Valuing and Including Older Workers

There has been plenty of discussion around ageism in our current political climate. The challenge for many businesses is planning for both an aging workforce and an aging population. According to the NIH “During the two-decade period between 2000 and 2020, the share of employed workers ages 60 and over doubled among men and women. Specifically, the percent of all employed men in that age range rose from 7.4 to 14.8 percent, while among all employed women it rose from 6.3 to 14.0 percent.” The number of older employees will only grow over the next 10 years.

In early 2024, approximately 75% of all employers globally reported having challenges in finding the right talent to grow their businesses. In the U.S., 70% of employers reported having challenges finding talent. (Forbes, February 2024)

Older workers are often an untapped source of talent. However, there are biases against older workers that prevent them from being considered to fill positions they are well-qualified for. Some of the biases include older workers not being tech-savvy. They also may be perceived as having higher claims costs. Job candidates who are 40+ often are required to meet a higher standard when proving to hiring managers that they can do more of the things that are important to the employer. These biases mean that organizations are missing out on qualified employees.

Addressing ageism can help create a better workforce for any organization. However, only a small percentage of employers have any focus on addressing ageism, training leaders and managers to better include employees across four or five generations, or having a full understanding of the benefits versus costs of having older workers.

“Implicit bias can change. But so far, it's only changed for some groups. It changed sexuality and race bias pretty dramatically. Sexuality biases dropped 64% over 14 years, but it hasn't changed at all for disability, age, or body weight bias.” Tessa Charlesworth PhD, Harvard Gazette, 2022

Every organization can evaluate if they are including and valuing older employees. There are a few ways to get a bottom line on where your company may be today:

• Review the ages of different employees in different areas of the company as well as an overall demographic review. You may find that some areas of the company have a higher proportion of younger workers.  The next step is to evaluate whether there is a benefit to having more experienced employees be part of teams that may only have employees under 40.
• Evaluate applications of candidates that have been rejected early in the interview process. If there is a disproportionate number of older adults with the same or better qualifications than younger applicants who aren’t making it past the first interview, that is an area to focus on improving.
• Review leadership and management training curriculum to see if there is specific education on intergenerational workforce challenges, including training around working with older adults who are 50 or 60+.
• Any type of activities planned for teams or for the company should consider older workers. If it’s a physical activity, like a 5K, how can someone who is older and not a runner contribute and feel included? Think about out of office activities through the lens of those employees that may be caregiving for aging loved ones. Will they be able to be engaged or worried about a loved one?

These are just a few of the ways to understand and better address employees who are in their 40s, 50s, 60s, and potentially into their 70s.

Older adults 65+ are expected to increase their labor force participation rate over the next decade. The only other age group projected to increase its labor force participation rate is 55- to 64-year-olds. By focusing on the benefits of retaining and hiring older adults, and understanding specific work and benefits needs for this demographic, more companies can fill key roles and have the benefit of experienced employees who often are more capable of handling crises and change. Age shouldn’t be a barrier to getting the talent you need.