focus on task completion is really well evidenced.”

Ms Parkinson encourages those who may be looking to hone their skills as an older worker to make the leap and do it.

“We’re trying to bring a call to people to say, take responsibility for your own actions as individuals about remaining relevant to the world that you want to belong in rather than asking that world to completely change around you. You need to step into it with ownership,” she said.

“Fostering multigenerational collaboration isn’t one group being preferred over another. It is the art of inclusion, and it’s something that requires design, thoughtfulness and intent in order to carry it off well.”

As an employer, how best to implement policies that encourage multigenerational collaboration? Ms Parkinson said it begins with reflection and taking the time to review processes.

Ms Parkinson said organisations should consider:

1. Flexible work arrangements: Implementing flexible work options such as part-time schedules can accommodate the needs of older adults who may want to work reduced hours.
2. Age-inclusive training and development: Offering training programs that cater to employees of all ages and ensure that older adults have access to skill development. And that could include digital skills development and opportunities.
3. Health and wellness initiatives: Providing wellness programs and initiatives that promote physical and mental health can support older adults in maintaining their wellbeing.
4. Ergonomic support: This has been a big change in technological advancements in the past, creating an ergonomic workplace that can be especially beneficial for older adults, ensuring their comfort and reducing the risk of workplace injuries. Now, this also benefits people of other generations who might have mobility issues.
5. Career transitioning and support: Offering career transition support and counselling can help employees plan for semi-retirement or retirement and make informed decisions about their future.
6. Recognition of experience: Recognising and valuing the expertise of older employees through rewards and promotions that can contribute to their job satisfaction and loyalty.
7. Age diversity policy: Establishing policies that promote age diversity and prevent age-based discrimination. That can set a strong foundation for an inclusive workplace.
8. Mentoring programs: Implementing them and pairing older employees with younger employees that can facilitate skills and transfer. And it doesn’t have to be just older and younger; it can be just people where the exchange of mentoring for each other will bring each of them new skills.
9. Engagement and feedback: Encouraging open communication and seeking feedback from older employees about their workplace experiences that can help identify areas for improvement.