It’s a widely known fact that people are living longer; it follows that the proportion of older workers is increasing. National Older Workers Week, this year running from 25th to 29th November, shines a spotlight on the invaluable contributions of older workers and advocates for a more inclusive approach to workforce diversity. In a world where the workforce is ageing, companies must adapt to attract and retain talent across all age groups. This not only helps organisations stay competitive but also aligns with the demographic shift seen in the customer base. In this blog, we take a look at why it’s essential for businesses to focus on hiring and retaining older workers and how companies can become more age-inclusive.
The changing face of the workforce
According to the Office for National Statistics, the number of people aged 50 and over in the workforce has steadily increased, now making up a significant proportion of the labour market. By 2030, it’s expected that almost a third of the UK’s working population will be aged 50 or older. With this demographic shift, businesses must recognise that older workers are an essential part of the talent pool.
Older workers bring a wealth of experience, a strong work ethic, and deep industry knowledge to the table. However, despite their obvious value, ageism still exists in many workplaces. In fact, the Chartered Institute of Personnel and Development’s ‘Understanding older workers’ 2022 report found that nearly 30% of workers aged 50 and over feel they’ve experienced age discrimination at work. To be successful in the future, companies must overcome this bias, recognise the contributions of older employees, and create a culture of inclusion where all employees, regardless of age, feel valued.
The ageing customer demographic and why it’s important
Beyond the benefits of older workers within a company, businesses must also consider the ageing customer demographic. As the population ages, so does the customer base. In the UK, the number of people aged 65 and older is set to increase significantly in the coming years, and these individuals represent a crucial market segment.
Older consumers bring significant spending power; as such, businesses must not only adapt to meet the needs of this demographic but also ensure that their workforce reflects the customer base it serves. Older workers, with additional life experience and an understanding of the needs of their peers, can provide invaluable insights into customer preferences and help shape business solutions that resonate with the older demographic.
The business case for age inclusivity
There are several compelling reasons for businesses to prioritise older workers:
1. Experience and knowledge: Older workers bring a depth of experience and industry knowledge that can’t be easily replaced. Their ability to solve problems, mentor younger colleagues, and provide stability is crucial in an ever-changing business environment.
2. Diverse perspectives: Age diversity promotes a broader range of ideas, problem-solving approaches, and innovation. By blending the energy and technology-driven mindset of younger employees with the experience and perspective of older employees, companies can create dynamic, high-performing teams.
3. Employee retention: Older workers often stay with companies longer, reducing turnover and the costs associated with recruitment and training new employees. Many older workers also bring high levels of loyalty and commitment to their employers.
4. Reflecting the customer base: As mentioned earlier, an ageing workforce mirrors the growing number of older customers. Employees who share similar experiences with the customer demographic can provide better insights and build stronger relationships with clients and consumers.
Tips for becoming more age-inclusive
To create a truly age-inclusive workplace, companies must address both the culture and the practices that influence hiring, retention, and day-to-day operations. In honour of National Older Workers Week, here are some actionable tips to help you create an environment that welcomes older workers:
1. Combat ageism in the hiring process: Review job descriptions and recruitment processes to ensure they’re free from age-related bias. Avoid language that could alienate older applicants, such as “young and energetic”. Use neutral wording that appeals to a broader audience and focus on the skills and experience required for the role rather than age-specific traits.
2. Offer flexible working arrangements: Older workers may appreciate flexibility in terms of work hours, remote working, or part-time options. Offering flexible working arrangements can help older employees balance their career with other responsibilities or plans, such as caring for children or elderly parents, or even enjoying “part-time retirement”.
3. Invest in training and development: Just as with younger employees, older workers benefit from opportunities to upgrade their skills. Encourage lifelong learning by providing training in areas like digital skills, leadership, and management. This will help older workers stay competitive in the workplace and ensure that their skills remain relevant.
4. Encourage mentorship and knowledge-sharing: Older workers have a wealth of experience that can be shared with younger colleagues. By fostering a mentorship culture, you can create a collaborative environment where both younger and older workers learn from each other. This not only benefits the employees involved but strengthens your entire organisation.
5. Create an age-diverse workforce: Age diversity should be a priority in all hiring decisions. Ensure your recruitment strategy targets candidates from all age groups and that your team reflects the demographics of your customer base. A mix of generations in the workplace leads to greater innovation and better decision-making.
6. Foster a culture of inclusion: Leadership plays a crucial role in combating ageism. Ensure that all employees, regardless of their age, are treated with respect and dignity. Encourage open dialogue about age inclusivity and address any instances of discrimination promptly. Celebrate the contributions of employees of all ages to create a sense of belonging for everyone.
7. Promote wellbeing programmes: As workers age, they face different health challenges to those of their younger counterparts. Offering health and wellbeing programmes that cater to the needs of older employees (as well as younger staff) – such as ergonomic workspaces, mental health support, and retirement planning – can help create a supportive work environment.
In conclusion
As the number of older working adults in the UK continues to grow, companies that embrace the opportunities this provides will be better positioned to thrive. By taking steps to combat ageism, offering flexibility, fostering mentorship, and ensuring that the workplace is inclusive, businesses can harness the unique strengths of older employees and build a more resilient, innovative, and successful organisation.